The total market size of Indian IT Industry is $146-billion as of 2014 and the top players include Infosys, Wipro and TCS. On the one hand, the industry is growing up in size and scale but on the other it is kicking out people like never before.
As per the analysis conducted by ET:
Over the last four quarters, India’s largest software exporters TCS, Wipro and Infosys combined have lost roughly over 100,000 people between them. The major reasons are quoted to be the advent of automation and emergence of newer technologies such as cloud computing and improved productivity.
The increased attrition rates of 19%-20% are starting to become the new normal for companies in comparison to the 2000s when companies used to add over tens of thousands of engineers every year.
The companies are fast driving towards increased automation with the clients seeking lesser people per project. Such as Infosys launched an Automation Platform within infrastructure management service to the first 10 clients and saw productivity improvement of up to 37% and people savings of up to 17% in those cases.
All this leads to a big worry amongst the employees who are getting concerned for their job stability and career progression. Piyush, a senior manager who worked at a Bangalore-based software company until a few weeks ago, said that his company automated the entire process of deploying staff across different customer projects using a single dashboard. He said:
It was a dream run that got over like a sprint. It’s a rude shock because now I have nowhere to go. My salary is considered too high, and the new employers are looking for different skills.
The savior is certainly to re-invent one’s skills and be more up-to-date in the market which is getting more dynamic day by day!