Amid widespread layoffs, some IT companies swim against the tide
The last few months have been difficult for Information Technology professionals globally and in India. Technology companies have laid off more than 2 lakh IT professionals. Tech giants such as Amazon (18,000 job cuts), Google (12,000), Microsoft (10,000), Disney (7,000), Dell (6,650), IBM (3,900), and SAP (3,000) have significantly cut their workforce.
Twitter has shut down two of its three offices in India. More than 75 Indian startups handed over pink slips to nearly 8,000 employees. Byju’s and BlinkIt are among the notable companies in India that have resorted to large-scale job cuts. Some studies suggest that the worse of the IT layoffs may be behind us, but many more IT professionals are likely to lose their jobs in the coming weeks and months as companies tighten their budgets.
Still, there is light at the end of the tunnel. There are many companies that are not laying off IT employees instead they are expanding their team size. Yudiz Solutions, the company I cofounded, is one such company. How are we doing this when there is almost every IT company we know is laying off people? The answer to this is that we have simply decided not to ask any employees to resign.
The conscious decision reflects our satisfactory performance as well as the high client retention rate which we have been able to achieve only and only because of the team. We cannot just overlook the efforts of the people who have supported us all these years. Compared to other Tech Giants being a small but constantly progressing company, we have the luxury that the tech giants don’t. We expanded our team even during and after the
Covid-19 pandemic, but we were measured in our approach.
We didn’t go overboard with hirings as we realised that the business boom the pandemic had brought would not last forever. Amid the pandemic-driven boom around digitisation and technology, tech companies had gone on a hiring spree. These companies made a misstep of over-hiring during the pandemic and with the US economy not doing as well in the last couple of quarters, they are now reevaluating their expenditure and laying off employees to deal with concerns of a potential economic slowdown.
At Yudiz Solutions, we firmly believe in a collaborative approach and employees are at the centre of everything we do. We are building something here, a scalable organization, which require a combined and synergised effort. We are planning to expand our team size as we work out strategic plans for expanding within the country and even globally.
The expansion would include growing the physical infrastructure as well as the human resources and introducing innovative technologies for developing furture-ready product. In a business like ours, we need to frequently practice R&D to come up with something unique and distinctive every single time. The key is to surprise not just clients but even ourselves. The recruitment of fresh talent is aimed at bringing new ideas and thoughts to the table.
We believe that when experience and ideas come together, one can expect a lot of innovation and exciting things. That is what we are focusing on. that inevitably the situation will remain challenging for the foreseeable future. It will take time before companies are willing to loosen their purse strings and spend more on IT and related fields. What we intend to do is to use this time to train the existing and new team members and help them acquire new skill sets.
The things that they can learn at this point in time will certainly be useful in the future. We also aim to empower talent through a rigorous grooming and training programme. We will also put in place an employee-focused engagement programme that will allow us to evaluate their progress at every stage. We are looking at ways to manage our operational costs and at the same time means to enhance the revenues through greater efficiencies and synergies, but what we are equally focused on is reassuring the team that their jobs are safe.
We are doing this by creating a productive work environment and amplifying the positive values to motivate them to perform better. To sum up, our strategy is three-pronged; first, motivating existing employees to perform more efficiently second, hiring fresh talent to bring new ideas to the table, and third, combining both to achieve a collaborative-effort-enabled business process.
The management at Yudiz has decided to swim against the tide. We are under no impression that it is going to be easy. But, as I said, we are an organisation dedicated to the growth and well-being of employees, and that is what we will continue to be in good times and bad.
The author is Co-Founder & Director of Yudiz Solutions Ltd.
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