Pune’s IT Sector Faces Job Cuts Despite Economic Recovery, Raises Concerns Among IT Professionals
Pune, 23rd May 2023: Despite signs of economic stability, major global and reputed IT companies continue to implement job cuts, causing anxiety among professionals in the sector. Even with stable project statuses, the fear of potential layoffs looms large among IT professionals, who worry that their own companies may follow suit.
This apprehension is especially prominent among IT professionals working in countries other than the headquarters of large companies. In recent days, significant layoffs have been observed in renowned companies such as Google, Meta, Amazon, and Microsoft. Several IT companies in the country have also resorted to downsizing their workforce.
Harpreet Saluja, President of the Nascent Information Technology Employees Senate (NITES), explained that various factors such as the COVID-19 pandemic, the Russia-Ukraine war, and economic recession have adversely impacted businesses, leading to workforce reductions. Consequently, employees are experiencing an unstable atmosphere. While there was some improvement in the situation in recent times, the recurrence of job cuts and their repercussions has reignited concerns, he added.
Saluja further highlighted, “Companies are laying off employees citing financial losses, while senior executives are receiving significant salary hikes. IT trade unions are calling for legal action against companies resorting to job cuts in the absence of any actual losses.”
A 27-year-old youth working with a prominent IT company expressed his experience, stating that many IT professionals like him are being targeted. Holding a high position in a large company has become increasingly challenging, prompting many individuals to consider joining startups instead.
The uncertainty surrounding job security in the IT sector remains a pressing issue, despite signs of economic recovery. Industry experts emphasize the need for proactive measures to safeguard the interests of IT professionals and ensure fair employment practices in the sector.
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