There seems to be some light at the end of the tunnel for the IT employees in danger of losing their jobs, as per a survey conducted by CIEL HR Services among mid to senior-level professionals in 50 IT companies. .
The survey has suggested that of the 2 lakh-odd IT jobs that are expected to be slashed in the coming 2 years, more than 50 per cent of the laid off IT professionals will be re-skilled and deployed for other opportunities.
“The normal industry attrition is 15-20 per cent, which is not getting replaced and with automation taking over, more than two lakh jobs are likely to be lost in next two years. This may sound depressing, but all is not lost. There are enough opportunities to be leveraged upon,” CIEL HR Services CEO Aditya Narayan Mishra was quoted as saying to the PTI, citing the survey.
As per Mishra, most of the job cuts are taking place in segments like IT infrastructure support, testing and software development. However, fresh opportunities are coming up in areas such as cloud computing and artificial intelligence, among others, he said.
The transition is already taking place. About 50 per cent of the laid off workforce in the industry, including freshers with under eight years of experience, will be re-skilled and transferred to other opportunities," the survey said.
The survey hypothesizes that socio-political changes around the world are also putting pressures on governments in the West to review their policies of outsourcing. As a consequence, immigration policies are being re-looked at, due to which the companies in India will have to find alternative ways of generating demand and continuously climbing the value chain, the survey said.
As per the survey, only 33% of the respondents anticipated factors like automation and changing government policies resulting in job losses, while 44% said firms will shed weak performers in this process. Similarly, 44% said that the change has come faster than expected. However, 56% believe that the layoffs are being discussed a lot, which is causing panic.
While the remaining 50 per cent IT employees might find it difficult to get absorbed within the industry, they can find alternate career opportunities in other sectors, including retail and consumer banking, according to the survey.