Chennai based IT professionals fear major layoffs in the near future due to slump in the economy
Posted on: 04/Apr/2020 10:36:13 AM
For every individual, career is very important!!
Information collected is the IT professionals or techies in the Chennai city are very much worried about their careers now.
Signing of new projects is either getting cancelled or postponed as US, Europe, Australia and Singapore are still under lock down to prevent the spreading of Corona virus infection. This was as per IT employees union. It was brought to light that projects in aviation and in auto sector were benched and the god news is till now n employee has been removed. IT employee expressed his concern about the ongoing lock down and said they were taken care now but did not know what would happen in the future.
There could be layoffs anywhere between 1lakh to 1.5 lakhs in the IT sector and this was as per Mr. Aditya Narayan Mishra CEO of HR services firm CIEL. It must be taken into account that it included both small as well as large firms.
He was of the view that the bigger firms would be able to withstand the crisis and just 5 to 10 percent workforce might get affected. Weathering the crisis in the next 60 weeks is very important and this would decide the withstanding power of on the IT firm.
Around 40 to 50 percent businesses in the eastern USA have been affected and this pointed out by Mr. Vignesh Raja, owner of Fusion Global Solutions, Chennai based IT and manpower outsourcing firm.
He later explained about how the revenue collection from the clients was not possible and how his had affected paying back to the vendors. Point to be noted here is bimonthly payments must be done for the vendors according to the agreement. Banking and healthcare based projects are least affected in this lock down and in these also the on-site works have been closed down for another 6 months.
