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CEOs of Technopark IT companies have warned that the tremors of meltdown are finally hitting the state and they might be forced to take some drastic steps including job cuts and salary cuts. Group of Technopark Companies (G Tech) office-bearers told a press conference here that IT companies had started feeling the pinch and the real impact would be known only by March.
Steep drop in GDP globally and negative growth in many parts of the world is affecting Indian IT industry as most target countries of Indian IT exports are hit. Industry is also gearing up to face a steep fall in growth rate to around 10 percent from a pre-meltdown estimate of 30 to 40 percent.
The CEOs opined that survival of IT companies depends on retaining global competitiveness and cost control becomes imperative. Companies may have to resort to serious costcutting, through steps such as reduction of operating costs, reduction or stagnation of remuneration, reducing recruitment, enhancing productivity and as a last resort in protecting the remaining employees, termination of services of some employees.
Answering a query as to whether the crisis would be used as an excuse for large-scale retrenchment and exploitation, the CEOs said that they had already suggested a Government- industry mechanism to examine such complaints.
Everyone is sure that it will happen sooner than later.
It is really sad news. IT is going to have a hard time
It will happen by March. do get ready for a salary deduction.
So what you say? everyone needs to look for another job? or prepare for that?
Yes,When Companies haven’t any other options. They will be forced to lay off people.It is advisable for looking for a backup job, especially if you are in debt. sell your luxury flats and villas and learn to live in the reality.
Recession is here already – IT in Kerala. Many companies have reduced salaries and/ or are laying off staff – TCS, Infosys, Suntec, Tata Elexi UST…
Technopark and Infoaprk are more expensive than Bangalore. Govt has made these parks as real estates, increasing rents and electricity charges for companiues. This is the time Govt reduce the rents and expenses for the companies. If Technopark and Infopark does not reduce rents and costs, more companies will close down. IT department must act now…
Read this…
GM is cutting 10000 jobs.
http://www.bloomberg.com/apps/news?pid=20601082&sid=a28RUb3_ZvJE&refer=canada
Alex, yes what you said is very true. but still the comapnies can operate outside infopark and technopark. that will save them from the unwanted expenses as rent and electricity.
My cousine lost his job in technopark. lay off in small comapnies are not getting any attention
Ya layoffs are more rampant in small companies.
in essence, every IT company is going to layoff
EVERY THING THAT HAS A BEGINNING HAS AN END;
this is when i wish i worked in Kochi. at least there are non-IT industries there.
i dont understand why the govt is going about creating more and more IT parks, when there is tonnes of commercial space within technopark itself yet to be occupied!
There will be lay offs and salary cuts…… in almost all companies and in all sectors. We should be prepared to face it constructively, instead of resisiting it.
Following are few tips:
If you are laid off;
(1) Please accept it. It is not entirely your fault. It is however a fact. Please tell your family and make them understand. Please do not deny and pretend. This will only add to your stress and tension.
(2) Please spend your time effectively. Look for new jobs, contact your friends, do few things at home which you could not do before, please read, write, watch a good movie etc. Also, do some technical/ managment courses to sharpen your skills. You can emerge as a much better professional, using this time to your advantage.
(3) Pls remain positive. Don’t complain and find fault with others. This is what most people end up doing. People will appreciate you more when they see you face up a crisis as professionally and clamly as you were riding the success. You will emerge far more successful, no doubt.
(4) Bad times will pass. It is a test of our mental stamina. Never allow pessimism to overtake your ability remain optimisitc and positive – You will become a better human being and a valuable asset to any organisation soon.
Deepak, really great tips. whatever happened, we have to move on. that’s the law of nature. changes are inevitable. take it as an opportunity to tryout something else, or somewhere else.
I agree with LeaveUsAlone.. Why the Govt is giving much importance to IT? and building more IT parks. since major part of some already built spaces are still unoccupied? we can follow TamilNadu as an example, there are more other industries, let us groom that. It has reached the saturation, and it is not a good idea to invest everything on that. instead of invest on the industries where the commodity items are being made. IT is not meant for common man. and its gonna nowhere..
The government can also go for some quality IT automation and give some work to these companies for developing an integrated free software IT system in Kerala.
The Gov should think of creating non-IT jobs and not just IT and union jobs.
There are a whole lot of people out there who are non-techie like HR, Admin and other support staff. Give them a thought!
Yeah … It is a tough time for both the employers and employees.
Deepak, thanks for your great tips . Just to add to that.
1. If you are confident enough, you can survive any crisis. Just you need patience and go get it attitude.
2. Keep sharpening your skills. Companies still recruit and look for competitive people who can stabilize their company.
3. Do not love your company rather love your job. If you are good at what you do, you can always get another job. Just it would take some time.
4. This is the time to show how patient and persistent we are. Tough times never last! But tough people do.
4. Finally it can be put in a sentence , “If the company can survive without you then you can also very well survive without the company!”
Mani,what you said is very true. If you are a person who can contribute to the success and profit of your organization, they won’t let you go.
http://www.nytimes.com/2009/03/15/us/15layoffs.html
see not only the IT is affected by recession, they are given layoff noitce to the teachers and other employees in educational sector. see how worse the condition is.