Impact of Coronavirus Pandemic on IT Industry.

Lays off

Last few weeks I was scrolling down through LinkedIn and found that 1 out of 10 post was related to “Due to Covid-19 / Corona virus Pandemic I have lost my Job….” And this post continues now also!

So in this post I want to put down few things what I have found on internet/news regarding the impact of Covid-19 / Corona virus Pandemic on IT industry.

First when I stared looking into job loss or so called lays off shockingly I found that top companies like Uber, Swiggy, TripAdvisor, GoPro, Cognizant and many more were on the list of removing employees.

Many employees has shared their journey of lays off from the company due to this pandemic. One of the employee who was forced to leave company has shared his journey:-               

“A call came in during the month of May from my manager stating that you have two options either take away my three month salary or stay on bench for one month for new projects. The real problem was if I have to stay one month for new project and they didn’t get me any new project then I have to leave company without any compensation.” – Anonymous

So the person decided to take the money and leave. When the person went to handover over the equipment, he was told that their more than 900 people who have asked to resign in similar way he was going through.

This is the story of one company. Can you imagine how many people have lost their jobs due to this Covid-19 pandemic? Below is the list of few IT companies and the lays off numbers:

Company	Lays off employee number
Uber	3700 + 3000
Ola	1400
WeWork	100
Swiggy	1100
Boeing	7000
Lyft	982
TripAdvisor	900
Hertz	10000
OYO	1800
Magic Leap	1000
Airbnb	1900

IBM in talks to eliminate several thousand jobs. Capgemini lays off 500 in India as business slows down. America is the hardest country to hit by coronavirus virus and also the job cuts. Around 40 million (4 crore) people have lost their job.

France finance committee member Bruno Le Maire told "Our evaluation is that 800,000 jobs will be lost in the coming months, or 2.8 percent of total employment," in parliament.
According to United Nations nearly half of world are struggling on their jobs. Report says around 1.6 billion people have lost their job.

Reliance Jio Platform

Despite corona virus Reliance Jio platforms has raised $15.2 billion in 11 deals. It began with announcement on April 22 that Reliance is selling 10% of its stake in Jio Platforms to Facebook for a whopping $5.7 billion. Below is the list other investors:

On Friday billionaire Mukesh Ambani announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising 1.69 lakh crore from global investors. JioMart, an e-grocery delivery platform, launched in January. The company aimed to use Reliance Retail, an RIL subsidiary with 12,000 stores in over 6,600 towns and cities across India, and a network of local corner stores across the country as the backbone of its e-commerce ambitions.

Is company trying to overtake the biggest e-commerce giant Amazon or its rival Flipkart? Will Mukesh Ambani’s Jio Platforms will dominate India or even in future will be targeting to dominate the world? We will have to wait for next few years.

Final Words

If you are affected by laid-offs by your company and searching for jobs, few employment portals has added new features.

Naukri has introduced a new feature in its portal called ‘Step-up’. Pawan Goyal, Chief Business Officer, Naukri.com, told that this new feature will highlight and boost profiles of these jobseekers to recruiters which incase increase the chances of getting shortlisted.

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