Haven't heard or seen big IT layoffs: Gopalakrishnan
The opportunities for new recruitment and promotions have shrunk in India's IT industry, a phenomenon natural when growth slows down, says an industry expert, who sees no merit in reports about massive layoffs.
The growth rate has definitely slowed down because of which opportunities in the industry, especially for new recruitment, is down, Infosys co-founder Kris Gopalakrishnan said.
"Because, when the growth rate comes down, there is less need of new people. Second, the opportunities for promotion are also less because you don't need more people.
"You don't need people at the higher level because there is no upward movement," the former CEO of the Bengaluru-headquartered IT major told PTI in an interview.
"I haven't seen or heard anything about massive layoffs. There is always tightening of promotion process and I think that will happen automatically," he said.
"Promotions are going to be tighter. (Performance) evaluations are going to be more tougher," said the Chairman of Axilor Ventures, an early stage startup accelerator and venture fund.
But Gopalakrishnan said such developments are natural in the sector as they have happened in the past – after the internet bubble burst in 2001 and the 2008 financial crisis.