NASSCOM refutes recent media reports of mass layoffs by IT Companies

Commenting on recent media reports of mass layoffs by IT companies in India, NASSCOM stated that such reports are incorrect. In fact the industry continues to be a net hirer with over 1.5 lakh people being employed on a net basis each year, though the focus is shifting from scale to skill. Talent and skills are the key building blocks for the industry which is intensifying investment in in skilling / reskilling its workforce to strengthen its foundation on a continuous basis. Additionally, workforce realignment linked to performance appraisal processes is a regular feature every year. Skilling and workforce realignment are essential to remain competitive in international markets. It needs to be appreciated that such workforce realignment is a normal part of the internal process of companies based on their own operational imperatives; companies evaluate their priorities and business imperatives and continuously align talent to serve their needs and enhance competitiveness. It is reiterated that no significant changes have been reported or observed this year.