Current state of hiring and job market in India

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.

Dangers ahead

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.

How to cope with current job market

So how do you handle your growth in this job market?  Should you look for a change or move into a bigger company?

• If you are stable in your current job and part of a long term project it is advisable to stay there instead of looking for a change in this turmoil.
• If you are on bench and have not been staffed on a project for last few months, find a way of getting into a project or start looking out.
• I think if you have to desperately look for another job for any reason it is a good idea to be a bit more flexible and less demanding.
• In the last recession, smaller companies were least impacted. In fact smaller companies in India benefitted from the recession. So don’t be alarmed if you are working for a small IT services company. If the company is stable your job and position might not necessarily in danger. However, if they don’t have stable long term customers they might be in trouble.
• In general it is always good to keep yourself updated with newer technologies. If you are working on an obsolete technology pickup a book and start learning new stuff.
• It might be Keep idea to update your resume and Linked In profile. One never knows when it will be required.

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.