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The Changing Job Market: A Result of Tech Industry Layoffs

Introduction

In recent months, the tech industry has been rocked by news of massive layoffs, causing fear and uncertainty among those affected. Big tech companies have laid off thousands of employees globally, with the ripple effect soon reaching India, where over 130,000 employees have lost their jobs. While the cloud of layoffs is yet to completely pass, employers and employees are concerned about how the job market in India will shape up in 2023 amid these unprecedented times.

How Will the Layoffs Shape the Job Market in 2023?

The scale of the layoffs is reminiscent of the unforgettable 2001 and 2008 layoffs, but the trends do not indicate that it will turn out like those two periods. However, the impact of the layoffs will bring out several changes in the job market.

No Rapid Hiring:

Leading IT firms adopted a quick-scale hiring approach during the pandemic to meet the rapid surge in client-side demand. However, the demand curve has almost flattened, and companies are spending every penny after careful consideration. Hiring in 2023 will be the old school way– calculative and for the long run.

Shift from Employee to Employers Market:

The heightened demand-supply gap during the past few years (amid a growing economy) had shifted the hiring advantage in favor of employees. However, the slew of layoffs and a relatively weak economy has shifted the balance of power in favor of employers.

Expansion of Talent Pool:

The sudden layoffs have flooded the talent pool with skilled tech talent, several of them highly trained, which will help reduce the demand-supply gap and make it easier to find high-quality talent. However, the availability of highly trained employees in niche skills like AI/ML/DevOps continues to remain a challenge.

Non-Tech Companies as Potential Tech Employers:

The rising focus on digitizing process flows coupled with a growing demand for IT functions in conventionally non-tech sectors like automobiles, telecom, BFSI, and manufacturing, will see non-tech companies emerging as potential high-value employers of tech talent.

Realignment of Talent Pipelines for Tech Companies:

Fundamentally sound tech companies will see 2023 as the right time to capitalize on their strong cash flows to realign their talent pipeline for the long run with highly trained skilled talent without facing intense pressures of market cannibalization.

Replacement Hiring:

Talent, especially at the mid and senior levels, will face the pressure of being replaced with lower cost new hires from the suddenly large talent pool hungry for jobs, or with internal entry-level hires that the company has nurtured at more competitive compensations.

Will 2023 Be Better Than 2022?

India continues to remain the fastest-growing economy globally and is set to buck the overall bleak hiring trend indicated by most economies for 2023. The government’s strong focus on encouraging FDI and building India as the global business hub is panning out positively, and 4 out of 10 employers in India expect to see a 20% uptick in hiring in the coming year, with 7 in 10 IT companies expected to increase their workforce in Q1 2023.

2022 was a year of correction and rationalization, and the job market will grow in a better direction in 2023 driven by a rising focus on employee wellness in terms of job flexibility, diversity, and wellness, and a rising demand for talents with skills in the field of AI, ML, DevOps, cloud computing, process engineering, and data analytics.

Taggd, India’s leading digital recruitment platform, is revolutionizing the hiring process for companies in 14+ industries. Visit Taggd to learn more about our end-to-end recruiting solutions!

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Looking for a Java job? Here are a few growth hacks you can use

Introduction

Over the last few years, Java has become one of the most widely used programming languages for developing applications due to the dynamic development of the IT industry. Java's diversity of applications across industries makes it a hot-selling skill, from cloud computing to IoT and APIs. Until at least the next 10-15 years, Java will remain a core skill requirement, making it one of the most important characteristics employers look for in software programmers.

With the aim of helping java job seekers maximize their career opportunities, Rahul Khurana from Taggd, a digital recruitment platform, interviewed leading professionals from Wipro Technologies.

The following are excerpts from his conversations with Mr Joseph Gerald, Competency Head of Wipro Technologies, and Ms Srishti Lal, Head of Talent Acquisition at Wipro Technologies.

When hiring Java professionals, what do companies look for?

Companies today are looking for tech-savvy employees with the potential to learn and grow. The first step is finding someone who has sound technical skills. When you find the right person, it's important to align their goals with your company values. Technology is changing rapidly in the world of business, so it's important that people stay agile and hungry for knowledge in order to keep up with the pace of change. Most companies provide robust upskilling and training courses because they know how quickly this field moves.

Combining skills to unlock growth opportunities

For example, Wipro offers multiple programs for learning and development. A Java professional can use Java + Business Development to enter Salesforce, or Java + Business Development + FED to enter Full-Stack Development. There are many opportunities - especially if candidates can combine them.

Basic Mistakes That Can Hinder Your Growth

Technical professionals need to be thorough with fundamental tasks and procedures before specialization. This can include concepts such as abstraction, the volume of the sum, and inheritance. A tip that may help is for candidates to practice writing complex programs using multiple basic functions to solve problems. It's also important for candidates to want to multitask when it comes to their skills and knowledge.

Conclusion

You can also watch the session here to learn how software programmers and developers can take their careers to the next level.

A continuous thirst for learning and upskilling has become the norm in today's society, according to the speakers.

Join Career Circles to find the latest updates and insights to help you elevate your career at Wipro Technologies.

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Imagine yourself conducting routine business at your place of employment when your phone calls. It's for an urgent request that is out of order. Your business' employment moratorium is over, and new business is flooding in, necessitating an emergency ramp-up. It will probably be to start fretting about what you can say to purchase additional time if you are like most people. But eventually, you'll need to start making plans to recruit 400 individuals. Time is of the importance right now. Ramp hiring resembles a 100-meter race. Every day's progress is critical during a hiring ramp; just as every millisecond counts in a 100-meter race, you must be as productive as you can.

Taggd offers innovative hiring services that help you ramp up hiring in a more effective, layered & agile way. Read the blog to ramp up recruiting with confidence!