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IT is going in a recession. Many IT companies in India already started layoff,and reflections are there in Technopark too.Economists think it will continue for one or two more years. So every industry as well as IT is going to face a hard time.
So here technoparktoday.com is giving some tips to IT professionals to survive the recession.
1. Stop JUMPING and start THINKING.
Job changing or JUMPING from a company to another with out any solid reasons ( everyone says better career, but only a 10% is concerned about a better career in terms of technology,and rest of them are jumping because of better offer from another company). Believe me i know several people who changed their job about 5 times in a year and got 4 times of salary. such kind of jumping is not ethical, and the other company may offer you a job if nobody else is available for that position.but that will be a BLACK mark in your career. many companies started to think in that direction. so STOP jumping your jobs in this time because if a recession occurs there is a great chance for you to be be kicked out of the company first.because you are highly paid than your peers with same experience.
2. Stop ‘Investments’ and control your buying habits
IT people is spending money like anything. they are the major factor behind the irrational price hike in the real estate industry around the IT parks like Technopark and Infopark. Most of the money is taken as loans and remember You are in DEBT.people bought the properties for many fold than the actual value.So avoid such investments again.
STOP buying any new houses flats or land at least for an year if you are a IT Professional.Also control your shopping habits.
3.Control Your Traveling Expenses
control your petrol expenses and you can save more by car pooling or by using public transportation systems like KSRTC Bus or Technopark Express. if you are couples you can think about a two wheeler instead of the car.so that you can save petrol. and if you are in bike think about buying a bicycle. That is Eco friendly as well as good for your health ( but consider this only if you are living nearby )
4.Sharpen Your Skills and acquire new skills
Recession is worst and nobody like it. But sometimes companies will be forced to cut down the workforce. so sharpen your skills and be ready for an interview at any time. take this time to look in to the emerging and demanding technologies in the industry. technoparktoday.com is also helping people to get a job in Technopark. send your resume to [email protected]
5.Avoid Weekend Parties and Make It As a Month End Party
Most of the IT guys are partying every weekend. so you can think about stopping that make it as a Month end party.also rethink about the expenses in booze cigarettes chicken and chicks.
6.Stop Taking loans especially from Private Banks
Stop taking loans especially from private banks. nobody can predict the economy or the stability of your job. why should you make a situation for a bank to negotiate in your owned properties?
7.Take a break from risky businesses like share market
Share market is risky, so avoid high risk investments.you may get a fortune sometimes, but economy is going to hit hard,so wait for a while and study the trends before risking your money.
8.Use credit cards wisely
Credit cards are the enemy for IT professionals. that allows you to spend with out worries but you have to pay for your laziness and ignorance in credit card rules and tactics of card companies. so reduce the credit card usage and pay currency.
9.Cut down your mobile bills
You can save your money by cutting down your mobile phone bills. we conducted a survey in Technopark and found that 80% of the people are using high end mobile phones and most of them are changing that frequently. But this craze is among guys. so at least in this recession time never go after the fancy mobiles. how many of them are using the features of your mobiles other than just calling and sending a few messages? all the crazes about the advanced features like megapixel camera and GPS functionality will be subsided with in a few days after your purchase. so think twice when you are planning for a new mobile.
Also you can save a lot of money in mobile bills. call whenever that’s necessary, in our survey we found that an average mobile phone bill of a IT professional is around INR 2,000. we found people who is paying more than INR 10,000 in a single month in some companies in Technopark. more interestingly many of them are girls. so if you can control your mobile bills in this recession. you can save more. REMEMBER.. mobile companies are charging many fold during special occasions and celebrations. most of us are not aware about that and we used to call all of our friends, so this would boost up your bills. also please take care about the mistakes and errors in your bills. you have to take extra care about each and every penny you are spending during recession time.
10.Don’t Be Lazy, Work Hard.
In this recession you should work hard. give up all of your laziness and work hard to get more revenue and support your company to get more business and more revenue. incidents like Satyam burst is another challenge because the market has got so many talented and experienced professionals. So companies will get more resources which may more experienced and expert in various domains. so companies will kick out the less performers.
NOTE : We will update this article with more useful tips. please contribute your tips and articles to TechnoparkToday ( mail to [email protected])
its really a good advice.. ppl shud follow this in this tough times
good article.recession may continue for years. it would be good if you can share some tips for freshers to survive this recession.
very practical tips. it will help us for sure
very useful advice.
very useful advice.
Nice advice. Only if the portal has not advised the 2500 per head newyear party in Taj. Cant have it both ways you know
But TPT offered Free tickets for that party. didn’t you noticed that?
Nice. Collect and post more tips.
Heard Technopark is expecting lay off of atleast 4000 employees this year.
4000 employees? oh my god. so all these 4000 from a small place like trivandrum, then how it would be in BLR?
Did you know in last 2-3 months around 350+ people got fired? IBS alone fired 150-200 employees.
http://www.technoparktoday.com/2008/10/ibs-experience-layoff/
http://www.technoparktoday.com/2008/12/mcfadyen-gave-pink-slip-to-15-employees-in-technopark/
Eventhough every company say it is “purely performance reasons”, I personally believe it is a side effect of economic recession. When such situations occur, lay off is always for “less performers”, “frehsers” and “problem makers”.
So beware 😉
Check this:
Get ready for a three-year recession – http://valleywag.gawker.com/5109434/get-ready-for-a-three+year-recession
So it is the time to think about the alternative jobs. now everyone is following the same pattern like after +2 appear for the entrance and get an engineering seat and after that get campus placement in IT companies.
This recession shows we need to think differently. go for conventional kind of jobs like civil and mechanical etc.
Also try to get the govt jobs.
@ninthsense I also agree you. even though they are saying like performance problem – the real issue is the recession. so what the company will gain by making the employees as the scape goats?
What credibility will they getting by imprinting the non-performers upon the terminated employees?
Very good advise from TechnoparkToday. We should be prepared so that we can tide over the recession. recession is bad, but it will not last long. When the economy is hit, companies will send out staff. “Poor performers” is a relative thing, and we can understand this.
But the scene is not all that gloomy in Kerala. There is also good news here. There are certain companies hiring too. IBS has recruited 170 people in Q4 2008, again at the same level of salary.
Praveen – dodn’t scare people, IBS sent out only 27 people,that too on performance basis, but they employ 2,000 plus people in Technopark! So, this is not that scary. Don’t unnecessary bash up a good company.
@Ramesh I have that information from the thread – http://www.technoparktoday.com/2008/10/ibs-experience-layoff/
Surely I am not blaming any company.
I think the figures were wrong in that post and 27 is correct. I remember there was clarification from the officials.
Ramesh, Dont blame ninethsense or any medias, you know they have plans to terminate 150 – 200 people, they stopped that because the media took up the news and there were pressures from many sides. we had seen the after effects also you know their HR manager itself is fired because he handled the situation wrongly.
Technopark companies will also layoff more people in coming days.and it is always better to give an alert to everyone. otherthan the last minute drama and heart breaks as we seen in IBS. private companies have all the rights to terminate any of their employee thats how they differ from the Govt jobs. the only thing we can do is prepare for that at any time. never belive that your job can last till the end of the world.
Ppl who are supporting govt. jobs fail to understand that the common man is paying heavily for the govt. to keep these jobs. 80% of the tax revenue of our state goes in paying salaries….They dont have to be accountable to the tax paying public……these high taxes are not fetching the common man anything…we still have bad roads, interrupted power supply, good drainage, water….you name it…
Unlike govt. companies…private companies have to be accountable to their shareholders…..That accountability results in a culture that maximized profiability and minimizes unnecessary expenses…..
So those who are supporting govt. jobs remember we are paying the cost one way or the other
if there is a raise, there will be a fall. just understand that fact. so when IT booms keep in mind that it will fall one day.
as this post says invest wisely and invest what you can afford. buying properties for huge prices made lots of techies in debt. if it continues god knows how they manage to handle that situation.
Heard many banks stopped giving out loan if the applicant is from “technopark”
Yes, banks are very discreet and choosy theae days when giving loans, not only for Technopark employees; the situation is true for any employee.
Pls note that the problem is not only in IT sector; it is there everywhere. Consutruction, real estate, hotels, travel, tourism, banking & finance- all are affected. Even the price of rubber has gone down by 40 percent! There will be huge losses of jobs in places like Bangalore, Chennai and Hyderabad.
But, this situation will not last long. It will only be for a short period. We should deal with the situation responsibly so that we don’t cause damages. Over-reaction will cause damages and send investors and companies away. Insecure people spread rumour and blame companies. By spreading roumour we can not stop lay off. A company which has to lay off because of business reasons will lay off employees in any case. We should not spread negative romours which will cause panic. Companies have more to lose than employees, and without companies, we have no jobs! please remember that.
@Ramesh J
>> But, this situation will not last long. It will only be for a short period.
Why you think so?
Well, did you mean “months” or “years”?
I think, it will continue 2009 through out the year atleast.
precaution is always good..
Praveen,
I feel that the situatuion will improve in the next 6-9 months, though there will be lay offs and salary cuts for some more time. Whether we like it or not, US economy is still the driver of the global economy. The US financial sector has almost reached its bottom, and will therefore see upward movement in the next 6 months. US has still about US$ 600 billions stimulaus funds available to crank up the economy.
I agree with Kamal, precaution is always good. Do not bring financial burden now by taking loans. Say No to – new cars, real estate and no stock market games. Save cash for the rainy day. Work hard and enhance our skills, both technical and personal skills. Be a supportive staff and help your company save costs. Help your struggling collegue who may not have the skills or experience.
Harilal,
And come out of the habit of blaming companies. You will hear this blame game only in Kerala and this is dangerous. Media and roumors can not stop lay offs. If a company has to lay off for business reasons, they have to, and they will. What can companies do? What we see is a result of the economists, bankers, politicians, FIIs, Companies and the socitey as a whole, including us who had caused this problem. Did we not cause the costs to go up? We will jump from one company to another for incresing the pay to ubnsustainable levels. so, when things go wrong, we have to be supportivbe and creative to overcome the problem and not blame the companies alone.
Satyam also fell down..it will make more impact on recession…
Satyam may lose half of its projects and they will end up the contract of half of their workforce..
This is a major blow to Indian IT sector, and was ceratainly not required at this time when the industry is on a back foot. It will cause more job losses, but the Indian IT industry will recover.
We have very good companies in India, and in Kerala too. Satyam is an exception. There were such incidences in the past in all parts of the world, especially western world – Enron, Worlcom, Lehmann Brothers, AIG, and the hundreads of banks in the western world failed due to lack of corporate governance.
Satyam failed, because Satyam did not face up to the truth. Satyam said it has money when actually it did not have. Satyam should have reduced its operations and reduced its staff. If a company has to cut cost and reduce its expenditure in line with income, it must do that, otherwise, the entire company will perish, along with all the jobs.
But no panic, things will recover. Indian IT sector is not there because the world is kind to India; it is because Indian IT companies can add value and because we can help the global business. As long as this is true, Indian IT sector will flourish.
There will be massive lay offs in Sathyam. This will make the job market even worse. Compaies will get very good, experienced people cheaply. please make sure you you work hard and support your companies to keep your jobs. Companies will replace poor performers, with bright gyts from satyam. There will be 25,000 people in the market from Satyam in the next 4 weeks! This is serious.
Thats a very valid point. so in this recession
YOU SHOULD WORK HARD AND SUPPORT YOUR COMPANY TO GET MORE BUSINESS AND SATISFY YOUR CLIENTS.
Do you think technopark can get the styam advantage, other than mathew is doing a media hype?
Yes, some of the Technopark companies can get work from those clients who would like to change Satyam as a supplier. The leading companies in Technopark compete with Satyam in some markets, for eg.
Which are the companies capable to get clients of satyam?
I think only two companies are there as of now, one is Infosys and other one is UST.
In Middle East and Asia Pacific, especially Japan and Australia, where IBS is the key product supplier and Satyam the system integration (SI) partner, IBS will become the natural choice to take on the SI job. Infosys will have a definite advantage too. Wipro may not gain that much, especialy with their world bank blacklisting issue now.
Technopark companies can gain from satyam debacle. Infosys will not give much to trivandrum, but IBS and UST will be able to bring work to Kerala. We peoples should do everything to move work to technopark and inforpark.
It is heard that MOTOROLLA dropped all the offers they given to CET during 2007, and around 4000 in total
Most of the Indian IT companies are forecasting zero growth next year, and few will forecast negative growth.
It is heard that Infosys is planning to send off 4000 people, is it true?
Infosys, Wipro and TCS are going the Microsoft and IBM way. Previously, they were dismissing poor performaing freshers after training, but now they are sending out experienced staff.
Clients are reducing the outsourcing budget, and some are cancelling contracts altogether. Our project budget is reduced 60% next year! So, Indian companies are feeling the pressure. When IT companies reduce costs, those on the bench and not performing well will be the first to lose their jobs.
IT engineers should work hard, sharpen skills and also help thier collegues who need help. Overall productivity has to be high. We should help our companies to reduce costs and get more bsuiness. This is a very difficult period, at least for another 9-12 months!
Like Obama did with Bank Top Executives, the salaries and perks of top executives in IT companies should be cut instead of them paying themselves huge salaris and bonuses. Top executives in leading Technopark companies are paid atleast Rs. 10 lakhs per month.
Not only the top executives, but the middle management people, those are large in numbers, including the HR people, and project managers. they are doing absolutely nothing and not billed by the client.
they are just using their PUSH technology, and do nothing. and with out them also a project can move on. But what the companies are doing like they are giving the 20-30% of the budget of the project for the salary and perks for them. it shoueld be slashed and save the industry
>>they are doing absolutely nothing and not billed by the client.
>>and with out them also a project can move on
Vijay, please DONT publish your ignorance.
A project may run without their presence if it is a very small one and need only 1 or 2 developers. But when comes to a medium-large project which have a time span of 1+ years, definitely it is not going to work without their help.
Job of HR is not programming. They have much to do in an organization. Project Managers are responsible for the bad deliveries from you… so they are more conscious than you.
I agree with praveen. it is our misconception that project managers are not needed for the project. and they are doing nothing. that’s is your ignorance about the IT industry or you are narrow minded or not smart enough to understand the process.
Project managers are very much needed for any large projects. programmers alone cannot lead the project and they are thinking in a very technical side. but the projects are doing for the business. and it should also be considered in that direction. only an experienced project manager can do that
Yes, without project managers, we can’t manage projects, especially large and complex projects. We need people at all levels for the industry.
pay cuts shhould be applicable to all levels, and the senior management should set the example, and good companies will always do that.
In our company, the senior managers have on their own offered to take less pay, and thier pay cut is more than the juniors.
Tata Elexsi has cut their employees’ salaries by 50% in the last 1 year due to recession.
Almost all companies have cut salaries.
Infosys and TCS has already cut the saaries. All Tata companies have cut salaries.
Suntec has cut salaries up to 50%!
may be not all the employee’s. but those who is drawing big amount of salaries.
Many companies have percentage system also. Like:
If you are on slab :
10k-20k, then 10%
20k-30k, then 20%
30k-…
etc.
But what i heard is like 50% cut
Bbecause the managers are not billable, some companies are recruting shadow managers, they are not competent or they doesnt have the qualification or skills to be one.
I know some companies in technopark the project managers who joined as a front office assistant and became a project manager after a year.