Diwali this year is unlikely to mean crackers for many Indian professionals - especially for the ones pampered by the half yearly performance appraisals of late!
Some of the comments by experts:
-"The IT/ITeS players are hit by the double whammy of US subprime crisis and rupee appreciation. It has never been such a bleak scenario. "
- "Several companies are also cutting down their monthly recruitment drive by nearly 35-40%."
-"Indian IT firms that earn bulk of their revenue from global BFSI clients are expecting cost cutting moves internationally will have a trickle-down effect in India as well. A concerted effort will be taken to reduce wage bills by reducing mid-term salary hikes or rewarding a handful few"
-"The middle and senior management professionals have much a wider performance-linked incentive system and hence a smaller hike will translate into higher savings for the company. As a result, several senior people may look for newer jobs and the market is likely to be flooded with CVs"
Personally, we can feel many Indian companies have either frozen their hiring or reduced the pace of their hiring. This is primarily because of the 12-14% increase of costs in India than estimated at the beginning of the year. Clients no more look for people who are just tech savvy.
Praveen Pantula,a HR professional with rich recruiting expertise says " Companies would need to look for the value add a person brings on to the table in terms of the domain expertise or the business aptitude a person is having. You can’t afford to have developers, testers, SMEs separately. Companies are looking for people who have all the skills. A business aptitude at the top of all the skills will definitely be an added advantage."
"When your profit margins are shrinking, you cannot afford to make more number of lateral hires giving the advantage of higher salaries. In the coming years, one need not be surprised if the campus hiring percentages dominate lateral hiring. Even NASSCOM talks about trimming salaries in IT industry. If India has to remain as the capital of services, our Educational system has to strengthen the curriculum with Business relevant courses as well."
Boy, is it a wake up time for all of us??