After a challenging 2017, the Indian IT Industry has scripted an impressive turnaround this year. Every objective parameter indicates that the sector is growing and is expected to continue on this trajectory in the near future.
According to every industry indicator, the Indian IT industry is back on track. Revenues and margins are improving, hiring is picking up speed, and massive up-skilling programs are underway to ensure workforce agility.
But before we analyze these developments, in order to fully appreciate the importance of this recovery, let’s take a quick look at the various issues that the industry battled last year. It would be safe to say that 2017 was one of the most challenging years for the Indian IT industry. Amidst a rise in the global protectionist policies, companies failed to deliver expected growth numbers and laid off thousands of employees. According to one estimate, more than 56,000 workers were handed the pink slip in the industry last year, which experts believe make it worse than the 2008 financial crisis.
Most industry giants, including, Cognizant, Wipro, Infosys, Capgemini, Tata Consultancy Services (TCS), and Tech Mahindra saw their headcount reducing (even if marginally) in at least one of the quarters in 2017. Hiring and campus recruitment activity saw a drastic decline, as companies struggled to adapt to changing business environments. However, since the beginning of this financial year, and particularly in the quarter ending in September, an undeniable positive uptick has been recorded.
Soaring high
Prominent Indian IT companies have added nearly 38,000 employees collectively in the second quarter this year. There is a significant improvement from last year and more than double the number in the first quarter in 2018. As a matter of fact, TCS made the highest net addition to its employee strength in the last 12 quarters and announced its plans to hire 28,000 employees in campus placements. However, for most companies, a part of these numbers also consists of the employees that have been hired outside India, as they are under pressure to increase local employee count.
This story is from the December 2018 edition of People Matters.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 2018 edition of People Matters.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
How Digital Transformation Can Power The Great Reset
Technology has the potential to serve as the key enabler of change between digitalising administrative tasks and fostering human connections
The Crypto Meltdown Of 2022
FTX implosion: A setback, but not the end for the crypto market
Govern Pre-IPO Unicorns to Create Value; Not Valuation
Billion-dollar startups always make the headlines. But is there true value behind those eye-catching valuations? How can proper governance be implemented for these much-hyped companies?
On change and change management
The best way to end the year, especially such a disrupted one as 2022, is by laying the groundwork for the year to come. Michelle Yong, Head of Resourcing at Shell, offers some insights on change management to bring us forward into 2023
The Great Reconnection: A paradigmatic moment for employers and employees
This year has not been a good one for employee retention. The Great Resignation, originally thought to be a US phenomenon, has emerged in Asia now. But is there a way to turn it into the Great Reconnection?
Lessons Managing in leadership: a global hybrid team
What takeaways can we draw from the pandemic? Fatima Koning, Chief Commercial Officer at IWG, shares what the last five years have taught her about managing a global sales team across 120 markets in the hybrid model
Eight HR trends that we saw throughout 2022
As companies manage their workforces in a dynamic era, HR departments have continually adapted and adjusted, and never more than this year as digital acceleration and workplace evolutions came together
One way to turn the tide of employee retention
There's a surprising link between skill development opportunities and job satisfaction. Here are some ways of boosting skilling and thereby talent retention
A key focus for L&D going into 2023 should be business alignment
Venkat Subramaniam of Degreed believes that learning is core to business success and organisations need to invest in the right processes and technologies to adapt to continuous change
WOMEN IN LEADERSHIP CAN BE GAME GHANGER FOR INCLUSIVE FUTURE OF WORK
BREAKING FREE FROM THE STEREOTYPES IN THE INSURANCE SECTOR, PAMELA THOMSON-HALL SHARES HER JOURNEY OF BEING A CHAMPION FOR WOMEN AND BRINGING ABOUT A CHANGE IN A MALE-DOMINATED INDUSTRY
