The land of snake-charmers now charms supreme IT cream which is relieved in the US recently.
Across India, there ensues an insane scramble by numerous GCCs (Global Capability Centres) for hailing those laid off in US tech giants.
Such a display of aggression broadened by many Indian start-ups which are otherwise immuned by excessive funding.
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As such, India poses to be a hit market for the IT skill and talent, ejected (and not rejected for anything other than the incompetence) in the erstwhile land of America.
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Monambiga M used to oversee technical programming before but now she has been laid off and so has been her entire team.
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She sought refuge under LinkedIn to vent out her ordeal. She articulated,”It’s been a very difficult 48 hours, and I was one of the people impacted by the recent Google layoffs. I am clueless as to where this journey might take me from here on out……”
All speculations link her tryst with India now but getting a job and to adjust comfortably seems like an uphill task too.
Clearly, this is hard to detach oneself from one’s den and to traverse such a huge distance and to operate in a largely different set up.
The same is the case for the students who have coughed up enormous amounts in their studies and now they are also compelled to pack the baggage for their mother-country and to put their skills and knowledge, picked at a higher price, to earn far less.
Manish Sabharwal who is Vice Chairman of TeamLease Services, which is a prominent firm knee deep into staffing solutions remarks about India’s switching cost in technology which is similar to what China dominates in manufacturing.
He opines, “Tech in India at the trinity of cost, quantity and quality, offers a plethora of opportunities, even as salaries and quality of life in some of the indian cities are equal to those in the US. India’s tech landscape will continue to grow over the next 25 years.The US is experiencing high-jadedness for STEM education. India, on the other hand, will provide unique experiences with once-in-a-lifetime career opportunities”.
Vikram Ahuja, in the capacity of CEO of Talent500, which is a recruitment company, observes that companies in India hire those who are relieved in the US. Suitable candidates can therefore look towards job postings here. Then, many other options thrive too.
In this backdrop, numerous GCCs (Global Capability Centres) are willing to absorb candidates who have proven their worth overseas and currently there are around 1500 GCCs in India that have given jobs to around 1.4 million employees.
Mr Ahuja pinpoints, “These firms are creating roles where the India team will work with global teams. That’s where those from abroad will fit in. There is a demand for engineering leadership, product leadership, business-product function”.
In the past 3 months alone, Talent500 platform has logged around 3 thousand registrations from Indians living abroad and such is said to be a colossal surge as compared to the last year’s performance.
No doubt, this brings to light that the employees are keen to land a job in India.
As per Mr Ahuja, the complete range of job absorption for GCCs in India takes an upward trend which is about 15% of annual number if put up in a sum.
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The major performers in this segment happen to be Inspire Brands, Hy Vee and Neiman Marcus. Tech news updates in India which show our intent.
Venkat Shastry who has an MD chair reserved at Allegis India, a talent solution agency finds that the role for cloud developer, data engineer and full stack developer are major areas which call such IT skill. Tech news updates in India that you can trust.
He says, “Those in these in-demand roles are getting paid top dollars in India though it may not be the direct match to the dollar salaries. But it opens doors to work on transformational projects delivering impact at scale. Many enterprises want to move faster, inculcating a product mindset backed by agile teams. As India has steadfastly proven to be a deep marketplace for digital products and services, India’s tech talent story will continue unabated”.
Right Management India is an agency that is into talent control and it is directed by Mr Hardeep Singh who visualizes absolute opportunity in the tech domain for possible start-up ventures.
He shares,”Start-ups are hiring at all levels and can accommodate those who have been laid off”.
This was in the month of November last year when the news of gross lay-offs inundated the world and capitalizing upon the opportunity, Harsh Jain, CEO and co-founder Dream Sports urged Indians to come back to their roots and to serve to the cause of “hyper-growth potential” which is crown glory to India in tech domain.
In the effort, Dream Sport is said to have raised $1 billion and gravitates technologists and engineers to refine the platform.
Well dear reader, this is again a million dollar question. No surprises that one would not draw a similar amount like there is in the US and in dollars. Mr Singh’ firm advises that professionals should be ready to embrace a cut which should exceed the market normal.
Mr Shastry and Mr Ahuja also endorse the fact and the latter feels if one bags a deal that is 60-70% of what they got in US, this should be a welcome amount in present tense.
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Kantar is an agency which has acclaim heaped upon over the years due to brilliance entwined into its operations pertaining to marketing data and analytics .
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But its recent survey findings have made Indians (exclusively youngsters) awful unhappy. In its scrutiny the firm emphasizes that 1 in 4 Indians is deeply stressed for job security and the price-hike factor also bothers the masses across the Indian horizon.
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Key features of the survey:
- Piping hot and fresh. Conducted as recently as between December 15 2022 through January 15, 2023.
- 12 major cities across India, namely, Mumbai, Chennai, Delhi, Kolkata, Pune, Indore, Patna, Banglore, Jaipur, Lucknow, Ahmedabad and Hyderabad. Tech news updates in India to enable that technical knack in you.
- Sampled about 1900 people from different social and economic backgrounds and in an age-group of 21-55 years.
Further, a certain section in our society teems with hope that our economy would log better performance this year around. Tech news updates in India.
Also, consumers vie for policy restructuring in regard to Income Tax and want the existing IT tax privilege extent bar to grow bigger. We cover premium tech news updates in India.
Kantar clarified, “At a macroeconomic level, most have a positive outlook- 50% believe that the Indian economy will grow in 2023 as against 31%, who feel there will be a slowdown. Non-metros at 545 are more optimistic as compared to metros”.
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Then, the report also put forth that Covid-19 re-emergence, coupled with global economic downturn also burns down the happiness of Indians. Tech news updates in India.
Going by the report, “Three out of four people are worried about rising inflation and want the government to introduce decisive measures to tackle the same”.
Kantar contended, “Every one in four Indians is also concerned about the threat of job layoff. This is relatively higher in the affluent (32%) and salaried class (30%).”
The survey highlights, “Increasing basic income tax exemption limit (from current 2.5 lakh) is the most common expectation among consumers followed by the increase in the threshold limit of highest tax slab rate of 30% (from current 10 lakhs INR). The former is notably higher among the salaried segment (42%) while the latter is expected more by businessmen /self-employed (37%) and older 35-55 year olds (42%) segments”.
Many of us are, in the survey report, put into believing that the worst has been faced and we ought to expect better times to unfold now. A great chunk of people also think about creating more space for sophistication in healthcare and to strengthen this framework.