Lockdown: IT industry in Hyderabad is scared of job losses

A recent survey named CII CEOs Snap Poll, which saw the participation of 200 CEOs across India, has painted a not-so-pleasant outlook for the Indian industry.  Indian firms are going to see a fall in revenues and profits because of the nation-wide lockdown to fight coronavirus.

Too many firms are staring at revenue losses to the tune of more than 10 percent.  Also, they expect profits to decline by more than 5 percent during April-June 2020 and January-March 2020.  This is assuming that the blanket lockdown will come to an end by April 14.

In this scenario, the jobs outlook in Hyderabad’s IT and ITes sector is very dull.  Reports say that very many companies, especially start-ups, have stopped recruiting new personnel.  There are going to be lay-offs and salary cuts (in terms of variable pay) as well.  

Institutes in Ameerpet, where training for courses as different as cloud computing and Salesforce happen, are estimating that aspirants will not turn up for enrollment at a time when new vacancies are not expected to be on offer for several months.  

Many job consultancies are worried that the impact of the economic slowdown in countries like the US will have a spillover effect like never before.  

If the industry receives a stimulus from the government, the jobs scenario might see an uptick sooner than later.