There has been talk of global recession for quite some time. Indian Software and IT enabled services industry which is primarily dependent on western economies is bracing itself for this new slowdown. People who are already settled in their jobs will not see any immediate effect because they are still working on last year’s budget sanctioned by their customers.
However, Signs of slowdown in the IT industry job market are already visible. There is a decline close to 20% in the new offers in the month of October as compared to earlier months. Though this slowdown has not impacted the growing telecom sector, and only IT industry jobs seem to be affected.
Primarily this slowdown can be attributed to the fact that companies are in the wait and watch mode. This current slowdown in hiring is because of the uncertainty in the global economy and its impact on Indian services sector is not known.
Companies will be a bit cautious with hiring and salary raises this year and next. Industry watchers believe that job market will weaken further in coming few quarters. Apart from low or no raises you will have to deal with increasing interest rates on your housing loans, increase in petrol prices and general inflation.
So how do you handle your growth in this job market? Should you look for a change or move into a bigger company?
Though there is no alarming signs for IT industry right away, it is better to be prepared for whatever is coming our way. Let’s hope for the Best.