Job Market right now in India?
I am seeing a lot of layoff related posts everywhere from news articles to LinkedIn.. Is the Job market really that bad now? Or just the media is projecting that way? If it's really bad, which department you think is the most affected? How's layoffs specifically in India? Or is it layoffs in US but more hiring in India due to cost cutting? Are layoffs in technology/engineering dept as in for developers or some other departments? Your thoughts please..
It is really bad right now
1. Layoffs in many of the companies, irrespective of whether they're a startup or a big MnC.
2. Almost everyone I know of wants to switch, because of no/less appraisals from last 2 years
3. Bad work life balance - people thinks switching might help
4. Too much competition for any open position. Because of too much supply, companies are low-balling and people would accept the offer.
Recruiters ghosting is too common. Even if you've killed in your interviews and recruiters get someone who's ready to join on less pay, they'll simply ghost you.
@dijkstra totally makes sense.. So what's your call or your say to someone who wants to switch job but not on an urgent basis.. Wait for a year and observe the situation? Or just start giving interviews as companies still out there who always want someone for some role..?
After learning it the hard way, I would never suggest anyone to wait for the right time 😅. Right time is now. Keep practicing and give interviews. You would fail at worst, which is same as not even trying.
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RayMondReddington
Stealth
4 months ago
Congratulations!
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StudentInDilemma
Student
4 months ago
See generally tech team salary is highly inflated so they are severely affected in cost cutting.
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Applying to software roles but getting no response.
Ps: I’m pretty sure my resume is decent.
I found American MNCs doing layoffs in US. But India not sure.. but hiring is still less i feel in MNCs compared to previous years..
I think it's other way around. Indian startups you can say are following the same suit. It's simply to show investors their resource utilization and what not
RockLee
Stealth
4 months ago
I feel market it tough I got 2 job offers recently but both are very less increment from my current salary. I also had few interviews I aced but they moved with other cheaper candidates. So I feel job is there in market but salary is now getting corrected for software developers. There are less than 15-20 companies in india who pays 40+ base to 4+ YOE engineers now.
@RockLee Yeah totally makes sense.. So the companies are ready to compromise the talent for money is it? But I guess even the hirings are not that high like in previous couple of years.. i feel it is way less. Not sure when this will bounce back.. And i don't anyone would make a switch for lesser increments, unless they seriously want to...
RockLee
Stealth
4 months ago
Yeah someone living in Bangalore not happy with job, he can switch for lesser increments. But I think market is better than previous I have given 8-10 different companies interviews in past 2 months.
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On a macro level, funding has dried up for Indian startups in the way it was 2-4 years back.
Investors have become selective but they are investing in good ones, and this is the reason I do see hiring with good salaries in selective domains and companies. But not from the companies which earlier were giving out fat paychecks as that overhype has come down eventually. Layoffs are happening but not as much for grapevine folks which are mostly into software related roles. I have not seen reduced workload in teams/coding because of AI. But AI has reduced some menial tasks for ex. data entry, customer support.
I don't see layoffs for above average developers.
Above average devs are able to get multiple offers in this environment as well, maybe not as stupidly as earlier, but that could be attributed to an high influx/supply of coders as well. As a nation we are only creating too many coders which would saturate it for sure.
@rayquaza Yeah, totally makes sense.. So what's your call on domains? Which domains you think are doing great now.. ofc, we all know edTech was something that had a huge amount in their pockets during COVID, but failed big time, once situations are back to normalcy.. But otherwise, I am not sure which domains perform well right now.. I guess companies in semiconductors and chipset manufacturing domain do well.. like NVIDIA, AMD, Qualcomm..
Yeah true, the above average developers still have good opportunities coming their way.. But I really doubt if companies are ready to pay them well with good increments.. I feel they just want to give a small raise to pull them to their company.. So you think it is bad time for a job change now?
As you said semiconductor companies, AI companies or anyone remotely connected to AI is doing good, cloud companies are also not affected like Nutanix, Cohesity, etc., security based products or any tech product,
basically indian fintech and your Indian startups like delivery apps of all kinds are not going through a good time, although the next few years might be better for fintechs.
There are good enough increments which I have heard (20-40%).
If you get a bad raise and are satisfied in your current role then don't switch, negotiate that offer with someone else. That is how Indian negotiation scene is. Don't be demotivated by what others are saying, at least try it out yourself, you might have to upskill yourself for interviews, don't just assume you are being given a bad raise because of market conditions. It can also be because your were not better than other candidates. 5-10 Lakhs here and there don't matter for companies if you are a great talent, they earn back many time more than that from your work.
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I have given multiple interviews after being laid off. Cleared out the technical rounds and talked with the manager as well, didn’t receive update for a time. Then I asked HR and said will update in a two weeks, nothing as of yet.
Still doing my best to get an offer.
@d3falt08 This happens for all types of companies is it? Or just the MNCs or established ones where most of them want to get in?
Thincrust
Stealth
4 months ago
Looks like still layoffs are more than hiring in india
Thincrust
Stealth
4 months ago
Definitely not a good time to change right now.
I think tech and product are most vulnerable to layoffs right now
Reason : most companies do not want to innovate or build new things right now, they want to consolidate revenues from existing products. So they don’t need PMs and devs to build new stuff
Also, anyone who works in a greenshot/moonshot project in a company is bound to be axed if it does not show quick results
@Tonymontana7 Totally makes sense.. So more of a maintenance work of existing products is what companies focus on is it? So even if it is great MNC, I guess the team that we gonna get in will matter a lot in this situation..
But the best possible reason that I can find for laying off PMs and DEVs together..
I work in an Outplacement company and 2023 has been on of the most profitable business so far due to layoffs.
Why are layoffs happening? Is a great question and it has many aspects involving restructuring to AI and Overhiring to Cost cutting. In pandemic corporate had done over hiring and majority of layoff happened till date were due to this reason among others. But one of the main reasons in US is outsourcing. After pandemic the whole corporate became digital and they realised people can work from anywhere and that is how big businesses in West started outsourcing to countries like India and Poland.
Layoffs has become an event which happens in all the companies to restructure the business.
@SarcasticSkywalker Totally true.. But if US starts outsourcing extensively to India, then India should be in hiring spree right? Btw, is it is hiring spree right now? What is the actual situation?
All of us just talk based on the stories we hear from our friends and friends of friends.. But since you are in outplacement company, i guess you might have a better idea on this..
And also, what do you think is the average decent pay for a 4-6 YOE candidate both in terms of fixed pay & CTC?
I wouldn’t say India is on hiring spree because we did that is pandemic and that is what caused majority of layoffs but I would say Indian tech companies are hiring on the basis of requirements and which is better than western countries. Hiring is steady for now, not too much because many companies had freezed hiring last year but we should see steady growth this year.
One of the main driving factors in hiring today is AI, AI has taken jobs but created many more on the way, so to stay in market you have to upgrade or this “corporate restructuring” will effect employees.
Average salary varies on your skill sets but I would say in Operations and Administration it should vary from 8 LPA to 15 LPA which will come in categories of Lead or Senior Lead
mangoman
Stealth
4 months ago
S.N.A.F.U
Qwerty2398
Stealth
4 months ago
The excessive hiring has stopped. Big firing has not begun. Everyone is pissed off because WFH is now becoming WFO. And since number of people looking for change has gone up and no. Of hirings have not gone up there is a general negative feeling.
True.. but why do you think suddenly the number of job seekers have increased especially recently?
Qwerty2398
Stealth
4 months ago
People who joined jobs due to pay two years ago are frustrated/stressed with that job and want to change. People who got fired want a job. Hiring is not at that level
Right.. but i guess jobs out there are not ready enough to pay great salaries.. just a small increment from the existing salary to attract them..
CoolWaiver47
Stealth
4 months ago
Layoffs are happening everywhere because that is the first place to cut costs
Also companies are allowing people to leave and not hiring replacements eg HDFC, Kotak who I know of
Hiring in happening in very niche areas or.in companies wanting to hire fast like Accenture Consulting etc
However the market is very slow. I also received an offer that was just 20 percent hike of my current CTC. I rejected since the profile was ok and feel I can get something better in terms.ofmprofile and money.
Hoping things open up soon
Totally true.. yeah,the hikes are not that great like previous years.. Not sure which niche areas are actually doing good to apply for jobs in that specific domains..
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