News Discussion10mo
by GigglyWaffleSoftware Engineer
Why layoffs ? What's happening with it sector ?
Been hearing layoffs again and there are less hiring what's the actual reason for this and when this become normal
Layoffs
on
DancingDonut
I don't see layoffs happening in core industry sector.
Is that the case or I might be wrong?
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CosmicDumpling
Stealth14mo
a 10 year exp guy might be at a pay of less than 10 lpa. why would they even have any kind of layoff.
DizzyMarshmallow
I know so many earning 70-80lpas with 8-10yrs of experience working in core companies like iron, steel, cements, manufacturing etc.
PerkyDumpling
Stealth14mo
They might not be doing the core job they would be managers
DizzyMarshmallow
Hire and fire is only for startups and tech cos.. not for traditional core businesses. They have solid visibility and planning systems in place unlike startups where the core business model is to raise money then burn that by paying random salaries and then fire once the money is over. Then start over again. Services, tech, softwares are replaceable but not physical core products iron, steel, cement etc. They will continue to flourish at slow pace. Remember that it was tortoise who won the race. If you are rabbit, then someone is going to eat you for sure.
BouncyCupcake
Came to comment exactly this.
And to people who are saying core industries pay less - bulge bracket intl. banks, consumer goods, consumer durables, Indian banks, real estate, lala cos.. are paying equal to, if not more than so called glitzy startups.
Plus CTC is almost 90-95% cash, no ESOP bull$hit
Only thing these startups had going for them was the body of work. I can become GPM from APM in a very short time provided I prove my worth. Which doesn't happen in core companies due to set processes. Nowadays one would pick a stable low growth company over a startup given how the goodwill has nosedived
BouncyQuokka
EXL14mo
Right. Employees have slow growth but they live comfortable life on the outskirts of a tier 2-3 city. Decent schools for children, low cost of living and stable job. Frequent gatherings of family for functions, sports activities and life long bond with colleagues.
PeppyMarshmallow
KPMG14mo
they pay very less salary compared to tech and squeeze the employees
DizzyMarshmallow
I moved from big 4 consulting to industry. They pay way better than any tech or big 4 cos if you show your worth.
GroovyBoba
What is your line of work?
ZoomyMuffin
Stealth14mo
What do you mean by Core industry?
Jindal, Bhushan Steel and entire steel sector was suffering till 2020s due to Chinese dumping. Coal, Power & Energy: Complete loss making due to stalled projects, falling prices & too much supply till the Russia war. Transport: Jet Airways, Go Air fiascos Banking: 2010s were decade of debacle Real Estate: There's a list of builders that went under after Demo/RERA.
IT (US Tech & India) had been the most stably growing sector with margins since 2001 bubble burst way till 2022. What you are quoting is just recency bias and a correction of surpluses, which happens in every industry.
DancingDonut
Housing.com14mo
I'm talking about good companies e.g. Schlumberger, Hilti, Aramco, Cairn, etc. They pay good ..
PerkyDumpling
Stealth14mo
Try working ther in core work u will be paid peanuts my husband works in one of these
JumpyPotato
Freelancer14mo
Naukri hain hi Kahan India mein unki..jo hai peanuts dete hain...toh layoff kya hi honge
ZoomyMuffin
Stealth14mo
Your username felt like Kotak Achar
PrancingBurrito
Stealth14mo
Same observation.
Businesses doing business the good old way are surviving.
CosmicUnicorn
Wissen14mo
The core sector never boomed in India.
ZoomyNarwhal
Stealth14mo
It's happening outside of India but that's not making as much noise as layoffs in tech sector
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Layoffs14mo
by BouncyUnicornBetterplace
How is there no correlation to layoffs and Real Estate?
We've witnessed so many layoffs in the past year and this continues to be an upward trend. Bangalore is a city of IT professionals and these layoffs seem to have no effect on the real estate. Is this because the numbers are negligent? ...
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Layoffs21mo
by FuzzyRaccoonMedical Expert
Job market normalizing?
What's your thought on whether the job market is on a trend towards normalizing versus previous quarters? When do you think market will be back to normal?