{"id":1242090,"date":"2023-02-02T11:58:02","date_gmt":"2023-02-02T06:28:02","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1242090"},"modified":"2023-02-02T11:58:35","modified_gmt":"2023-02-02T06:28:35","slug":"upto-1-2-lakh-it-employees-in-india-can-be-fired-by-the-big-indian-it-companies-hr-speculations","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/upto-1-2-lakh-it-employees-in-india-can-be-fired-by-the-big-indian-it-companies-hr-speculations\/","title":{"rendered":"Upto 1.2 Lakh IT Employees In India Can Be Fired By The Big Indian IT Companies (HR Speculations)"},"content":{"rendered":"\n

Indian IT firms are expected to lay off between 80,000 to 120,000 lakh people over the next two quarters.<\/p>\n\n\n\n

\"Upto<\/figure>\n\n\n\n

Trimming the fat<\/strong><\/p>\n\n\n\n

\u201cTech firms went into a hiring binge during the pandemic; now they have excess staff,\u201d said B.S. Murthy, chief executive of Leadership Capital, a CXO recruitment firm.<\/p>\n\n\n\n

\u201cThe industry may lay off anywhere between 80,000 to 120,000 people over the next two quarters,\u201d he said.<\/p>\n\n\n\n

Cutting costs despite sufficient capital<\/strong><\/p>\n\n\n\n

An anonymous HR head of a large Indian IT services firm said that several HR officials are now in the process of making a list of \u2018dispensable\u2019 employees.<\/p>\n\n\n\n

Kamal Karanth, co-founder, Xpheno, a specialist staffing company believes that there is reason for concern when large tech firms with \u2018loads of cash\u2019 lay off people in the thousands.<\/p>\n\n\n\n

Google-backed Dunzo fired 3% of its staff amounting to around 90 people, on January 16.<\/p>\n\n\n\n

The move was announced a week after the startup raised $240 million in a round of funding.<\/p>\n\n\n\n

Reasons behind the layoff trend<\/strong><\/p>\n\n\n\n

There are five reasons behind the ongoing mass firing spree.<\/p>\n\n\n\n

    \n
  1. Over-hiring during the COVID-19 pandemic<\/li>\n\n\n\n
  2. Investors are pushing the company management to counter slowdown in growth <\/li>\n\n\n\n
  3. Negative cash flows and dismal earnings<\/li>\n\n\n\n
  4. Companies are anticipating a recession<\/li>\n\n\n\n
  5. The tech sector is maturing<\/li>\n<\/ol>\n\n\n\n

    \u201cCopycat behavior\u201d<\/strong><\/p>\n\n\n\n

    Jeffrey Pfeffer, a professor at the Stanford Graduate School of Business, said \u201ccopycat behavior\u201d is also a factor behind the worrying trend. <\/p>\n\n\n\n

    However, layoffs don\u2019t actually contribute to the improvement of a company\u2019s performance, he added.<\/p>\n\n\n\n

    Startups<\/strong><\/p>\n\n\n\n

    Over the past two years, more than 30,000 people in the Indian tech sector lost their jobs.<\/p>\n\n\n\n

    In January so far, Indian startups such as Dunzo, Sharechat, Rebel Foods, Captain Fresh, BharatAgri, Ola, DeHaat, Skit.ai, Coin DCX, LEAD School, Bounce, Cashfree have sacked several hundred employees.<\/p>\n\n\n\n

    Ola let go of about 130-200 employees in January while Cryptocurrency exchange CoinDCX fired about 80-100 employees.<\/p>\n\n\n\n

    Growing numbers<\/strong><\/p>\n\n\n\n

    As per a Crunchbase News tally, more than 46,000 workers in US-based tech companies have been laid off in mass job cuts so far this year.<\/p>\n\n\n\n

    Last week IT behemoth Google announced that it will fire 12,000 employees.<\/p>\n\n\n\n

    Amazon<\/strong><\/p>\n\n\n\n

    Amazon is reported to be selling some of its US offices after laying off 18,000 employees this financial year.<\/p>\n\n\n\n

    Of this, 1,000 staff will be laid off in India.<\/p>\n\n\n\n

    Meta<\/strong><\/p>\n\n\n\n

    Meta laid off over 11,000 employees in early November, shrinking its headcount by 13%.<\/p>\n\n\n\n

    It has also suspended hiring through the first quarter of 2023.<\/p>\n\n\n\n

    Major tech cos<\/strong><\/p>\n\n\n\n

    Twitter, which fired half of its workforce after Elon Musk took over has announced more job cuts this year.<\/p>\n\n\n\n

    IBM fired 3,900 employees and SAP is cutting almost 3,000 jobs.<\/p>\n\n\n\n

    Intel is slashing hundreds of jobs in Silicon Valley as well.<\/p>\n\n\n\n

    Microsoft will cut about 10,000 positions.<\/p>\n\n\n\n

    Coinbase announced 950 job cuts in an attempt <\/a>to cut costs.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Indian IT firms are expected to lay off between 80,000 to 120,000 lakh people over the next two quarters. Trimming the fat \u201cTech firms went into a hiring binge during the pandemic; now they have excess staff,\u201d said B.S. Murthy, chief executive of Leadership Capital, a CXO recruitment firm. \u201cThe industry may lay off anywhere […]<\/p>\n","protected":false},"author":24,"featured_media":1242291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[745,142],"class_list":["post-1242090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-it-company","tag-it-layoffs"],"acf":[],"yoast_head":"\nUpto 1.2 Lakh IT Employees In India Can Be Fired By The Big Indian IT Companies (HR Speculations) - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/upto-1-2-lakh-it-employees-in-india-can-be-fired-by-the-big-indian-it-companies-hr-speculations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Upto 1.2 Lakh IT Employees In India Can Be Fired By The Big Indian IT Companies (HR Speculations) - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"Indian IT firms are expected to lay off between 80,000 to 120,000 lakh people over the next two quarters. 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