Maybe that journey should be to India. Understandably, it’s a tough call. It’s very difficult for anyone to uproot themselves from familiar surroundings, and consider moving to a very different environment. It’s very difficult for students who have spent enormous amounts to complete studies there to return to India at salaries that seemingly do not justify their education expense. But there are many in India who believe that those laid off in the US, and those who are graduating this year, should consider a return – because there are plenty of jobs here for them, salaries are great, especially considering the cost of living here , and the compromises they would have to make in quality of life are probably not as significant as they sometimes tend to imagine.
Manish Sabharwal, vice chairman of staffing solutions firm TeamLease Services, says India has the switching cost in tech that China has in manufacturing. “Tech in India at the trinity of cost, quantity and quality, offers a plethora of opportunities, even as salaries and quality of life in some of the Indian cities are equal to those in the US. India’s tech landscape will continue to grow over the next 25 years. The US is experiencing high jadedness for STEM education. India, on the other hand, will provide unique experiences with once-in-a-lifetime career opportunities,” he says.
gcc advantage
Vikram Ahuja, CEO of recruitment company Talent500, says companies that have laid off in the US are hiring in India. Many candidates can therefore explore internal job postings.
Other options too are plenty in India, he says. Global capability centers (GCCs) of multinational firms located in India, he says, want talent that has had exposure to other geographies. There are already over 1,500 GCCs in India with some 1.4 million employees, and consultancy firm Zinnov estimates that in the first nine months of 2022, 54 new GCCs were set up in the country. “These firms are creating roles where the India team will work with global teams. That’s where those from abroad will fit in. There is a demand for engineering leadership, product leadership, business-product function,” says Ahuja.
In the last three months, 2,000 to 3,000 Indians abroad have registered on the Talent500 platform – a substantial increase over the corresponding period a year ago – indicating the growing interest in shifting to India. On the same platform, there are over 1,200 open roles currently across 20 to 30 GCCs. The overall GCC hiring in India, Ahuja says, continues to increase between 12% and 15% annually. Among the new GCCs hiring in India in the last few months are Inspire Brands, HyVee, and Neiman Marcus.
Venkat Shastry, MD of talent solutions firm Allegis India, says many of the affected employees have been a part of a highly skilled team as a data engineer, cloud architect, product manager, or in full-stack engineering roles. “Those in these in-demand roles are getting paid top dollars in India, though it may not be a direct match to the dollar salaries. But it opens doors to work on transformational projects delivering impact at scale. Many enterprises want to move faster, inculcating a product mindset backed by agile teams. As India has steadfastly proven to be a deep marketplace for digital products and services, India’s tech talent story will continue unabated,” he says.
Startup alternatives
Hardeep Singh, president of skill control company Right Management India, says the actual alternative within the era house is within the startup ecosystem. “Startups are hiring in any respect ranges and will accommodate those that were laid off,” he says.
In November, when the primary units of stories about tech layoffs in the USA emerged, Harsh Jain, CEO & Co-founder of myth sports activities platform Dream Sports, tweeted urging Indians to go back to their nation, to understand the “hyper-growth potential” India has in tech. Dream Sports, which has raised over $1 billion in investment, recruits a lot of engineers and technologists to construct and arrange their platform.
pay test
Like Shastry, Ahuja and Singh additionally really feel that applicants will have to now not be expecting to get the salaries they drew in the USA. Singh says his company advises applicants to investigate what they have got been drawing ahead of and be able for a lower if their package deal is above the marketplace moderate. Ahuja feels if applicants get 60% to 70% of what they had been incomes in the USA, it will have to be a just right deal.