In a market that has become unstable with the slow economic growth, lower number of women in workforces and tough visa norms by the Trump administration in the US, the technology sector has been one of the worst-affected areas.
With country's top IT companies laying off over 56,000 people, jobs of junior executives and freshers in the industry are at stake.
NR Narayana Murthy, co-founder of Infosys, however, has a simple solution to make sure that the new and fresh talent in the industry is not laid off right at the beginning of their careers.
"I have a feeling that it is possible for us to protect the jobs of youngsters if the senior management people were to make some minor adjustments — adjustment of taking salary cuts," he told ET NOW in an interview.
Saying that this was not the first time the IT industry had seen a slump and the resulting layoffs, he added:
"Let us remember we have gone through this several times in the past. We went through that in 2008, in 2001. So, this is nothing new. Therefore, there is no need for us to become extremely anxious. We have had solutions to such problems in the past." he said.
He had earlier criticised the decision Infosys COO taking almost a 60% hike in his salary, insisting that a company had to maintain a balance between the highest-paid and the lowest-paid employees.
He had said:
"I have always felt that every senior management person of an Indian corporation has to show self restraint in his or her compensation and perquisites. He or she has to fight for maintaining a reasonable ratio between the lowest salary and the highest salary in a corporation in a poor country like India. The board has to create a climate of opinion for such a fairness by their actions."
When the GDP numbers came out on Wednesday, India was shocked to see that the economic growth had slumped to its lowest in more than two years in the March quarter, stripping the country of its status as the world's fastest growing major economy.
But Murthy pointed out a silver lining for the sector — that the current slump and the layoffs were not solely the result of changing technology or the business environment.
He told ET NOW:
"It is a combination of things. But there will be more and more job opportunities as long as we help youngsters re-skill themselves."
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