Friday, January 27, 2023

Options in India for those laid off in the United States

Options in India for those sacked in the US


Google's technical program manager Monambigha M wrote on LinkedIn about the ordeal she went through after her entire team, including herself, was fired. I was one of the people affected by the recent Google layoffs, and the past 48 hours have been extremely difficult. In her LinkedIn post, she stated, "I'm clueless as to where this journey might take me from here on out... "

The destination might be India. It's understandable that this is a difficult decision. It is extremely challenging for anyone to relocate from their familiar surroundings to a completely new one. It is very hard for students who have spent a lot of money to finish their education there to come back to India and work for salaries that don't seem to pay for their education. However, there are a lot of people in India who think that those laid off in the United States and those graduating this year should think about returning because there are a lot of jobs here, salaries are great, especially when you consider the cost of living here, and the sacrifices they would have to make in terms of quality of life probably aren't as big as they sometimes tend to think.

Teamlease Services vice chairman Manish Sabharwal claims that India has the same switching costs in technology as China does in manufacturing. Even though salaries and quality of life in some Indian cities are comparable to those in the United States, technology in India offers a plethora of opportunities due to the trinity of cost, quantity, and quality. Over the next 25 years, India's technology landscape will continue to expand. STEM education is highly jaded in the United States. On the other hand, India will provide one-of-a-kind experiences and career opportunities that will last a lifetime, according to him.

GCC advantage According to CEO of Talent500, Vikram Ahuja, companies that have laid off employees in the United States are hiring in India. As a result, numerous candidates can look at internal job postings.

He asserts that India offers numerous additional choices. He asserts that multinational companies with global capability centers (GCCs) in India are looking for people with experience in other regions. There are currently over 1,500 GCCs in India with approximately 1.4 million employees, and the consulting firm Zinnov projects that 54 new GCCs will be established in the country during the first nine months of 2022. The India team will collaborate with global teams in these companies' new roles. International visitors will fit in there. Engineering leadership, product leadership, and business-product function leadership are in high demand, according to Ahuja.

The fact that between 2,000 and 3,000 foreign Indians have registered on the Talent500 platform in the last three months—a significant increase from the same time last year—indicates a growing interest in moving to India. Over 1,200 open positions across 20 to 30 GCCs are currently available on the same platform. According to Ahuja, the GCC hiring in India continues to rise between 12% and 15% annually. Inspire Brands, HyVee, and Neiman Marcus are among the new GCC companies that have started hiring in India in recent months.

According to Venkat Shastry,

 MD of talent solutions company Allegis India, many of the affected employees have worked as product managers, data engineers, cloud architects, or full-stack engineers on a highly skilled team. Even though the salaries in India may not be directly comparable to those in the United States, those in these highly sought-after positions are being paid extremely well. However, it makes it possible to work on massively impactful transformational projects. With the support of agile teams and a product mindset, many businesses want to move faster. "India's tech talent story will continue unabated as India has steadfastly demonstrated to be a deep marketplace for digital products and services," he states.

Opportunity for startups According to Right Management India's president, Hardeep Singh, the real opportunity in the technology sector lies in the startup ecosystem. Startups can accommodate those who have been laid off because they are hiring at all levels.

Harsh Jain, CEO and co-founder of fantasy sports platform Dream Sports, tweeted in November, when the first sets of news about tech layoffs in the US emerged, urging Indians to return to their country to realize the "hyper-growth potential" India has in technology. Dream Sports hires a lot of engineers and technologists to build and run their platform, which has raised more than $1 billion in funding.

Paycheck Like Shastry, Ahuja and Singh are of the opinion that applicants shouldn't anticipate receiving the salaries they drew in the United States. According to Singh, candidates at his firm should look at what they've been drawing in the past and be prepared for a cut if their package is higher than the market average. According to Ahuja, candidates should get a good deal if they receive between 60 and 70 percent of their US wages.

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