[SnS_12]

GitHub has reportedly laid off its entire engineering team in India. The open source developer platform is owned by Microsoft. The India centre is the company's second largest developer community after the US. The platform has recently reached 100 million members globally, and is said to be growing fast in India where it crossed 10 million developers.

https://timesofindia.indiatimes.com/...w/99055653.cms

[sunilch]

Originally Posted by SnS_12

https://timesofindia.indiatimes.com/...w/99055653.cms

Only 2-3 months back they were hiring and there were many job posts on all portals

[speedmiester]

Originally Posted by no_fear

Disney announced layoff plans. Staff in India might be affected. There is a sizable employee head count in Disney+ working in IT in India.

https://bestmediainfo.com/2023/03/di...-april-reports

Originally Posted by SnS_12

https://timesofindia.indiatimes.com/...w/99055653.cms

As I said earlier, things are much bleaker than pictured.
We are still in the early phase of a bad recessionary environment. India will bear it's brunt in the next two quarters.
Unfortunately I cannot get into specifics.
Wish I could be more optimistic as some of the other members here, but from what I see everyday, I just cannot.

[balenoed_]

Originally Posted by speedmiester

India will bear it's brunt in the next two quarters.

Aren't these mass lay-offs happening only at those companies who were on a hiring spree during the past 2 years and went ahead with giving mouth watering compensations to the new hires? Maang.. Faang.. or whatever.

[Samurai]

Originally Posted by balenoed_

Maang.. Faang.. or whatever.

Dil Maange more... Actually, we should just call them Big Tech instead of the various acronyms.

As they say, rising tide lifts all boats. That is what happened then. When Big Tech raised salaries and hired in huge numbers, it had ripple affect into rest of the industry too, forcing them to follow the trend. Now is the time for Ebb Tide, when rest of the industry is also looking for correction.

[speedmiester]

Originally Posted by balenoed_

Aren't these mass lay-offs happening only at those companies who were on a hiring spree during the past 2 years and went ahead with giving mouth watering compensations to the new hires? Maang.. Faang.. or whatever.

The hiring was off the charts in 2021, early 2022 and it was across all sectors. The top 4-5 IT services major together hired a lot of freshers along with increased lateral hiring. The demand was largely for 2-5year folks. They got paid more than the managers hiring them. Now that numbers has reduced drastically.
Many recruiters who saw the hiring spree, started their own recruitment agencies to cash in on the mania. These folks are also staring at uncertain future as the hiring has slowed down and are looking to move back to their old jobs. Recruitment firms are ready to work at 30-40% lower fees than what they were charging just a few months back.
The outlook is rather grim.

[warrioraks]

Originally Posted by speedmiester

The outlook is rather grim.

+1 to this.
In addition to layoffs, the companies are also re-claiming their lost power and authority over employees. In a lot of organizations, there is a drastic change in the way things are getting communicated and enforced.

Till last year, employees had the upper hand. Companies like Google, Apple and many more went back on RTO plans because the employees were unhappy and attrition was a key risk. But as an example, just look at what is happening now.

These are indirect signals on how bad things are getting.

[RRM]

More IT giants joined the lay-off party. Like the say goes - every dog has a day, it's company's time to act and are ferocious than ever.

https://www.livemint.com/opinion/onl...818338103.html

[SoumenD]

Originally Posted by balenoed_

Aren't these mass lay-offs happening only at those companies who were on a hiring spree during the past 2 years and went ahead with giving mouth watering compensations to the new hires? Maang.. Faang.. or whatever.

Who wasn't on a hiring spree in last 2 years? Job Market went berserk.

Layoffs started making news from big techs but the ripple effect can be seen almost everywhere now. Only ones not yet in news is WITCH as of now. When they start doing it, that would lead to 2008/09 like mayhem as they employ the highest number of IT workforce in India.

P.S: Among Big Techs Apple was one firm which wasn't hiring mindlessly, so we don't see any layoffs there yet IMO.

[achilles101]

Originally Posted by RRM

More IT giants joined the lay-off party. Like the say goes - every dog has a day, it's company's time to act and are ferocious than ever.

https://www.livemint.com/opinion/onl...818338103.html

Accenture just quoted a number which is 2.5% of their total employee strength to be laid off over 18 months (almost 2 appraisal cycles) to boost their share price on results day. Normal attrition itself would take care of this.

Also except for boom years 2-5% of employees are let go the Indian IT giants every year due to performance / lowest ratings.

[balenoed_]

Originally Posted by achilles101

Accenture just quoted a number which is 2.5% of their total employee strength to be laid off over 18 months (almost 2 appraisal cycles) to boost their share price on results day. Normal attrition itself would take care of this.

Okay, so why this “announcements” and all jazz and why not just carry on with that silently as usual if it is business as usual. Is it to create a fear and uncertainty among the remaining 97.5% of folks and avoid paying them the bonuses and increments which is due in the coming month. Nice .

[d.w.w.]

Originally Posted by SoumenD

Only ones not yet in news is WITCH as of now. When they start doing it, that would lead to 2008/09 like mayhem as they employ the highest number of IT workforce in India.

If 2008 is happening again, it is going to be much worse now. 2008 recession resulted in job loss and most people ran in to issues with EMIs for home/vehicle/personal loan. Now the economic situation has changed much. People buy almost everything on EMIs especially the younger folks. A job loss will spiral in to much worse financial situation for them. People tend to spend more, so they don't have enough savings to survive a rainy day.

[tsk1979]

Well there is shortage of workers all right. After all 450000+ H1B applications were filed for this year

[am1m]

Recently connected with a bunch of folks from school on LinkedIn, and looking through their profiles got me wondering. For the people I know in non-IT roles, the job spread and average time spent with each company seemed pretty similar to mine, similar to those in IT roles. Admittedly it's a rather small sample set, but got me wondering if differing job-moves/patterns are more generational, rather than profession specific. And if it's a bit of a myth that only IT folk jump around a lot. (I know I've heard my relatives from older generations in other (non-IT) engineering fields complain similarly about younger folk 'having no loyalty!) Since most of my LinkedIn contacts are IT folk, would be good to hear what other forum members have to say.

[warrioraks]

Originally Posted by am1m

Since most of my LinkedIn contacts are IT folk, would be good to hear what other forum members have to say.

Private banking sector has a similar pattern. People jump the ship very frequently looking for hikes/promotions/better role.

Me thinks it all boils down to opportunities. It’s human nature to want more and sectors which are growing and have opportunities will see people moving around a lot. For relatively stable sectors, it’s more to do with lack of opportunities rather than loyalty of sticking to a company.