More Than 1 Million IT Professionals Might Lose Jobs Due To COVID-19
The global pandemic – novel coronavirus has affected not only people’s lives it has also affected hugely on their jobs as well. The effect will mostly be on the small IT firms, confirmed HR experts. The industry has nearly about 45-50 lakh people where smaller firms account for nearly about 10-12 lakh.
The top five IT firms alone have near to 10 lakh people work for them. With this novel coronavirus outbreak across the globe, employees have started thinking about their job. While the whole travel and hospitality industry has been stopped, manufacturing has paused, all the sports and film events have also been cancelled around the world.
Moreover, all the companies have already warned their investors about their performance in the upcoming quarter because of the COVID-19. Along with this, the entire world is in the lockdown, which in some countries has been extended till May as well but this has not helped to spread the matter either.
Amid this situation, smaller firms have started cutting off their employees with each project decreases in volume. Meanwhile, ITeS-BPO firm Fareportal, which helps to the travel industry, cut off more than 300 employees already.
Along with this, IT union has revealed that the company had asked employees to resign by giving a two-hour notice. Although it’s not yet clear if they will lay off more employees from the company since the company’s business went down by 85 per cent suddenly.
Apart from the laying off employees, pay cuts for executives and the CEO’s are also in the card. However, experts expect with the number of people laid off the situation will be better. Moreover, employees who were supposed to start new projects, are now stopped and those are under pressure, they likely to be asked to leave the company.
The Difference Between Social Distancing, Quarantine & Self Isolation
Amid this tough time, there are hardly any job openings for the next few months where the techies are finding it impossible to land any job. Even all the film industry has postponed all their movie release and many startups have announced pay cuts too as well. However, there is no news on how long it would take to get back in form and how long for recruitment to start again.
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