Friday, 21 April 2017

Layoffs and hiring freezes: IT slowdown signs are getting harder to ignore

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The Indian IT sector has started cutting back on its hiring activities as part of its strategy to counter the pressure from an earnings downturn and keep pace on modernizing operations. IT bellwether, Infosys, which recently reported earnings for the fourth quarter of the financial year 2017, confirmed it had hired 6,320 people in 2016. Whereas in 2015, the company hired almost three times at 17,857. Not only this, media reports suggested the company 'released' almost 8,000 people from their posts in 2016, replacing them with automation. These employees will not be fired though. They will be shifted to other projects. Both TCS and Infosys came up with muted earnings for the fourth quarter of last fiscal.

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