The workforce in IT sector experienced more layoffs in comparison to employees in other industries, said a recent survey of RiseSmart, a Randstad company that provide contemporary career transition services for organisations. Company said its Brave the Change survey polled more than 1,000 employees across mid-sized and large businesses in India. The survey concluded that employees in the IT sector experienced more layoffs in comparison to employees in other industries.
In the survey, 42% of the employees stated that they have been laid off, and of those, 62% were laid off within the past year. Further, approximately 20% said that after a layoff, the first thing they would do is set up alerts on search engines and job boards, followed by getting registered at an employment agency and going to social media to write about it. Employees also went a step further; 84% of those who have experienced a layoff expressed their willingness to pay for career coaches.
Those surveyed displayed greater awareness than expected of the concept of ‘outplacement’ and career transition services. Outplacement services are supplied by companies that specialize in helping employees land new jobs quickly following a layoff, or involuntary separation from a company. In addition, outplacement providers support the organization and HR to follow best practices for managing a layoff, and aid those employees who remain after a layoff to return to productivity. Even as the economy improves, layoffs—due to cost cutting, reducing redundancies after a merger or acquisition, and restructuring events due to changes in the industry—remain commonplace and continue to shape our business landscape in India, said report.
72% of the employees surveyed admitted that they were offered outplacement services post-layoff; nearly all said the outplacement services offered to them were beneficial.
For a number of years, India has been one of the world’s top employment generators, but hiring has plummeted recently and layoffs are hitting companies, big and small. As layoffs can affect the employer brand directly, RiseSmart’s research has confirmed that companies are using outplacement providers to ensure that the process goes smoothly, and with minimal impact on employer and employees.
“While outplacement services are somewhat new to Indian organisations, companies associated with U.S. parent organisations or partners are quite familiar with the service,” stated RiseSmart’s Director of Operations, Joel Paul.