IT layoffs: Now, scholarships for jobless professionals to develop skills

As slow growth rate and automation are gradually leaving more people jobless in the IT sector, the fight to remain relevant in the industry is growing. The demand for skills suited for emerging job roles such as Big Data Analytics, Artificial Intelligence, Robotics Automation is also getting higher.

To be abreast with the demand, a few of the top IT companies such as Tata Consultancy Services (TCS), Wipro and Infosys have already started working on skill development of their employees. However, for those who have already lost their jobs, an online learning platform, Simplilearn, has come up with a scholarship.

Read: IT slowdown? These tech skills can help you earn a fat pay cheque

The online platform, which provides training in specialised disciplines such as Cyber Security, Cloud Computing, Project Management, Digital Marketing and Data Sciences, is offering ‘Bounce Back Scholarships’ to professionals who have been laid off in the last 60 days.

According to Alka Dhingra, general manager at IT staffing firm TeamLease, any candidate with new skills in any of the specialised fields mentioned above can get 20-25 percent pay hike.

Read: IT reboot: How Infosys, TCS, Wipro & HCL are re-skilling employees to beat automation

Under the scholarship, free access to the learning modules will be provided by the company. The move by Simplilearn may initiate a trend and other similar platforms may follow the suit.

“Automation and newer technologies are forcing enterprises to re-look at their business and hiring strategies. The current environment has also led to enterprises looking for talent skilled in digital technologies. We hope the Bounce Back Scholarships will enable individuals to map their skill sets with these newer jobs and take charge of their careers,” said Krishna Kumar, founder and CEO of Simplilearn.

According to the industry body National Association of Software and Services Companies (Nasscom), the Indian IT industry employs around 40 lakh people. Of these, about 40 percent need re-skilling over the next five years to stay relevant in the face of automation.

India's largest software exporter, TCS, has already trained more than 100,000 people in digital technologies. Wipro and HCL are working with HR technology solutions provider Edge Networks to identify the areas of improvements for their employees.