The telecom sector which saw great disruption after the entry of Jio is reeling under high pressure and this is quite eminent as players across the industry are either winding up their business as is the case with erstwhile telecom major RCom or selling their mobile towers to other companies and more so are cutting down on their headcount.
Reportedly several employees of the telecom majors from RCom and Tata Tele are being given pink slips. A leading business daily provides for sacking of 1000 employees each from Tata Tele and RCcom. The business operation of Tata Tele have been taken over by Airtel. Also, small players who winded up their mobile telephony business also removed employees including STel, Uninor etc.
In the IT and banking space, much of the job cuts have come in because of the automation and uptake of artificial intelligence. More so, economies of the offshore world have also influenced the growth prospects of these companies as majority of IT biggies export their IT services.
IT Company veteran Infosys CFO said the growth outlook for the company and industry as a whole will be more optimistic in the next year.
Banking space is also no exception new technology incorporation such as the likes of chatbots who would now replace human workforce and other automation in the area is a big offset for employees in the sector. Yes bank in the month of September cut its nearly 12% workforce.
In a leading financial daily, it is reported that net hiring for the 121 listed companies has also seen a fall.
So, here in the environment where fresh hiring opportunities are limited, current workforce should make all efforts to remain job-competitive.