Recent NAASCOM and McKinsey reports mentioned that IT biggies will layoff around 6 lakh people in coming 2 -3 years. While, largest IT services companies are cutting costs with the impact of US politics and fast changing technologies. Here are some tips to survive the layoffs:
- In-house re-skilling: Indian IT companies have largest customers in International banking and healthcare. With uncertain US policies and Triumph effect many profitable contacts are drying up. Your employer may currently looking for the candidates with expertise in cloud computing, Machine learning, big data analytics and other advanced tools. Employers are investing on reskilling programmes and projects to transform themselves to the changing pace.
- Self employment: If you have any self employment plans or else if you are looking for backup income look for other sources of money while you have a job. Working with startups will help you in finding a job even if you have no prior experience. You can work on freelancing basis after office hours or weekends.
- Technical education: If you feel that your current technical skills are not par with the industry and it will not help your career advancement in next 5-10 years then upgrade your skills. If you have passion to learn new skills get an MTech or an MS in a new domain like robotics AI, natural language processing etc to advance your future career prospects. You can educate yourself with online platforms if you have free time then it would help you career.
- Change if Industry or function: If your current employer is having clients across financial services, manufacturing and hardware then these industries hire IT development or solution providers. If you have these skills you can explore relevant job opportunities in other industries also.
- Professional networking: Start networking with the professionals in your domain, extend your web interaction and job opportunities.