Job portals become staging area for fired IT & telecom employees to make fresh start
With a pink slip in hand and few jobs in their own sector, individuals are rushing in to fill in applications on online job portals so that they get an alternate employment on time. While consultants in the human resource space have also been flooded with applications, it is job portals which are seeing a higher accretion of talent.
The layoffs in the past few months seen in IT and telecom sectors have resulted in increased activity on job portals.
With a pink slip in hand and few jobs in their own sector, individuals are rushing in to fill in applications on online job portals so that they find a different job. While consultants in the human resource space have also been flooded with applications, it is job portals which are seeing a higher accretion of talent.
Ajay Kolla, Founder & CEO, Wisdomjobs.com, said that they have seen increased activity on their website from IT profiles, and expect this trend to continue in the near future.
“The suddenness of the present job crisis in the IT industry has really hit those who have been retrenched. With most companies not being prepared for the automation wave or lacking concrete plans to reskill the impacted employees, most of them will soon be flooding the job market,” he explained.
Cross-industry opportunities are also being explored, since the number of vacancies are also limited in companies in their own sector. Kolla said that the projected numbers of those who will lose their jobs is huge, and the IT industry might not be able to absorb them, thus opening the doors for cross-industry hiring.
Due to this, the job applicants are going for roles across industries where their expertise can be put to use. This includes sectors like financial technology, e-commerce and banking, financial services and insurance. With digitisation being the new agenda for companies across sectors, IT employees with four to six years of experience would be the most preferred.
According to the Monster Employment Index (MEI), the online hiring sentiment for the month of April 2017 exhibited signs of recovery with a 10 percent year-on-year growth.
Among prime sectors, there was a surge in the online recruitment activity for the BFSI sector in which year-on-year growth rate improved from 24 percent in March 2017 to 31 percent in April 2017.The telecom/ISP led all monitored sectors charting a 40 percent year-on-year growth.
In occupations, there was an increase in demand for sales & business development professionals, year-on-year, demand increased from nine percent in March 2017 to 19 percent in April 2017.
City-wise data shows that Kolkata (up 28 percent) followed by Baroda (up 27 percent) recorded the steepest annual growth. While Mumbai witnessed a flat growth at 6 percent, the annual growth trend in Delhi-NCR eased to 4 percent followed by Bangalore at one percent.
Sanjay Modi, Managing Director, Monster.com, APAC & Middle-East said that demonetization has had its fair share of detractors and this followed by the global slowdown amalgamated with automation, is leading to demand for a workforce with different skillsets than what was there 5-10 years ago.
Sources among the leading job portals said that with paucity of time, applicants are also ready to pay for premium services that would lead them to get a better chance at a particular job post. While this would mean applicants would have to pay a higher price for getting access to some job roles which are locked in the general job portal profiles, officials said that they are ready to do that.
In the past few weeks, several companies in the IT sector have given pink slips to employees on account of performance issues and changes in visa regime in countries like the US which have forced them to hire local talent from that region.
Similarly, the telecom space has also seen heightened activity with mergers of players and consolidation happening in the industry.With this, existing employees have been asked to leave and those with new-age skillsets like data analytics, cloud computing and artificial intelligence are being preferred. This holds true for the banking sector as well which has gradually reduced headcount in the past one year owing to automation.