Indian IT workers layoff

Indian economy has been booming in the metros for last four to five years because of the enhanced purchasing power of the urban population. IT and BPO employees are among the highest earners in the urban areas. They are young and many of them are single, they can spend as much as they want. They are buying the most expensive electronics gadgets and having Apple product as their status symbols. But this might change in the coming years, at least temporarily.
There is slow down in the IT sector and many of the Indian IT companies, including big and medium sized, have almost freeze their recruitment process. There might be some job postings on the employment portals and the companies’ website but there is doubt the companies are looking for employees actively. Important thing is “actively”. The companies are not following the employees available in the market as they used a few months back. HR managers are looking for the best available talent for the low price.
There has been some news that some of the companies have also started layoff in the IT sector. It is difficult to say these are because of the slowdown in US economy or crisis in the financial sector or just restricting in the companies. As usual, the redundant and low performing staff will be axed out of the companies to make the companies slimmer and more efficient.
I do not see any major problem for the performing current employees in the IT sector. Major problem is for the people who are coming out of the university now or in near future. They will find it difficult to get break into IT sector. Situation is something similar to what it was after the bust of Y2K bubble. It is even true for the people with a number of years of experience and went for higher studies for one or two years. They need to use their contacts and good will with the friends to get something at this moment.
My advice is if you are working for any company, look for the financial strength of the company and the performance of its clients. If the clients are from finance sector you might be in the wrong company. Do not try to switch company at this moment because your employer of one year might not make you redundant with the same ease as a new employer of one month might make.
It is also good time to go to university for higher education for one to two years. Chances are by the time you will come out of the university, market will be in better shape and you might be able to get better roles in companies’ of your choice when you are equipped with higher education.