Job Market Challenges for Experienced Employees

Job market challenges are becoming increasingly evident for experienced employees. A recently laid-off individual with 18 years in various sectors expressed frustration over the lack of interest from recruiters. He stated that his salary of around Rs 70 lakh per annum has drastically dropped to nothing in just seven months. A behavioral researcher discussed how demand for previous skills has diminished, leading to a significant dilemma.

Impact of Skill Obsolescence

Dharmesh Ba, a behavioral researcher focused on developing digital products, highlighted that seasoned professionals in India face the pressing issue of keeping pace with younger counterparts.

He remarked on the peculiar nature of the current hiring landscape, noting that while experienced employees’ salaries remain inflated due to the boom in 2021, their skills are becoming increasingly obsolete. What proved successful in job applications just a few years ago is no longer effective. He observed that young graduates are entering the market with impressive work ethic and enthusiasm, enhanced by technological advancements like large language models (LLMs).

Current Hiring Market Observations

Ba mentioned his attempt to recruit a UX designer but found that most applicants exhibited inadequate design execution and communication skills. According to him, contemporary designs resemble first-draft outputs from LLMs, lacking distinction. Many designers have yet to invest the necessary effort in improving their craft.

Ba referenced a post from an employee on Reddit, who graduated from IIT and previously worked for a Nifty50 company. This individual faced layoffs due to recent restructuring and shared his 18 years of experience in implementing new technologies. He noted that his previous annual salary of Rs 70 lakh has now plummeted to zero.

Personal Impact of Job Loss

The employee revealed that his family is struggling with the emotional toll of the situation, stating that their overall mood has shifted to one of sadness and despair.

Despite trying all the major job portals, including LinkedIn and Naukri, he has found no success in securing a new position. On top of that, he recently acquired a large house, which he has now listed for rent as he is unable to cover the mortgage payments.

He expressed frustration, indicating that even support from friends is limited at this juncture.

Industry Response to Skill Gaps

Many individuals have noted the existing skills gap in the workforce. Recently, Tata Consultancy Services (TCS), the predominant IT service provider in India, announced plans to decrease its global workforce by 2 per cent, impacting around 12,000 employees. This decision is part of a broader restructuring strategy aimed at keeping up with rapid technological advancements, particularly in artificial intelligence, as confirmed by CEO K Krithivasan.