Demand for IT services has slumped amid a global slowdown. FY24 could turn out to be the worst year for IT sector hiring in a long time. Prasadh M.S., head of workforce research and analytics at Xpheno  breaks down for The Working Life, why the sector's plummet was unforeseen and recovery is delayed.

Demand for IT services has slumped amid a global slowdown. FY24 could turn out to be the worst year for IT sector hiring in a long time. Prasadh M.S., head of workforce research and analytics at Xpheno breaks down for The Working Life, why the sector's plummet was unforeseen and recovery is delayed.

How did FY24 become IT's worst year?

In the last three years, the relationship between an employer and an employee can at best be described as - mercurial. In the first two years of the pandemic, we tip-toed into each other’s private spaces and soon the office and the home shared the same room. Healthcare benefits, leave and employee engagement policies were overhauled as Covid raged. But once markets opened up, the equations became testy. Employees swiftly changed their loyalties and companies outmanoeuvred one another to retain talent. Then again, the tide turned as global markets and war put brakes on all future plans. Now, the employer had the upper hand and what followed was a series of layoffs, freezing of perks and hushed anxiety enveloping the office corridors. Over the next few episodes of The Working Life, We will talk to HR heads, compensation specialists, diversity experts and employees about how the relationship with our workplaces has changed. And will try to find out how companies are redrawing every strategy to retain their best talent and attract the new crop of young workforce who have a whole different expectation from their jobs. 

Tune in with Devina Sengupta to The Working Life to know more.

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In the last three years, the relationship between an employer and an employee can at best be described as - mercurial. In the first two years of the pandemic, we tip-toed into each other’s private spaces and soon the office and the home shared the same room. Healthcare benefits, leave and employee engagement policies were overhauled as Covid raged. But once markets opened up, the equations became testy. Employees swiftly changed their loyalties and companies outmanoeuvred one another to retain talent. Then again, the tide turned as global markets and war put brakes on all future plans. Now, the employer had the upper hand and what followed was a series of layoffs, freezing of perks and hushed anxiety enveloping the office corridors. Over the next few episodes of The Working Life, We will talk to HR heads, compensation specialists, diversity experts and employees about how the relationship with our workplaces has changed. And will try to find out how companies are redrawing every strategy to retain their best talent and attract the new crop of young workforce who have a whole different expectation from their jobs. Tune in with Devina Sengupta to The Working Life to know more.

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How did FY24 become IT's worst year?

How did FY24 become IT's worst year?

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