How Indian Techies Can Get a Job After Mass Layoff
Our elders have always taught us not to make decisions when we are extremely happy or extremely sad/angry. We should never let our brain control us because it always leads us to make decisions that we later regret. And many times, our bad choices become a nightmare for others. And that has been the case for the last few days.
Indian techies working abroad are losing their jobs. Some in their initial days, and some who have been loyal to the company for so many years. All of these so-called big tech companies; Amazon, Twitter, Google, Netflix, and Meta are laying off people in huge numbers.
We Indians work so hard from the day we start schooling till the day we retire. Every ordeal we undergo for our families goes unnoticed. We take out huge loans, leave our families and motherland behind, move to a totally alien country, and live in an alien culture. But one decision and we lose everything.
Their one bad decision is becoming misery for people working there with big dreams in their eyes.
The Trend of Hiring Tech Workers in Pandemic
Until the last few months in 2022, the IT sector was seeing an upsurge in job openings. Millions of hires were taking place. Engineers, developers, and IT workers were extremely happy with the job openings and increased salaries.
But suddenly we got the news that people are losing jobs. Once-praised dream companies are getting their facades revealed, and flaws are leaking through the cracks.
During the pandemic days when people were locked inside their homes and getting frustrated, the online world became their best friend. From online shopping to online movie surfing, everything was taking place virtually.
Many found their true loves, and many found their new hobbies. And this upsurge in the number of online users saw a hiring frenzy. Amazon, Flipkart, and other big online shopping platforms took place of the traditional market. Netflix, Amazon, Zee5, and other huge online streaming platforms took place of conventional cinema halls.
These companies were making record break profits and revenues. Everyone started to think it is a new normal, where people started doing remote jobs. We saw a huge shift in the way we used to live our lives.
And this future speculation by the tech giants resulted in a huge number of hirings. Teams were expanding. More people were being employed than actually necessary.
Why IT Companies Are Firing Employees?
People are again flocking to restaurants and malls; work module is shifting from remote to office. Lives are again coming back to normal. And back to normal lifestyle has made IT companies realize that the excitement they were showing in recruiting a large number of people was a mistake.
They are not earning revenues and profits as they were earlier and what they had expected for the future. And this realization is costing people’s lives and hard-earned money.
But why is this happening?
Economic Slowdown:
Due to the Russia-Ukraine conflict, high inflation, slowing economic activity, and rising interest rates have severely impacted global activity.
With the key commodity price rise, economies are being hit hard. Most people are torn between supporting growth and containing inflation.
Cost-cutting Measures:
Because of the US central bank’s decision to tighten the money supply, as well as the reasons mentioned above, tech companies are being forced to examine their spending and make the necessary decisions to cut costs and reduce expenses.
Recognizing Job Cuts:
Part of cutting costs has been identifying departments and positions that have begun to become useless and provide recurring lower returns, HR, sales, and recruitment.
How Are Employees Affected by Downsizing?
Indian techies, particularly NRIs who relocated to other countries for a high-paying jobs and a better lifestyle, can no longer stay without a sponsor for their work visas.
There are people who moved to the United States at the start of their careers and built their lives there. They got settled and their families moved in with them on dependent permits.
Himanshu V, an IIT-Kharagpur graduate who previously worked at GitHub, Adobe, and Flipkart, has been let go by Meta.
“I relocated to Canada to join #Meta, and my journey came to an end two days later due to the massive layoff.”
Another IT employee, Raju Kadam, shared his experience on LinkedIn after losing his job at Meta after only 9 months of employment. I’ve been in the United States for 16 years and have seen the worst downturns, but I’ve never lost my job.
Now they are forced to either search for a job there or come back to India and start everything from scratch.
What Is Going to Be the Future of Indian IT Techies
Amid mounting recession fears and given the constant news of mass layoffs, the job market still remains stronger than expected.
The Department of Labor’s latest Job Openings and Labor Turnover Survey reported 10.7 million new job openings in September alone.
The sector like Healthcare is one of the fastest-growing industries, with over 2 million job openings.
In spite of the layoff trend, some companies are still hiring and are actually welcoming those who lost their jobs. For instance, Dream 11 founder Harsh Jain has welcomed those who lost their jobs to work in his company.
Then there is a number of startups that have shared their plan to expand their team. There are companies like LeadSquared, Utkarsh Classes, Edutech, Phonepe, upGrad, Citta and many more are starting a massive recruitment drive.
And, as the scope of remote work expands, companies are more inclined to hire staff members remotely. They believe that remote hiring allows them to target an untapped pool of talent.
With the massive layoff, there are people with refined skills and expertise in web and software development, digital marketing, app development, etc.
Why is Remote Hiring the Solution?
If we talk about the present behavioral changes in the employees, they are now more in favor of jobs that provide them with work-life balance. IT employees are increasingly opting for flexible work arrangements than working from the office.
India’s SaaS is expected to see tremendous growth. The Rise of SaaS in India, a report by Bessemer Venture Partners, we can expect it to reach $50 billion by 2030 as compared to $10 billion in 2020.
With this huge growth, companies are looking to tap talent from all over the globe thus recruiting talent remotely. And in this race, Indian developers are winning with companies choosing to hire Indian remote developers over others.
- When you hire talent remotely, geographical location is no longer an issue. There are global talent pools that can easily be accessed.
- Less time spent on traveling maximizes working hours because employees begin working as soon as the day begins.
- Working on-site limits flexibility. However, by working remotely, you have the freedom to change your timetable as needed. Skilled employees seek institutions that value flexibility and understand the idea of work-life balance.
- Employing the best talent remotely could save up to 40% of the total budget, not only on infrastructure and on-site facilities but also on salaries, without sacrificing quality.
How BookMyTalent is Making the Difference in Remote Hiring
Through remote top talent recruitment, BMT is optimistically bridging the distance between India’s top tech talent and global corporations.
As a globally recognized outsourcing and staff augmentation firm, we make remote hiring of the most skilled tech talent for global corporations a breeze.
Remote hiring from BookMyTalent saves you big percentage on costs when compared to in-house talent because of their transparent process.
Global-quality talent is guaranteed when you work with BMT to find the talent you need. Apart from that, you get to see the detailed profiles of candidates, there are multi-parametric filters, and introductory videos from talents to help you narrow down the filter and choose the best.
So, all those who lost their jobs, please don’t get disheartened. You can still get hired in a good company and have a normal life!