For the current engineering graduates in India, campus placements in large Indian IT companies helps them establish a glorious, stable career in information technology, but those opportunities are steadily narrowing down. Indian IT companies are hiring fewer graduates from college campuses in India and the number is expected to decline in the future.
Analysts say that many IT jobs will soon become redundant due to the impact of automation on these jobs. Many large Indian companies are re-skilling their existing employees to help them to stay relevant with new technologies. “The biggest challenge will be to retrain the work force in an industry”, says reporter Mc Kinsey. A number of workers are expected to become reluctant or will no longer pursue with this career option in future. The hardest hit will be at older IT professionals i.e. middle-aged adults. They will be replaced by new and advanced tech talented professionals, i.e. young and dynamic professionals who know about new computing methods.
Companies want to eliminate at least 20 percent of the jobs through automation, says Head Hunters India Founder Mr. K Lakshmikanth. Saying so he added that,
“Contrary to what the media reports about 56,000 IT professionals losing their jobs this year, the real numbers are between 175 and 200 thousand per year”
The Head Hunters India executive blamed artificial intelligence, at big-scale firms for sculpting the number of jobs from 2017 to 2020.
At least 200,000 software professionals in India will lose their jobs each year over the next three years, reports Mc.Kinsey & Company.
According to Jain, a former markets funds manager for Vontobel Asset Management, “Indian software professionals used to be great investors in Tata Consultancy , but now all goes in vain.” He blames the IT industry for these changes.
Companies like Tata which mainly rely on bringing in low cost computer software professionals from India but Trump Administration in the United States is making it harder for those companies to bring in more employees from other countries, employed in U.S. Tata, Infosys, Wipro, HCL and Tech Mahindra.
So, in the present scenario, everyone in the IT industry is struggling to beat their competitors are at the same level and often have similar tech offerings.