Recruiting and search agency Head Hunters India has said that the Indian Information Technology (IT) sector will witness between 1.75 lakh to two lakh job cuts annually for the next two years. This reduction in employment is being attributed to the lack of preparedness in adapting to newer technology.
Contrary to media reports of 56,000 IT professionals to lose jobs this year, the actual job cuts will be between 1.75 lakh and 2 lakh per year in next three years, due to under- preparedness in adapting to newer technologies.K Lakshmikanth, Founder-Chairman and Managing Director of Head Hunters India
Lakshimkanth said this while analysing a report by McKinsey & Company at the Nasscom India Leadership Forum earlier in February this year. The report had said that close to half of India’s IT workforce would be redundant in the next three years due to a significant shift in automation, thus making it a challenge for firms to retain half of their workforce.