Employability in the Information Technology (IT) sector has taken a hit, with thousands of losing their jobs across the globe, on grounds of no projects in an uncertain environment. Downsizing in the industry has happened in the last few years, but the Covid crisis has brought about newer challenges, forcing organizations to cut costs and send people home.
International Business Machines (IBM), for instance, has laid off over 2,000 employees globally, as the company looks to reshape its business. Accenture is also cutting down 900 jobs in the UK to reduce costs in the face of lower demand for its services, according to reports.
In India too, several IT companies, like HCL Technologies, Infosys, Wipro and Tata have announced performance-based cuts due to the uncertainty brought on by Covid-19. That said, post unlock, the sector seems to be recovering a little. As per the TimesJobs RecruiteX, IT, Telecom and BPO sectors saw a double-digit growth in July 2020.
As countries open up, hiring too seems to be picking up. However, it’s early to say what lies ahead, since the pandemic is far from over. A second wave and lockdown could stop the growth again.