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IT industry's party is over

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IT industry's party is over


31 May, 2015,

By Ravi Venkatesan

India's IT industry is unlikely to remain the amazing job engine that it has been. For the past two decades, the fastest way to increase your income has been to land a job with an IT company . The industry has provided a ticket to prosperity for mil lions of young Indians; children of security guards,
drivers, peons and cooks catapulted themselves and their families firmly into the middle class in a single generation by landing a job in a BPO. Hundreds of engineering colleges mushroomed overnight churning out over a million graduates a year to feed the insatiable demand of India's IT factories.

This party is coming to an end. A combination of slowing demand, rising competition and technological change means that companies will hire far fewer people. And this is not a temporary blip -this is the new normal. Wipro's CEO has bravely admitted that automation can displace a third of all jobs within three years while Infosys CEO Sikka aims to increase revenue per employee by 50%. Even Nasscom, the chronically optimistic industry association, admits that companies will hire far fewer people.

Not only will the lines of new graduates waiting for job offers grow rapidly longer every year, but so too will the lines of the newly unemployed as all companies focus more on utilization, employee productivity and performance. Employees doing tasks that can be automated, the armies of middle managers who supervise them and all those with mediocre performance reviews and without hot skills are living on borrowed time.

So what do you do if you are a member of these endangered species? What constitutes good career advice in these times? I'd say that the first thing is to embrace reality and recognize that the game has changed for good. The worst thing to do is be wishful and wait for the good times to return. They won't. But there are still lots of opportunities. What's happening in the industry is `creative destruction'. New technologies are destroying old jobs but creating many new ones.
There is an insatiable demand for developers of mobile and web applications. For data engineers and scientists. For cyber security expertise. So for anyone who is a quick learner, anyone with real expertise, there will be abundant opportunities.

There has also never been a better time for anyone with an iota of entrepreneurial instinct. India is still a supply-constrained economy and so there is room to start every kind of business: beauty parlour, bakery , catering, car-washing, mobileelectronics repair, laundry , housekeeping, tailoring. For entrepreneurs with a social conscience, there is a massive need for social enterprises that deliver affordable healthcare, education and financial services.

Not only are there abundant opportunities but startups are "in" and there is no shame at all in failure. The ranks of angel investors are swelling and it has never been so easy to get funded. There is even a website, http:deAsra, that provides step-by-step instructions to would-be entrepreneurs.

For those who prefer a good old-fashioned job, there are abundant jobs in old economy companies which are struggling to find every kind of talent -accountants, manufacturing and service engineers, sales reps. Technology is enabling the emergence of new 'sharing services' such as Uber or Ola that enable lucrative self-employment; it is not uncommon to find cab drivers who make Rs 30,000-40,000 a month.

My main point should be clear. While India may have a big challenge overall in creating enough jobs for its youthful population, at the individual level there is no shortage of opportunities. The most important thing is a positive attitude. The IT boom was a tide that lifted all boats -even the most mediocre ones.However, this has bred an entitlement mentality and a lot of mediocrity . To prosper in the new world, two things will really matter. The first is the right attitude.

This means a hunger to succeed. Being proactive in seeking opportunities, not waiting either till you are fired or for something to drop into your lap . A willingness to take risks and the tenacity to work hard and make something a success. Humility . Frugality . The second is the ability to try and learn new things. The rate of change in our world is astonishing; whatever skills we have will largely be irrelevant in a decade.People are also living much longer.

The rate of change in our world is astonishing; whatever skills we have will largely be irrelevant in a decade.People are also living much longer. So the ability to learn new things, develop new competencies and periodically reinvent ourselves is a crucial one. Sadly , too many of us have no curiosity and no interest in reading or learning. The future will not be kind to such people.

"The snake which cannot cast its skin has to die.'' -Friedrich Nietzsche

IT industry's party is over; now is the time to reinvent or perish - The Economic Times
 
My main point should be clear. While India may have a big challenge overall in creating enough jobs for its youthful population, at the individual level there is no shortage of opportunities. The most important thing is a positive attitude. The IT boom was a tide that lifted all boats -even the most mediocre ones.However, this has bred an entitlement mentality and a lot of mediocrity . To prosper in the new world, two things will really matter. The first is the right attitude.

That is true and unless people are willing to come out of their comfort zones and raise their standards it will be difficult for them to survive in the long run . People belive Modi will do magic and no doubt Modi has the vision , energy and leadership but for that to translate to realities people of India from all walks of life will have to come out of their mediocre & entitlement mentality and lift their standards . This is no easy task and a generation of Indians must sacrifice to bring about this shift in attitude first in themselves and lay a solid foundation for the subsequent generations to also follow the same .
 
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The rate of change in our world is astonishing; whatever skills we have will largely be irrelevant in a decade.People are also living much longer. So the ability to learn new things, develop new competencies and periodically reinvent ourselves is a crucial one. Sadly , too many of us have no curiosity and no interest in reading or learning. The future will not be kind to such people.

Technologies are rapidly changing or newly evolving...Technologists of various hues and colors must embrace change...We should be ready to learn new skill sets be it genomics or quantum computing or mobile internet....We should not stop at just a degree or post graduation..We should consider every project as a learning experience and hone our skills...Knowledge is vast and is freely available...We need to tap the right ones so that we will be fit to traverse the difficult terrain ahead
 
Rani venkatesan had sojourned from Cummins (USA, India) to Microsoft to consulting. He has traversed several disciplines, a quick learner and quick riser in corporate ladder. His father is a samskrit scholar. Modi's initiative in extensive skill development and micro business startups with finance from mudra banks will help many youth to stand on their own feet thus widening employment base.
 
That is true and unless people are willing to come out of their comfort zones and raise their standards it will be difficult for them to survive in the long run . People belive Modi will do magic and no doubt Modi has the vision , energy and leadership but for that to translate to realities people of India from all walks of life will have to come out of their mediocre & entitlement mentality and lift their standards . This is no easy task and a generation of Indians must sacrifice to bring about this shift in attitude first in themselves and lay a solid foundation for the subsequent generations to also follow the same .

Well said, sir. This is an advice which Indians should have followed right from 1947; unfortunately it did not happen.
 
Dear Mr. P.J. I always wished that , instead of mentioning Names/ Initials & Punai peyar, if we are all permitted to use our real Names, it will bring us closer when we reply/ offer comments. I request Mr Praveen to accept this proposal & get it implemented soon. I mean your P.J. Initials also, ofcourse all members in short period of time must have become familiar with these Initials, because you FLOOD with lots of informative, diversed Topics every day. The current Topic is thought provoking & to me it seems to be a Fore-teller of is likely to happen in course of time on such a HOT subject.
We Brahmins are bound to Thank GOD for the I.T Boom started 15 years back has multiplied & all middle class families have become rich , buying Properties in U.S. as well as in India for their Parents. Almost all Tamil brahmins living in India, even the poorer of them have become RICH because of their Sons/ Daughters & have been vising U.S more often & in the capacity of taking care of Kids born in U.S which many could not have ever dreampt of .
Very few families are left behind because they may have no Sons/ daughters ?
A.Srininivasan
 
In continuation to # 6, I would like to know whether at all there are poor Tamil brahmins in the whole of Tamil Nadu? My long time wish is that people like you must think of the left-over Poor/ under privileged Tamil Brahmins in the entire Tamil nadu. Please think over as to how to get it done I have no Axe to grind, but I always want that the young Men/ Women have served for over 2 decades & earned lot of Money. They should get united by a scheme so that others can reap the benefits
I rely on you to work- out a workable solution by enlisting the well placed & willing Brahmins now living in U.S & eager to help , the left over under privileged ?
You can do it . It is my assessment. Make a start, Others would follow U ?
Talk to me at 044/ 24806871
Sincerely,
A.Srinivasan
.
 
Dear Sri Srinivasan

As you have rightly mentioned only Mr Praveen is to think about your proposal regarding names.

Like Punjabis ,Economically weaker Brahmins can manage themselves and come out successfully against all odds.
 
Dear P.J. Your comments once again impressed me , Because of the simple reason , all Brahmin Men& women do know how to manage things, they, even the not so well to do become selfish &by hookor Crook manage to find out what is require &how to achieve it . After lot of thinking &a malts ing the current /modern ways of advancement in every field, it is not A big thing to get things done. After all there are people , who are ready to oblige & as you have compared them with that of Punjabis, let us hope that the entire T.N Brahminsreach high positions with very rare exeptions.
Thanks.
A.Srinivasan
Brahmins of To-day will ma
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I think we should emulate the Marwaris in business..They are always on to be it old age or new age businesses...Never say die attitude, knack making money and conserving money against all odds and an outstanding community spirit, zeal and bonding are making the Marwari diaspora go places in the globe!
 
Today brahmins who are rich in US, never forseen such a growth. They simply believed they can excel and followed rules

Karmanye Vadhikaraste, Ma phaleshou kada chana
Ma Karma Phala Hetur Bhurmatey Sangostva Akarmani
 
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