Showing posts with label economic. Show all posts
Showing posts with label economic. Show all posts

Wednesday, October 22, 2008

Braving the odds in IT sector

Despite the present economic slowdown, the IT industry is open to those who constantly sharpen their skills and update themselves with emerging technologies, say experts.

With global stock markets groaning under the financial crisis, these are uncertain times. Newspapers blaze with headlines of retrenchment and recession. The campus recruitment figures in the IT industry paint a gloomy picture. What does this scenario mean to a student aspiring for a career in the IT industry? The Hindu EducationPlus spoke to those in the industry to find out.

“In the long-term perspective, the outlook for the IT industry is very much positive. We as an industry are very much matured,” assures Viswanathan Venkatasubramanian, Senior Manager, Talent Acquisition from Wipro Technologies. “It is a temporary phenomenon,” he says.

But the slowdown will change things in the industry. Customers of the IT industry will expect more, which means, employees will need to perform better. “Those who can make a difference, those who come out with more innovative solutions developed at low cost will provide the customer more value. So, we need to be more productive and provide more value,” he says.

Srinivas Kandula, Global Head-HR, iGATE, concurs. “Given the current slowdown scenario, organisations will take bold steps to weed out inefficient people. However, there is no need to worry or panic. There is an assured long-term career in the IT industry as long as they [students] are sharpening their skills and are in touch with emerging technologies,” he says.

What this implies is that the industry will focus sharply on quality, instead of quantity. So, good software engineers are assured of a seat in the industry. But what makes a good software engineer?

“The real problem in the industry is the general apathy or inability of the people to upgrade their skills,” says Mr. Kandula. “A large percentage of the people in the IT industry do not take proactive interest in their own learning and growth. Given that the software tools get revised and change every year, it is important for them to focus on improving their skills, on an ongoing basis,” he says.

This translates to a lifelong commitment to learning.

Mr. Kandula says, “Employees should plan their work and career not just for the present but also for the future and that they should have a long-term career perspective. It is important for them to understand the kind of skills they need to acquire and the ways in which they can acquire those relevant skills in their area of expertise.”

Go that extra mile

One mantra that always works during tough times is hard work. Karthikeyan Vijayakumar, a young entrepreneur who started his own firm, Excedos Market Services, says that companies will definitely work with someone who is willing to go that extra mile. He adds, “Not getting a job in a big company is definitely not the end of the road. You can join a smaller firm. But, make sure that the company has enough revenue to sustain the downturn.”

He says, “In a small firm, you get a lot of freedom. If you put in a lot of time and effort, then at the end of two years, you would have built the skills to negotiate a higher salary. And, working in a smaller firm means you get to interact with people at the top closely, who have more experience. So, you learn more. But, you need to be passionate about what you do.”

So, a deep-seated interest in what you do will hold you in good stead, which makes it important to ensure that your choice of career coincides with the area of your interest.

“There is always a mass phenomenon,” says Mr. Viswanathan. “Everyone takes up engineering, so others take up engineering. You should understand whether you have the attitude and the aptitude. So, what it means is you should have interest, instead of just following everyone else. This is because, only those who have the attitude and the aptitude will survive.”

Tuesday, October 21, 2008

Thousands of Merrill employees to lose jobs


Thousands of employees of battered financial services firm Merrill Lynch will lose their jobs after the firm is taken over by Bank of America, a media report says.

The Financial Times quoted Merrill Lynch chief executive John Thain as saying that thousands of employees would lose their jobs when the company is taken over by Bank of America and the jobs would be lost in the corporate and services sectors, such as information technology.

Thain, speaking in Dubai while on a regional tour, added that Bank of America's (BofA) acquisition of Merrill's investment and wealth management businesses would be completed by the end of the year, the report added.

According to estimates from New York City comptroller, William Thompson, New York is bracing itself for the loss of up to 35 thousand jobs in the banking sector.

The majority of the job losses are the result of the collapse this year of Bear Stearns and Lehman Brothers. Furthermore, when the Merrill Lynch-BofA deal was announced last month, the merger was expected to result in seven billion dollars of savings, including redundancies.

Given the economic slowdown, Thain further said he expected consolidation in the financial sector. "There will be smaller institutions that need to be recapitalised or acquired," the report quoted him as saying.

Thain also said that the Middle East would not escape the global slowdown, however, the regions large accumulated capital reserves could also be mobilised to invest outside the region.

Earlier this month, John Thain was named as president of global banking, securities and wealth management at BofA following completion of Merrill Lynch's merger with the bank.