The IT industry is moving through a time of turbulence and nearly 2,00,000 IT employees are expected to lose their job in next 2 years in India. Automation, artificial intelligence, and protectionist policies in U.S, U.K, Australia, New Zealand and other countries are resulting in cut-down of jobs in IT industry. But the ray of hope is that nearly 50% of these laid-off employees can be re-skilled and employed.

 

The new technologies like cloud computing, information security, and artificial intelligence are creating a bounty of job opportunities in the IT sector. The attrition rate in IT companies is pegged at 15% to 20% and it is not going to come down in future. The sectors in IT like IT infrastructure support, testing and software development are witnessing major layoffs.

 

 

The transition is already taking place and 50% of the laid-off employees including freshers with under eight years of experience are being re-skilled in cloud computing, information security, artificial intelligence and other industry relevant technologies and are getting absorbed into these fields.

 

Remaining 50% of the laid-off IT employees can find opportunities in other fast-growing fields like retail industry, consumer banking, real estate and others. The IT industry is deploying fast and simpler applications using collaborative platforms, which are making many jobs redundant. Furthermore, automation platforms and automated bots are reducing human efforts and human interference.

 

Socio-political changes in many countries in the West are forcing the respective Governments to adopt protectionist policies and rethink their policies on outsourcing. The immigration policies are being reviewed and it is affecting the IT sector in India. Hence, the Indian IT companies should devise ways to be at the top of the value chain and regain demand.

 

I am of the opinion that there is no need of pessimistic approach regarding the mass layoffs and the future is not gloomy. The IT job aspirants and laid-off IT employees must see the brighter side of the coin and should quickly adopt and re-skill in industry relevant technologies and survive the digital tsunami.

 

Source: An Article from livemint.com