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<ul><li><keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>’s top IT sector companies have reduced their headcount by 75,000 in the last one year.</li><li>New GCCs setting-up operations in India might have hired a similar number of <keyword id="19913553" type="General" weightage="20" keywordseo="tech" source="keywords">tech</keyword> talent, say experts.</li><li>Even with renewed hiring, IT sector hiring as a whole suffered even as software product company hiring went down in the last 12 months.</li><li>In 2024, hiring intent in the IT sector increased only 3%, even as overall hiring intent is at 19%, says Taggd. </li></ul>Headcount in the top IT services firms in India is down by 75,000 in the last one year. However, experts say that there is no large-scale furore over joblessness in the system due to the extensive hiring undertaken by global capability centers (GCCs). Many new GCCs are setting-up shop in India, which is giving a much-needed push to sluggish tech talent intake by IT services companies. Six out of eight IT bellwethers like TCS, Infosys, Wipro, LTI Mindtree, Cognizant and Tech Mahindra saw their headcount go down in the last 12 months, as per Xpheno, a staffing services company. HCL and LTTS however moderately added 2,400 and 1,600 people to their rolls. (See Table below). Top 8 IT cos headcount &amp; net additions as of Q3 FY24 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Headcount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12-month net additions </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,40,234 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21,875 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,22,663 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-24,182 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,03,305 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10,669 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,24,756 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,486 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTI Mindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">82,471 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3,991 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTTS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,46,250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10,812 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cognizant </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,47,700 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7,600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,90,677 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-75,000 </td></tr></tbody></table> Source: Xpheno With this degrowth, collective headcount of the cohort has dropped to nearly the levels seen in early 2022. “The calendar year of 2024 too has begun with a rollback of headcounts to a pre-two year level, in what is clearly a cycle of sustained adversities the IT services cohort is dealing with,” said Kamal <keyword id="20519296" type="General" weightage="20" keywordseo="karanth" source="keywords">Karanth</keyword>, co-founder of Xpheno. GCCs: The bright spot It’s not just IT services companies are cutting down hiring, job demand in software companies saw massive drop along with startups. But there is one bright spot in the tech market which is GCCs. “GCCs had recruited similar numbers (around 60,000) in the last one year, and that’s why we do not see a bloodbath on the streets. Around 100-110 GCCs set-up shop in India in the last two years, and 60 of them came in the last one year itself,” Karanth tells Business Insider India. GCCs are international companies which set-up shop in India, which takes care of activities like business support functions, back-office tasks, IT infrastructure and more. Since they kick-off operations, most of them hire anywhere between 500-2,000 people. GCCs have now become one of the six top sectors which hire tech talent that includes IT services companies, software product companies, startups, consulting firms and non-tech sectors which hire tech talent. GCCs, IT services and software product companies are the three sectors which hire techies in large numbers “Among the three, only GCCs will continue to hire in 2024, while IT services and software product companies will see at least two muted quarters ahead,” says Karanth. Going by their enthusiastic uptake of office spaces, they seem to be intent on hiring in large numbers. As per a Colliers report, office space uptake of around 30 mn square feet with large deals (of over 100,000 sq ft) have shown an impressive 24% annual growth in 2023. Almost 40% of the large deals in the top six cities have come from GCCs, particularly from technology and BFSI sectors. “More than half of the large GCC deals achieved closure in the last quarter of 2023, indicating renewed momentum in GCC activity in the country. Large pool of talent, cost-effective rentals, adequate Grade A developments and favorable office market ecosystem will continue to uphold India’s vantage positioning from a capability centre perspective,” said <keyword id="20454099" type="General" weightage="20" keywordseo="vimal-nadar" source="keywords">Vimal Nadar</keyword>, senior director and head of research, Colliers India. Tech hiring to remain sluggish With only one of its sub-sectors keen on hiring, the IT sector’s recruitment outlook as a whole has come down. As per a report by Taggd, the IT sector’s hiring intent for 2024 increased by 3%. The overall hiring intent across all the sectors however increased 19% for the current calendar year. Job demand in the last 2 years <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2-year change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,29,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-35% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Software Product </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,00,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startups </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-73% </td></tr></tbody></table>Source: Xpheno The slowdown in IT hiring is pronounced in the earnings reports of recruitment firms as well. Info Edge which houses many internet-related businesses like <keyword id="20577913" type="General" weightage="20" keywordseo="naukri" source="keywords">Naukri</keyword>, 99acres.com etc saw its revenues from the recruitment grow only by 3.1% year-on-year in Q3 FY24 due to sluggishness in IT sector hiring. “While the non-IT hiring sector remained robust, the continued slowdown in IT hiring impacted Naukri's growth,” Hitesh Oberoi, managing director and CEO of Info Edge said in the press release. Most large IT sector companies are only expected to do replacement hiring for the next few quarters, with a dull outlook for most. The sector’s sluggish hiring will impact engineering graduates the most as fresher hiring will be impacted. “As many as 9 lakh engineering graduates pass out every year. They will see a major impact and see the biggest hit,” Karanth adds.

IT bellwethers slash headcount in FY24 but Indian techies find a home with GCCs

<ul><li>The tech industry has seen more than 200,000 <keyword id="6357067" type="General" weightage="100" keywordseo="layoffs" source="Orion">layoffs</keyword> since the start of 2022.</li><li>Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add a major value to the organization.</li><li>Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management.</li></ul>Bipin Singh, a business development manager at Byju’s with over 11 years experience in the EdTech industry was laid off last month after a stint of 1.5 years at the company. In his LinkedIn post he mentioned about the layoff and urged everyone to reach out to him with job offers or if not, like share and comment on his post to increase reach. Anil <keyword id="906861" type="General" weightage="50" keywordseo="sahani" source="Orion">Sahani</keyword>, a software engineer, lost his job in Accenture recently .“I was one of the first ones to let go as I was a contract employee and also did not have any notice period. The layoffs are still on.” Singh and Sahani are among the thousands of employees who have been affected by tech layoffs in India. Google trend data, which reflects what people search for, shows that between January 22-28 this year, the term ‘layoff’ was at its peak popularity of 100, while between January 23 to January 29 last year, it was just at five. This is not surprising because layoffs are being reported majorly in the media and almost every other post on Linkedin is talking about layoffs. It all started with the news that the big tech giants like Amazon and Google parent Alphabet were laying off in large numbers. While Alphabet laid off 12,000 people, the Amazon layoffs affected more than 18,000 people. Microsoft said it will lay off 10,000 people by the end of the third quarter of 2023 and even SAP and IBM have started laying off employees. It seems it is almost like a contagion that is spreading rapidly like wildfire. The Indian situation: Which brings us to the question: Is the situation as bad in India? Layoffs are now a reality in India too. Reports suggest that around 21,000 techies have lost their jobs in the last three to four months. In the third week of January, Wipro fired more than 400 freshers for failing performance tests. While Amazon has laid off 1,000 of its employees in India, IBM and SAP are also laying off employees, affecting their employees in India as well. Very recently, Byju’s laid off 1,000 people, in a second round of layoffs in February. Sivaprasad N, vice president &amp; business head, TeamLease Digital, a staffing solutions company, puts the number of layoffs in the tech industry at more than 2,00,000 since 2022. Over 21,000 employees <a href="https://www.businessinsider.in/business/news/70-plus-indian-startups-show-exit-door-to-21k-techies-more-pink-slips-coming/articleshow/97411761.cms?">have been laid off </a>by 70 startups in the past 3-4 months including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="50" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more. Anuj Gupta, who has over 10 years of experience in SEO, has lost his job in edtech company upGrad and is a part of the current tech and marketing layoff wave. The layoff situation in India is currently more of a spill-over effect of shake-ups in the West. Unlike the funding winter that hit the Indian funded tech startups cohort in 2022, the current layoffs by big labels are largely corrective talent adjustments. “Despite potential opportunities coming our way due to global shakeups, it is prudent for India Inc. to treat the current layoffs as a tip of the iceberg,” says <keyword id="138078" type="General" weightage="50" keywordseo="kamal-karanth" source="Orion">Kamal Karanth</keyword>, CoFounder, Xpheno, a specialist staffing company. He adds that enterprises, especially in tech, will benefit from remaining alert and conservative on costs for at least two quarters. Agrees Sivaprasad, “Companies are battling a slowdown in demand after a hiring frenzy. No company is certain to avoid significant cutbacks in such an economic environment. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. It looks like the trend will continue for some time.” Many IT majors have announced mass layoffs in the last couple of months, quoting factors like overhiring, an impending recession and geopolitical conflicts. “We expect businesses to exhibit caution in hiring and workforce management through a major part of 2023,” <keyword id="13896318" type="General" weightage="50" keywordseo="sachin-alug" source="Orion">Sachin Alug</keyword>, CEO, NLB Services - a global technology &amp; digital talent solutions company. Delhi-based Pankaj Kumar, laid off from a software company this month, says that one day he got a message saying that the company was restructuring and that it was his last day. “However, we were forced to resign and also we received very little in the name of assistance as promised.” Kumar feels that most startups today have no clue about manpower requirements and just hire to show their investors that they are doing well without having an idea of how they can sustain themselves in crucial times. Tech jobs have been the most affected: As discussed, tech companies, especially IT firms, are very vulnerable to an impending recession in the US. “The tech sector has always been highly sensitive to economic cycles, and the current economic downturn could have a significant impact on these companies. A recession could lead to decreased consumer spending, reduced corporate investment, and layoffs, which could all hit tech companies hard,” says <keyword id="328697" type="General" weightage="50" keywordseo="sandeep-budhiraja" source="Orion">Sandeep Budhiraja</keyword>, Co-founder, Executive Director and Chief People Officer - BYLD Group which provides HR and Business productivity solutions, Additionally, the US market is a major source of revenue for many tech companies, so a recession here could have a widespread impact on global operations. Finally, any disruption to the global supply chain could further disrupt tech companies, as many rely on components and materials sourced from around the world. “The sectors that may be most affected, other than the technology, are telecommunications, financial services and retail. The telecommunications sector could be hit by reduced investment in infrastructure and lower customer demand. The financial services sector could be adversely affected by a decrease in credit availability and tightened lending standards, while the retail sector could suffer from decreased consumer spending,” adds Budhiraja. Everyone is vulnerable: “Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add major value to the organization. Usually, mass layoffs affect employees invariably regardless of their performance but in organizations that choose to let go of a selected few, performers at a certain level tend to be the target,” says Alug. The primary causes of layoffs are the foreseeable recession and the geopolitical scenario which have led to inflation, impacting many industries. Prominent players in the IT and Technology domain are being cautious to ensure profitability and better predictability of business. Agrees Karanth, “The larger layoffs related to enterprise strategy and austerity are mostly across the ranks and ratings of performance. Such layoffs related to macroeconomic movements are typically steamrollers on entire divisions, geographies and business units. While each enterprise has their own pattern of priority on the layoffs, the high cost and high volume headcounts typically come under the lens faster.” Look out for red flags: “Layoffs in a situation like now are largely written on the wall. It is often the speed and style of a layoff that's a surprise to talent, and not the layoff by itself,” says Karanth. Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management. “Additionally, if a company is reducing or eliminating certain departments or projects, it may be a sign that layoffs are coming. If there are rumours of layoffs or if employees are being asked to take unpaid leave, this could also be a sign that layoffs are imminent. Finally, if the company is not meeting its financial goals or is experiencing a downturn in business, layoffs may be a possibility,” says Alug. Hiring remains slow: “Many of those who lost their jobs are still looking for work, as nearly every major corporation has put a freeze on new hiring due to global macroeconomic conditions and recession fears. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. Looks like the trend would continue for some time,” says Sivaprasad. However Karanth feels that while tech hiring has slowed down, there are opportunities for talent who are flexible and agile to look beyond their domain. The non-tech sector's talent demand has been compensating well for tech's hiring slowdown. <keyword id="2838370" type="General" weightage="50" keywordseo="shraddha-jain" source="Orion">Shraddha Jain</keyword>, who is also known as 'Aiyyo Shraddha' on social media, posted a hilarious video on Instagram, where she slammed companies for laying off employees despite making a profit. "At the company offsite, we celebrated the company tripling its profit in a year. What happened? A month later we are so poor. Who robbed us?" she asked. While these are questions that reflect the grim reality of large scale layoffs, employees should brace themselves for tough times ahead. 2023 will be a turbulent ride.

Tech layoffs to continue for sometime thanks to a slowdown in demand and an uncertain economic environment

<ul><li>Even if you are using <keyword id="15681942" type="General" weightage="20" keywordseo="chatgpt" source="Orion">ChatGPT</keyword> to write your <keyword id="93698" type="General" weightage="20" keywordseo="resume" source="Orion">resume</keyword>, do not ask it to write it from scratch </li><li>Not editing or proofreading your resume can be a mistake as silly errors can limit your chances of getting through </li><li>Not paying attention to <keyword id="127508" type="General" weightage="20" keywordseo="format" source="Orion">format</keyword> and design may make your resume look cluttered </li></ul>Over the last one and a half years, ChatGPT and other <keyword id="6355999" type="General" weightage="20" keywordseo="ai" source="Orion">AI</keyword> LLM tools have become an integral part of our lives and most of us use them in some way or the other. In fact, there have been concerns in academic circles when students use ChatGPT for academic writing or when candidates use it for statements of purpose or essays required in application processes. ChatGPT can be used for each of these purposes, but using it as a tool for research and not a replacement for critical thinking holds the to academic success. The same goes for using ChatGPT to write your CV! While you can use ChatGPT for resume creation, here are five mistakes that you should avoid. Using ChatGPT to write a resume from scratch: Even if you are using ChatGPT to write your resume, do not ask it to write it from scratch. “One should note that all of these require a base resume to be in place already. Remember that ChatGPT will not have any nuanced idea of your skills or experiences. Approaching GenAI tool to author one's resume from scratch is a rookie mistake and futile effort that recruiters catch at first look,” says Kamal Karanth, CoFounder, Xpheno, a specialist staffing company. Lack of personalisation: Anything that ChatGPT creates can be generic. A good resume should be tailored specifically to the requirements of the job. If you fail to do that, the employer may bin your resume after just a few seconds of glance. “To maximise effectiveness, personalisation and customisation are key. Tailor the content to each specific job description, emphasising the relevant skills and experiences sought by the employer to maintain a professional appearance,” says Manu Saigal, Director, General Staffing, Adecco India. Letting the resume have ChatGPT’s tone of voice: ChatGPT can write proper English and even correct sentences grammatically, but it will not reflect your tone of writing. You need to insert your own personality and voice into your resume to the extent possible. Read through your resume and make changes to the sentence structures, voice, and highlighted items. Use more of an active voice as passive can often sound uninteresting and insert personal anecdotes wherever relevant. Not editing or proofreading your resume: ChatGPT content may contain incorrect <keyword id="477335" type="General" weightage="20" keywordseo="grammar" source="Orion">grammar</keyword> and phrasings that are awkward or over the top. These can be a big put-off for anyone reading your resume, let alone your potential employer. “A thorough proofread is essential – typos or AI oddities can torpedo your application,” says Karanth. Not paying attention to formatting and design: ChatGPT can generate text but is not great with formatting and design. “While ChatGPT excels in text generation, it may not prioritise visual elements. Ensure a clear, concise, and easy-to-read format with a professional font and clean layout,” says Saigal. A cluttered or poorly formatted resume can hamper your chances severely.

Using ChatGPT to create your resume? Here are 5 mistakes that employers hate to see

<ul><li>Shouting or screaming is common, especially by <keyword id="636696" type="General" weightage="20" keywordseo="team-leaders" source="Orion">team leaders</keyword> in the sales function, which is a high pressure job, says Varada Pendse, an independent HR consultant. </li><li>Startups and their founders who chase fast growth are also proponents of a fashionable hustle culture that’s often dangerously close to abuse and toxicity. </li><li><keyword id="530113" type="General" weightage="20" keywordseo="hr-experts" source="Orion">HR experts</keyword> point out that the current law is also weak on harassment. </li></ul>A recent video of an HDFC Bank employee abusing his juniors on video call, went viral on social media. Enraged reactions have been pouring in since then with concerns being raised about lack of decorum, crazy targets set for employees and the overall work culture of an organisation. In the above case, HDFC Bank has <a href="https://twitter.com/HDFCBank_Cares/status/1665702138532757515?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1665702138532757515%7Ctwgr%5Ec242fb2427aa9cd56556f5d073e69e60398b1a1b%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.hindustantimes.com%2Findia-news%2Fhdfc-suspends-employee-after-video-of-him-abusing-co-workers-goes-viral-101685975962799.html">suspended the employee</a>, and initiated an investigation. “We at HDFC Bank have a zero tolerance policy for any form of misconduct at the workplace and firmly believe in treating all our employees with dignity and respect,” the bank said in a statement. While the vile screaming in the video has shocked many, HR (human resource) experts are not surprised and in fact say that it’s common across companies. “Workplace toxicity is not a rarity,” says Kamal Karanth, co-founder, Xpheno, a specialist staffing company, adding that toxicity manifests itself in different forms across teams and individuals — across sectors, not just banks. Varada Pendse, an independent HR consultant agrees that screaming is common, especially by team leaders in the sales function, which is a high pressure job with specific deliverables. “Berating employees, abusing and shouting is very standard. The usage of a four-letter word is also very consistent,” she adds. Yet another employee of a private bank that Business Insider spoke to alleges impossible targets which result in work hours that extend to 18 hours sometimes. Whose toxicity is it, anyway? Sales function, especially in banks and insurance companies, is a job of extensive pressures — and team leaders are mostly transferring the stress they feel from their seniors, to others down below. Most salespeople are high achievers who are also used to the culture of a toxic environment — and it has a cascading effect on the behaviour of the entire team. “They believe that it can give them results,” Pendse explains. Also, sales which is the lifeline of any organisation — is also a function where effort need not necessarily match the result. “If there is a role based on activity and not outcome there is a problem. A person may be working 10-15 hours a day, but the outcome may not necessarily reflect the activity,” explains A Balasubramanian, VP and business head at TeamLease Services. Experts believe that there are better ways in which management can motivate employees without passing on the heat they receive to their juniors. “If they can break it down into actionables that the juniors can absorb and execute it is great, otherwise it leads to such situations,” says Balasubramanian on the HDFC Bank viral video. Karanth says that startups and their founders who chase extensive growth in a short period of time —- are also proponents of a fashionable hustle culture. “It also rides dangerously close to abuse and toxicity. Good instructions empower individuals and their work, while abuse is debilitating. The thin line between instructions and abuse is hence the individual's intent behind the action,” he adds. From complaints box to social media Most organisations, be it large banks or even small firms, have HR policy that addresses most issues employees face at work. In most cases, complaints are encouraged. HR experts however say that the current law is also weak on harassment as such. “While there are provisions under the IPC for sexual harassment, there are no direct provisions for workplace abuse and harassment of non-sexual nature,” said Karanth. He adds that employees do have the right to invoke provisions related to defamation, slander, intentional use of abusive language, criminal intimidation etc. “When internal enterprise systems fail to hear and act against abuse, employees do have their individual right to seek civil or criminal action,” says Karanth. Pratik Vaidya, MD &amp; CVO, Karma Global, a staffing &amp; compliance organisation says that it’s necessary to have a workplace redressal committee within the organisation. “Generally, big organisations do have such a committee. The employee can approach the HR and complain of misconduct of the colleague and that can be recorded,” he added. The best way to tackle this problem is that the top management should guide team leaders to be more empathetic, according to Pendse. “The palate is shifting and the pandemic has changed the extent of resilience in people,” she explains.

Workplace toxicity is common but not enough gets recorded, say HR veterans

<ul><li>As <keyword id="29405" type="General" weightage="20" keywordseo="slowdown" source="Orion">slowdown</keyword> blues pinch, the quickest way to save money is to cut down people-related costs. </li><li>Trimming of perks is likely to be restricted to the IT/ITES industry and some others. </li><li>Some perks which were used as incentives to get people back to office, have slowly been toned down or done away with.</li></ul>There was a time not too long ago when perks offered at Google were the talk of the town. Apart from a lot of usual stuff, there was free food, snacks, free onsite gyms, massage therapists, decompression capsules where you could catch a nap during the day, onsite laundry services and what not. Recently Google cut down on some of these perks to drive down costs. Coming on the heels of massive layoffs, this made news. Will Indian companies follow suit? “Organizations are proliferating a cultural shift towards responsible use of resources and improving efficiency. They are also continually benchmarking with the peer firms and deciding on their positioning on compensation and benefits offerings. This can be construed as building alignment with the market and may not truly represent a larger trend on reduction in employee perks” says Prateek Gupta, senior consultant, Aon, a human resource consulting firm. <cmsannotation type="cmsannotation" annotationid="With stress on protecting cash margins, companies likely to cut down on people costs" comment="subhead2" text="With stress on protecting cash margins, companies likely to cut down on people costs">With stress on protecting cash margins, companies likely to cut down on people costs</cmsannotation> Following the Covid-19 pandemic, and the Great Resignation, there was a surge in hiring and demand, which led to an inflationary economy. In India, foreign businesses and Indian businesses heavily dependent on overseas markets are being affected by the global macro slowdown. For at least the next 12 months, protecting cash and margins will be a crucial performance metric for businesses. “Everybody is trying to balance growth and margins. Since the growth is going to be muted, they want to get to a healthy margin that will compensate for muted or less than projected growth. So companies will focus on cash conservation and the margins. Whichever businesses have a high reliance on people costs, will come under a lens. There is a bit of a rationalization that is going to take but the rationalization is not going to be to the extent of what we are witnessing coming in from the West,” says Sandeep Chaudhary, CEO, PeopleStrong, a human capital management SaaS platform. As we know, the IT Industry is saddled heavily with cost pressures, and naturally, employees will be the subject of scrutiny. “With enough business not coming in and on the contrary, carrying the 2022 baggage of employment offers already rolled out, the quickest way to save money is to cut down people-related costs. Any cost-cutting measure helps companies to marginally cross over turbulence,” says Pratik Vaidya, MD &amp; chief vigilance officer at Karma Global, a tech enabled HR &amp; Compliance Organisation. Any trend that comes from the West, it is picked up in South Asia and many Indian companies will seize this as an opportunity to make certain practical adjustments to sustain business therefore some cosmetic changes are bound to happen here as well. “Free snacks and soft drinks, shuttle services, fitness sessions, yoga classes, on-site massage therapist, and general office accessories and equipment are some perks that have been cut or removed,” says Vaidya. Indian companies have been giving out perks to incentivize people to come back to office, but now those have been toned down as well. “I think this trimming will be restricted to IT/ITES industry till such time they turn around the corner and maybe at will, some other industry organizations will follow to some extent but overall, there will not be a big dip in perks enjoyed by people and given by other industries in India,” says Vaidya. <cmsannotation type="cmsannotation" annotationid="Indian employers still willing to keep perks on" comment="subhead2" text="Indian employers still willing to keep perks on"><keyword id="864895" type="General" weightage="20" keywordseo="Indian-employers" source="Orion">Indian employers</keyword> still willing to keep perks on</cmsannotation> “While tech bellwethers in the West are trimming down the perks, their counterparts in India are seen designing new ones to attract and retain employees. The need and importance of these perks is high in a hiring market. The current active talent demand across key tech cohorts, though low in comparison to a year ago, is sufficient to keep talent in churn,” says Kamal Karanth, co-founder, Xpheno, a staffing company. Despite a slow year, tech global capability centers (GCCs) in India had a high talent demand of over four lakh candidates for FY23, with a current active demand of 30,000. The IT sector, including tech services, products, and startups, has over 112,000 active job openings despite market challenges. The talent demand outlook for FY24 is expected to be similar to FY23. Attrition rates among tech cohorts remain significantly high in the over 15% range as the best talent continues to be poached and exchanged between employers. “While expansion hiring is a choice, replacement hiring isn't. With a sustained demand for top talent, employers know talent is precious and replacements are expensive. In a larger context, the comparative costs of keeping the perks on is lower compared to the costs of hiring, training and orienting,” says Karanth. He adds that amidst a larger austerity script, it is also an equally important messaging to resize or remove the perks. While the true dollar value of removing perks is debatable, it is a signaling that the enterprise is in no shape for extravagance. <cmsannotation type="cmsannotation" annotationid="Employers incentivizing employees to return to office" comment="subhead2" text="Employers incentivizing employees to return to office">Employers incentivizing employees to return to office</cmsannotation> There could be another reason while Indian employers are still trying to woo their employees. The pandemic affected employees from all these industries which caused people to work from home for more than two years. After getting acclimatised to this home working, returning to the office for all the days has not been the preferred option for many of them. Of course, a majority of the tech workforce refuses to come back. In fact, many companies have found it difficult to get their employees<a href="https://www.businessinsider.in/thelife/news/companies-want-their-employees-back-to-office-but-it-is-turning-out-to-be-difficult/articleshow/98602147.cms"> back to office</a>. “The need for the perks is only elevated given the current frictions around getting employees back to office,” says Karanth. This trend is particularly prevalent in the tech industry, where many companies have already announced plans to offer a hybrid work model or fully remote options for their employees. This may not translate into perks as we know them, but may include facilities that enable employees to adapt to a hybrid work mode. “Our survey indicates that organizations moving towards hybrid or back-to-office setups have been proactive in extending support through measures like relocation assistance (40% of responding organizations) and home office set-up allowances (53% of responding organizations),” says Gupta. <cmsannotation type="cmsannotation" annotationid="Perks will remain but with a focus on corporate wellness" comment="subhead2" text="Perks will remain but with a focus on corporate wellness">Perks will remain but with a focus on corporate wellness</cmsannotation> Some of the other perks which were used as incentives to get people back to office, have slowly been reduced or done away with. “Before the hybrid model could become a trendsetter in 2023, sometime in mid 2022, organizations were incentivizing employees to return by offering discounted meals, commuting benefits etc. But with the situation becoming near normal, and with companies recognizing employee engagement as crucial to performance and willing to add flexibility to office job and occasional working from home, have diluted the resistance with hybrid approach thereby softening the perks payout on the other side. But companies will have corporate wellness programmes to show its value and care for them,” says Vaidya. So with near normalcy in office, perks will be there but these will be mainly to attract and retain employees and for appreciation and recognition. However, some of the ‘cool’ perks are likely to go. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/telecom-companies-q4-revenue-likely-to-moderate-due-to-lack-of-significant-tariff-hikes/articleshow/99368163.cms">Telecom companies’ Q4 revenue likely to moderate due to lack of significant tariff hikes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/best-mobile-phones-under-20000-in-india-in-april/slidelist/99351495.cms">Best mobile phones under ₹20,000</a>

Will Indian employers cut down on employee perks just like Google did?

Stop depending on your current employer for a <keyword id="6355281" type="UNKNOWN" weightage="80" keywordseo="salary-hike">salary hike</keyword> and just change your job to get the desired pay package. Year 2015 is a great one for professionals who are expecting an average of 25-27% increase. 
 
Professionals moving to the eCommerce sector will get the best pay boost and those shifting to such companies from sectors such as Information Technology, fast-moving consumer goods and retail could see salaries rise 35-50%, with stock options often taking the total increase to over 100%. 
 
As per a study by global recruitment company Kelly Services-'The Indian Workforce on the Move in 2015'- lateral hires in the financial services, IT and IT enabled services (ITeS) sectors will get an average hike of 25%, compared with 20-22% last year. 
 
Even the manufacturing sector would see an increase of average 25% against last year’s 22%. 
 
However, the pharma sector will remain stable at 25%. 
 
Meanwhile, Aon Hewitt's Annual Salary Increase Survey stated the average increment offered across sectors by Indian companies this year was about 10.6%, going up to 12.4% for eCommerce. 
 
Also, firms will be very active in hiring people and even buying out their period. 
 
"Organisations are being more aggressive in offering salary hikes based on criticality of skills and the sense of urgency in order to buy talent faster than competition," Kamal Karanth, Managing Director of Kelly Services and KellyOCG India, told Economic Times. 
 
Karanth added that niche skills would command a premium and the maximum hike expected in such roles was 50-55%. 
 
"This year is all about high-skilled talent and stupendous growth in salaries for such profiles," Rituparna Chakraborty, co-Founder and senior Vice-President of Team-Lease Services, told ET. 
 
Shanthi Naresh of HR consultancy Mercer said hot skills that get a premium vary from industry to industry. 
 
"For example, in the consumer and pharma industries, it is sales and marketing skills. In the technology industry, it is skills such as data sciences, business intelligence, gaming, digital and online marketing, cloud and distributed computing,” she told the financial daily. 
 
Meanwhile, as per Mercer’s recent survey, while the headcount of companies hiring has more or less remained the same from the past year, positive hiring sentiment is being fuelled by the addition of a large number of new organisations, especially in the eCommerce and technology space.

Looking to earn more? Just change your job!

If you say 'no' to a job offer from an <a href="http://www.businessinsider.in/searchresult.cms?query=e-Commerce+">e-Commerce</a> company, job search firms might <keyword id="387612" type="UNKNOWN" weightage="80" keywordseo="Blacklist">blacklist</keyword> you to avoid embracement. In the past three to six months, a deluge of offers from cash-flush <keyword id="35621" type="UNKNOWN" weightage="100" keywordseo="e-commerce">e-Commerce</keyword> firms has seen a proportionate rise in the number of offers being turned down by senior level executives. 
 
This left the companies stumped and head hunters red faced. As a result, various job search firms have started blacklisting such executives who have replied in negative to <a href="http://www.businessinsider.in/searchresult.cms?query=employment+">employment</a> offers in the e-Commerce firm. 
 
According to estimates from four leading search firms, the offer dropout rates for the last three months have shot up by 30-40%. For the 12-month period, it has risen by 60-80%. 
 
Senior-level candidates rejecting offers in the e-Commerce space is around 40% now, double of what it is for any other sector, with the maximum offer drops being in the product management space, followed by core IT. 
 Executive search firm <keyword id="122960" type="COMPANY" weightage="60" keywordseo="Kelly-Services">Kelly Services</keyword> had more than 20 senior candidates drop offers at the last stage in the last two months. 
 
"Candidates are offer shopping like never before. We have seen candidates looking for jobs during the notice period they are serving and when they already have an offer with another company. They try to make the best use of the notice period by getting as many offers as possible," said Kamal Karanth, managing director at <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart+">Kelly Services &amp; Kelly OCG</a>, India. 
 
Warning signals include candidates not picking up calls, family members answering the phone to say the candidate is not well. "This is a reality in the e-Commerce space as the sector gets flooded with opportunities," said Ashu Malhotra, head HR at online retailer <a href="http://www.businessinsider.in/searchresult.cms?query=Jabong">Jabong</a>. Adding to search firms' woes is companies' unwillingness to settle for the second best candidate or a back-up option. 
 
According to search experts, NIT, IIT and IIM graduates are perpetual offer droppers. Typically, talents from these schools are in demand and candidates resort to arm-twisting with potential hiring organisations. "This is exactly what happened in the IT space in 2003-04. The e-Commerce industry is at a buoyant stage and candidates are making full use of it to get the best deal," said GC Jayaprakash, executive director at RGF Executive Search. 
 
A search expert cited the case of a senior manager who dropped an offer from <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart+">Flipkart</a> at the last minute to take up an offer from mid-sized startup <keyword id="6368309" type="COMPANY" weightage="60" keywordseo="Urban-Ladder">Urban Ladder</keyword>. "People who are moving away from big companies want more responsibility, accountability, and bigger roles," said <keyword id="2480022" type="PERSON" weightage="60" keywordseo="Rajiv-Srivatsa">Rajiv Srivatsa</keyword>, founder, COO at Urban Ladder. 
 
Usually, companies are unable to retain talent because of the huge salary jump being offered by competitors or allied firms. 
 
Talent, more often than not, is getting wooed by the money that this space offers and companies at times are willing to pay up to 60-70% more to attract the right talent. The tenure of executives in any organisation has started decreasing as more companies get formed in this space and a wider variety of jobs come into the market. 
 Abhiraj Bhal, co-founder of <keyword id="3048734" type="UNKNOWN" weightage="80" keywordseo="Urban-Clap">Urban Clap</keyword>, spoke of a mid-level hire who did not show up on his first day at work, after two months of communication. "Over the past few months, the exuberance in the ecommerce space has rubbed off on the talent pool. Salaries and expectations have gone up. We have offered salary hikes of 70-80% in roles like technology and people have choices and can make companies wait and hold on and we've not been immune to this," he said. 
 
Moreover, most funded companies are willing to poach talent, and at times, offer more than what candidates demand, said Karanth. Recently, Kelly Services was working on a requirement with an ecommerce company for a product management candidate with 12 years of experience. The candidate was keen on a 40% hike. The company he interviewed with offered him 50%. The candidate, however, never joined and bargained for a hike in another company. 
 
(Image: Indiatimes)

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IT bellwethers slash headcount in FY24 but Indian techies find a home with GCCs

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Will Indian employers cut down on employee perks just like Google did?

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Think twice before you say ‘no’ to offers in e-Commerce firms! Search firms might blacklist such people

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