The job market changes from a recruitment firm’s perspective

The Lower Side

With recession and inflation already showing impact across the global economies, it has become inevitable to not think of the job market impact for different stakeholders in organizations. Considering that each organization needs to think it through to lay off or hire or shuffle their workforce for the next 12-18 months of uncertainty, we have a lot to see before we reach stabilizing numbers in the downward trends.

We have already seen massive layoffs from the biggest tech giants like Alibaba, Amazon, Twitter, Meta, Netflix, Coinbase, and Robinhood preparing to brace for the impact to survive the incoming wave of demand & supply-side inflation triggered by the events in the past 2-4 years globally. India is supposed to be impacted, less due to this but even then the anxiety and repercussions are evident.

The Upper Side

Contrary to the leading tech firms which announced layoffs, there are companies offering jobs to such laid-off Indian employees in the US and elsewhere to return to India instead if there is an H1B1 visa issue and cannot overstay, one such company is Dream11, who’s CEO Harsh Jain tweeted to not worry and return back home to build the Indian tech industry, or work with Dream11, this is a surprising new trend seen in India even in such economic climate.

Dream Sports group companies include Dream 11, Fancode, Dream Capital, DreamSetGo, and others. In another tweet, Dream11 CEO said that his company is ‘profitable’ and is a ‘$8 billion company with more than 150 million users and ‘10 kickass portfolio companies. He went on to ask people to recommend someone they know who ‘fits the above’, they can reach out to the company at “indiareturns@dreamsports.group”.

Another such example is the open call from the TATA-owned Jaguar Landrover Group, UK headquarters, which announced to hire such laid-off employees from the leading tech firms to join their automotive and other tech divisions to contribute to technology development and research across the globe at different locations of the JLR group. These are really uneven times where such talent can be absorbed and can also look at new long terms futures as these companies also come with sizeable scalable product opportunities and impact. These events can take a new direction in technology employment at companies like TATA also where people can see a unique possibility to develop their careers.

Gaurav Goel, Managing Partner, of Skyleaf, an executive search firm based in India suggests a different line of thought, contrary to the market changes, he says “While there is anxiety among all stakeholders due to the economic sentiments, it also has many new opportunities to throw and innovate on even in such complex times of global conflicts and major disruptions in trade leading to inflation and then compounding due to the hard measures taken by Federal banks and the likes to curb inflation. Though there was a substantial jump in demand after COVID-19 subsided in India, we are yet to see ideas and methods to provide jobs that can grow differently or slowly as a start even in tumultuous times, as we saw in the case of COVID-19. Where few companies had a natural tendency to scale even being at home, work-from-home got adopted so widely and fast that now people don't want to go to work if given a choice, or want to go hybrid, so in the 21st century, we should not be on our backfoot just because we are impacted by such uncertainties, as such constant volatile environments shall never stop coming our way. And already highly dynamic environments need to learn to be agile while still facing such times, an agility that can keep people employed with maybe lower wages or some other ideas. We as an executive search firm are working with new ideas and strategies internally to get through these times for all such impacted stakeholders so that it hurts to a lesser extent than we think it would. And we come out through this with less damage, and stronger with new learnings.”

Saurabh Mittal, the CEO, of Skyleaf, added “Tech is the biggest enabler when it comes to creating new jobs faster and in new imaginative ways. I am hopeful that after a few months we will have new avenues, models, and ideas originating in front of us to see that, in times of crisis we innovate. And we all at Skyleaf are working towards such new collaborations so our big pool of deserving candidates and employers is always synced with growing and scaling down of demand while keeping the laid-off employees engaged economically and with purpose. There will be updates for all stakeholders which will enable such impacted individuals at a large scale not just at big-tech, but at mid-size and small-size companies as well.”

'skyleaf sense' is a division of Skyleaf that contributes with its expertise in business, people, markets, technology, and the science behind it. Constantly pursuing “the search for human potential” as its core purpose for employees, the workforce, markets, investors, and the business community.