No Fear Of Layoffs For Indian Engineers

The past few years were spent in the firm grip of Covid. While most of us enjoyed working from home and having more time at hand, the year 2023 started with dread in the air! Layoffs!! Top tech companies laid off a considerable portion of their workforce, citing losses as one of the reasons. However, just when the flavor of the tech world was going sour, the Indian CEOs seems to be in the mood of treating their employees with the sweetness of job retention and stable salaries. Read to know how being a techie in India is actually a saving grace.

The American nightmare

Almost everyone envied techies working in the USA. They could make an astounding sum of money, live a lavish lifestyle, and ensure the prosperity of their families. However, with these layoffs, their American dream transformed into a nightmare. Now, they have to either find a job or leave the country with their families. Many of them have children studying in American schools, whose future is shrouded in darkness now.

The story of the tech companies on the Indian subcontinent is altogether different. PwC’s 26th Annual Global CEO Survey highlights that 85% of CEOs in India have no plans to downsize their workforce. Moreover, 96% of the nearly 70 CEOs from India refused to go for even salary cuts. In the survey, more than 4400 CEOs participated from across the globe. The stance of Indian CEOs was the polar opposite of their peers. 

The emergence of the Indian dream of engineers

It is interesting to ask why are Indian CEOs deviating from the global trend. The corporate sector in India is not devoid of problems. Rather, Indian CEOs inform PwC during the survey that inflation, geopolitical tensions, and high-interest rates are posing several problems for them. In fact, about 80% of Indian CEOs foresee a decline in global economic growth, just like their counterparts in other countries. Still, Indian CEOs have not resorted to layoffs. 

Tech companies in India have been embracing a different approach all this while. They are countering the problems they are witnessing by adopting alternative measures. There is an attempt to adjust supply chains, mitigate exposure to geopolitical conflicts, and overcome the disruptions created by AI. Their organic approach has saved many young engineers from going jobless. 

More than financial disturbances, Indian CEOs fear the monster of Deep Science and AI. A large portion of tech jobs in India is eaten up by AI. To remedy this, CEOs in India are focussed on establishing innovative methods. These methods can be employed in bringing Indian techies to compete with global technological advancements. It will empower them to fight the monster themselves and safeguard their jobs. 

Indian scenario emerges as very different from that of the USA. Unlike tech employees across the globe, Indian engineers are not helpless. They do not have the sword of layoffs or salary cuts hanging on their heads. All they have to do is ensure they are hirable and retainable. It is the minimum they can do to reciprocate the trust the tech companies are investing in them. 

Staying relevant in the tech market is not difficult. Young Indian engineers can participate in hackathons and competitions and attend conferences to keep abreast of the contemporary trends in the tech world. As of now, they don't have jobless days coming ahead, thanks to the business acumen of the Indian CEOs.