A study by NASSCOM, an IT and tech employee association, and Indeed, a job search portal, highlighted that young Indians (over 70% of the Gen Z learners surveyed) would rather work in the tech sector despite the massive layoffs happening in the industry. This is because they find the tech sector quite aspirational and are interested in tech jobs.
Big
firms cut workers
There's a massive layoff exercise being
experienced in the Indian tech industry amidst fears of a looming recession.
After giant companies, including Apple, Meta, and Twitter, laid off thousands
of workers in 2022, the Indian tech sector is also facing a difficult time as
dismissals keep up. Here's a look at the latest layoffs in Indian tech firms
amid impending economic slowdowns.
Ola
Ola has begun by laying off more than
200 employees from Ola electric, Ola Financial Services, and Ola cabs as part
of their restructuring exercise. The company closed down Ola Dash, a store-door
delivery service, and Ola Cars, it's used vehicle business. With a recent
announcement to hire 5,000 engineers, Ola appears to be directing its focus to
engineering.
ShareChat
After dismissing 5% of its workforce in
December 2022, ShareCut is back with a new job cut round. Mohalla Tech, the
parent company behind Moj and ShareCut, is releasing 20% or over 400 employees,
with most of them based in India.
Byju’s
Byju's, an EdTech giant, declared last
month that it would cut employees by
2,500
by 5% by March 2023 to minimize costs. The firm has dismissed around 100 staff
members from Kerala's media content division. Byju Raveendran, the company's
CEO, in an email to the staff, said the job cuts were due to adverse
macroeconomic elements, forcing a focus on sustainability and capital-efficient
growth.
Dunzo
Dunzo, an Indian quick grocery delivery
service, on Monday confirmed that they had let go of 3% of their workforce
amidst cost-cutting measures.
Painful
exit from the US
Layoffs in the tech industry have
impacted many Indians working in the United States on visas such as the H-1B.
Meta, which owns Instagram, WhatsApp, and Twitter, on November 9 announced it
would release 13% of its staff, the first mass layoff in the company's history,
which saw 11,000 employees lose employment.
Indian
startups laid off 20,000 workers in 2022
According to data gathered by
Moneycontrol, Indian startups have dismissed nearly 20,000
employees. Startup workers have had a challenging 2022. Several firms, even
well-funded ones, laid off many employees.
There’s
hope
With various sectors, India’s economy
is growing quickly. IT and technology, healthcare and medical services, renewable
energy and sustainability, AI and machine learning, live shopping apps, IT
firms, telecom sector, digital payments, FMCG sector, and data analytics, big
data, and data science are some of the emerging sectors for employment in India
in 2023. Additionally, the iGaming and gaming sectors are expected to have the
fastest job growth rates in 2023, with many online casinos in GOA actively recruiting.
The
threat from AI
There has been talk that professions
reliant on content production, including programmers, journalists, professors,
and playwrights, might be rendered obsolete by ChatGPT. However, this is still
up for debate because this Chatbot isn't entirely reliable. It can present
misinformation as facts and also give completely wrong responses.