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Ever since PM <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> came into power, he has faced a continuous issue in the form of job creation, more so because he had promised to create one crore jobs prior to his victory. While the job industry was already marred by lack of private investment, demonetisation further played its role in complicating the issues, which have now been fuelled by widespread layoffs happening in the private sector. It began with Larsen &amp; Toubro, India's biggest engineering firm, firing 14,000 employees that formed 11.2% of its total workforce in November last year. It was then followed by startups, citing lack of money to give out salaries. After demonetisation, manufacturing and construction industry too started to layoff employees, followed by a massive number of layoffs by IT majors like Cognizant, Wipro, Infosys and Tech Mahindra. However, several key people in the government and private sectors are of the view that job losses isn’t a trend yet, terming it an exaggerated term for regular performance-related trimming. However, employees believe that their jobs are in danger, and so does the Jobs Disruption Survey conducted by <a href="http://economictimes.indiatimes.com/jobs/layoffs-scare-is-real-not-exaggerated-finds-ets-jobs-disruption-survey/articleshow/58927915.cms?from=mdr">ET Online</a> that surveyed around 11000 employees, majority of which showed fears about their jobs. Survey results match with the predictions of several experts and studies, that the future holds big layoffs going up to 50%, with little hope of things going upwards. Around 62% of respondents said that they think their job prospects would continue to shrink, because of slow private investment, demonetisation, and above all, emerging technology that can replace human workers. In the IT sector especially, increasing automation and cloud computing have resulted in several employees being left redundant. The <keyword id="4597079" type="UNKNOWN" weightage="100" keywordseo="ET-Jobs-Disruption-Survey">ET Jobs Disruption Survey</keyword> further reveals that acquiring new skills is the only way to save yourself from being replaced, a view shared by around 81% of respondents. While re-skilling might not help with bigger issues like protectionism or demonetisation, it can surely help in increasing one’s own capabilities, which would make an employer reconsider his decision to layoff an employee. (Image source Freeport News Network)

ET's Jobs Disruption survey finds scary reality of IT layoffs

In one of the biggest lay-offs in India so far, <keyword id="45475" type="CITY" weightage="100" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword> fired 14,000 employees of its employees from the workforce, terming it an attempt to “right size” its strength. 
 L&amp;T laid-off 11.2% of its total workforce and said it was done in regards to business slowdown and also because <keyword id="6357550" type="UNKNOWN" weightage="20" keywordseo="Digitisation">digitisation</keyword> of operations caused redundancies that led to downsizing. 
 
"The company has taken a lot of initiative to right size staffing in various businesses. The digitisation and productivity enhancement initiatives taken by us boiled down to redundancies of roles and we have been able to shed as a group 14,000 in the six months to September,” Chief Financial Officer R Shankar Raman told ET. 
 
Raman said the lay-off is a "correction”, adding the move should not be viewed as a sequential event. 
 
As per reports, the company has been dealing with many challenges with customers deferring orders and falling oil prices contributing to a sharp slowdown in the Middle-east, one of its biggest bets. 
 
In the first half of FY17, its revenue increased 8.6% to Rs 46,885 crore. Profits rose to Rs 2,044 crore from Rs 1,197 crore a year ago. 
 
"If we believe that some business will take some time to get back to normalcy, it is important that we reduce under-recoveries. We are redefining roles and jobs which are redundant, we are allowing people to move on. It is across businesses,” Raman told ET, adding “financial services has defocused on certain lines of businesses and has let go a lot of people. Same is the case in minerals and metals.” 
 
L&amp;T has a five-year strategic plan in place and aims at touching revenue to Rs 2 lakh crore.

Larsen & Toubro fires 14,000 employees, calls it a “correction”

In the last fiscal, government orders drove majority of <keyword id="81793" type="COMPANY" weightage="100" keywordseo="Capital-goods">capital goods</keyword> and engineering companies, and looks like the trend is going to stay for this fiscal as well. A look at the order pipeline, and one can only see the names of state-funded schemes amidst a few private sector projects here and there. Companies like <keyword id="45475" type="CITY" weightage="100" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword>, <keyword id="148522" type="CITY" weightage="100" keywordseo="ABB">ABB</keyword> and <a href="http://www.businessinsider.in/finance/Siemens-is-buying-a-software-company-under-pressure-from-activists-for-about-4-billion/articleshow/55415431.cms">Siemens</a> are looking at more government projects than ever, given that private sector is still unsure about investments. Also read: <a href="http://www.businessinsider.in/small-business/people/indias-manufacturing-sales-shrink-expect-more-layoffs/articleshow/57376642.cms">India's manufacturing sales shrink. Expect more layoffs India's manufacturing sales shrink. Expect more layoffs</a> "Order flows continue to be dominated by public sector capex, led by sectors like power transmission &amp; distribution, <a href="http://www.businessinsider.in/transportation/indian-railways-is-not-in-the-pink-of-health-turnaround-hits-buffers/articleshow/58411600.cms">railways</a>, metros and hydrocarbons," <keyword id="103838" type="CITY" weightage="100" keywordseo="HDFC-Securities">HDFC Securities</keyword> said in a pre-earnings report. "Orders from Power Grid grew 112% year-on-year to Rs 8,020 crore in Q4 FY17. Power generation orders continued to be muted, with no major orders announced by <keyword id="6354446" type="CITY" weightage="100" keywordseo="BHEL">BHEL</keyword>." The worth of order inflows by major capital goods companies, excluding <a href="http://www.businessinsider.in/lt-played-a-crucial-role-in-isros-record-104-satellites-launch-heres-how/articleshow/57189874.cms">L&amp;T</a>, declined one fifth to stand at Rs 16,500 crore in the fourth quarter from a year earlier, says Elara Capital. Amongst these orders, a large number were from railways, transmission &amp; distribution, renewables &amp; water treatment. Also read: <a href="http://www.businessinsider.in/careers/Worrisome-IITs-receive-lukewarm-response-from-PSUs-during-placements/articleshow/55432791.cms">Worrisome? IITs receive lukewarm response from PSUs during placements</a> "We expect that domestic capital goods sector would continue to be impacted primarily due to slower execution, lower order inflow and poor financial health of the power distribution companies. We believe announcement of Uday scheme for discoms is positive, which is likely to result in better cash flows and new investments in state T&amp;D networks and independent power producers," <keyword id="197560" type="COMPANY" weightage="100" keywordseo="Reliance-Securities">Reliance Securities</keyword> said. The Uday scheme has been announced to revive state-owned power distribution companies that are ridden with debts. (Image source LiveMint)

Government orders might continue saving capital goods companies

Benchmark equity indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and Nifty ended marginally lower in highly volatile trade on Tuesday as losses in IT and <keyword id="82906" type="General" weightage="20" keywordseo="auto-stocks" source="Orion">auto stocks</keyword> were largely offset by gains in banking and oil shares amid mixed global trends. The 30-share BSE Sensex ended 40.14 points or 0.07 per cent lower at 57,613.72 as 19 of its stocks declined and 11 advanced. The index opened higher and further climbed 295.59 points or 0.51 per cent to touch a high of 57,949.45. It, however, failed to hold onto the gains and fell to a low of 57,494.91 later. The broader NSE Nifty closed lower by 34 points or 0.20 per cent to finish at 16,951.70 after gyrating between 17,061.75 and 16,913.75. As many as 32 Nifty stocks declined, 17 advanced and one closed unchanged. Adani Entertainment, Adani Ports, Tech Mahindra, HeroMotoCorp and Tata Motors were among major Nifty losers. Among the Sensex firms, Tech Mahindra, Tata Motors, Bharti Airtel, Wipro, Bajaj Finserv, HCL Technologies, Bajaj Finance, Larsen &amp; Toubro, Mahindra &amp; Mahindra and UltraTech Cement were the biggest laggards. IndusInd Bank, Power Grid, HDFC Bank, ICICI Bank, NTPC, Reliance Industries, HDFC and Tata Steel were the prominent winners. Vinod Nair, Head of Research at Geojit Financial Services said, "Indian markets continued to stay in the grip of bears as investors remained cautious in expectation of further tightening from the RBI." Nifty small and midcap stocks continued to underperform due to fall in investors risk appetite and FY23 tax harvesting, Nair added. "Nifty witnessed yet another day of rangebound price action. It consolidated between 16,900 – 17,100 for the third consecutive day," Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas. In <keyword id="35189" type="General" weightage="20" keywordseo="asian-markets" source="Orion">Asian markets</keyword>, Seoul, Japan and Hong Kong ended in the green, while Shanghai closed marginally lower. European equities were trading in positive territory during the afternoon trade. The <keyword id="123399" type="General" weightage="20" keywordseo="us-markets" source="Orion">US markets</keyword> ended on a mixed note on Monday. The 30-share BSE benchmark climbed 126.76 points or 0.22 per cent to finish at 57,653.86 on Monday. The Nifty advanced 40.65 points or 0.24 per cent to end at 16,985.70. Meanwhile, global oil benchmark Brent crude climbed 0.50 per cent to USD 78.51 per barrel. Foreign Portfolio Investors (FPIs) offloaded equities worth Rs 890.64 crore on Monday, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vending-machine-for-biryani-bvk-restaurant-launched-a-manless-takeaway-for-biryani-in-chennai/articleshow/99058891.cms">India now has a vending machine for Biryani. Here’s everything to know about it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/hiring-outlook-remains-strong-for-blue-collar-jobs-in-manufacturing-and-services-in-q1-2024/articleshow/99060293.cms">Amid layoff doom, hiring outlook remains strong for blue-collar jobs in manufacturing and services: TeamLease</a>

You Searched For "larsen toubro layoffs" and got 4 results

ET's Jobs Disruption survey finds scary reality of IT layoffs

BI India Bureau

Larsen & Toubro fires 14,000 employees, calls it a “correction”

BI India Bureau

Government orders might continue saving capital goods companies

BI India Bureau

Sensex, Nifty close marginally down in volatile trade

PTI

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