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Job prospects in the IT industry brighten, as companies embark on the road to recovery. Let’s hear what our experts say
For those waiting to see some signs of buoyancy in the IT sector, cheer up, good news is on the way. Several IT companies are now on the road to recovery and are looking relatively upbeat about future trends. “There is a visible improvement in the overall economic situation and it is evident that the recession is already on its way out. The corporate world is now looking at positive growth and expects the recovery to be long term with benefits expected for both companies and the individuals,” says Bhanu Chopra, CEO, RateGain IT Solutions Ltd.
Although the domestic software and service sector showed an impressive growth rate of 28 per cent in 2007-2008, the overall global scenario played spoilsport, with India feeling its adverse effects as well. However, with Asia leading the way out of the recession, Indian companies are now exhibiting positive signs of growth. “We have been seeing a very significant traction in the market. Markets globally, are slowly stabilising. Clients are now talking about biz opportunities and we are seeing consolidation as well. In fact, I strongly feel that those organisations which managed the 6 – 12 month downturn effectively are likely to leap ahead of the rest and could take advantage of the emerging opportunities much better than those who did not,” says Arun Rao, VP, Global HR, AppLabs.
While some companies are still beating the recession blues, others have already bolstered their hiring process. “With ‘firing and no hiring’ coming into picture and the employment scenario moving to an all time low during the downturn, only way to move is towards a better future. With an increase in trade, there is definitely a positive scenario in terms of hiring. Companies are now seeking talent and quality for which they are willing to put the best deal on the table,” says Chopra.
Many organisations today are focusing on offering employment benefits and altering the compensation structure instead of doling out extravagant pay packets. “These employment benefits and compensation structures are undergoing close scrutiny and possible restructuring. However, all benefits are now restricted to a level that an employee absolutely needs to perform his/her work effectively and efficiently. The compensation structure is also getting rationalised to ensure there is an ideal balance between the needs of the employee (cash-in-hand, direct benefits) and the needs of the organisation (quality of work, delivery timelines, revenues and profits). To achieve this, the need of the hour is to align the compensation and benefits to match the individual and organisational performance; instead of scrapping schemes like stock options, incentives and bonus, these should be linked to the employee and the organisational performance collectively,” says Partha Patnaik, general manager – Human Resource & Admin, Four Soft Ltd.
New recruitment processes are also being formulated to meet the need of the hour. “We have tied up with various training institutes and finishing schools and are conducting technical tests to identify the best talent. We also conduct professional aptitude and behavioural competency tests for highly skilled and experienced candidates to check the alignment of their personal goals with the organisational objectives,” adds Patnaik.
Companies are making conscious efforts to drive home the point that the downturn is over and that employees have job security. Moreover, several positive initiatives are being implemented to boost employee morale and increase efficiency. “The most positive changes that are implemented for employees are those that address their work-life balance like proactive counseling, through formal one-to-one sessions, to identify and control employee stress, extra-curricular activities (Sports, recreation etc.) aimed at bringing a sense of ‘fun at work’ and improving the employees commitment to the organisation; activities include yoga sessions for beginners and intermediate practitioners, spirituality and time management to reduce stress,” continues Patnaik.
With scores of IT companies making their presence felt, attrition is an important factor even during recession. “There are largely three areas to address to deal with around attrition – offer career growth prospects, compensation and freedom to operate. Although most companies would score well on the compensation benchmark, we try to emphasize more on offering growth prospects and empowering our teams and leaders to operate. This is done on a monthly basis at RateGain through Open Houses where the senior management team is put through a grilling Q&A session to address question and concerns. Training and Development is also an integral part to ensure that people see opportunity to learn and are motivated about long-term growth within RateGain,” says Chopra.
As IT companies embark on a path of positive growth, we can only hope other sectors can replicate the success of their brethren. Until then all we can do is simply watch IT shape up.
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