With demand moderating, thanks to global macroeconomic and geopolitical concerns, IT firms are taking a closer look at operational expenses and cutting down on frills which were offered earlier
A perfect storm of events had helped the IT-ITeS sector employees have a golden run over the last couple of years. First, the pandemic forced even parts of the global economy which were reluctant to move online, to do so, as physical movements of goods and people were restricted. This meant growing digitalisation and a shift to the cloud, creating unprecedented demand.
In FY 22, the Indian IT industry recorded a 15.5 per cent growth — the fastest in more than a decade — to touch $227 billion, including $178 billion in exports, according to data from industry body Nasscom. This humongous growth also meant an additional 4.5 lakh jobs were created in the sector in FY22 alone. The enormous demand meant war for talent, leading to double-digit hikes across the board.
How did the employees benefit from this golden period?