Gururaj’s Rumination

Rumination – The word says it all…

If not IT what else?

with 7 comments

Yesterday BofA (Bank of America) bought Merrill Lynch giving 0.85 BofA share for every Merrill Share. Also, Lehman Brothers filed Chapter 11 – Bankruptcy. That’s not the end of the story, AIG – The largest insurance company in the US is also on the verge. It has requested the Fed for emergency funds.

While this is what is happening in the US, I learnt that Satyam Computers, one of India’s leading software services company, is about to fire 4500 of its employees. It says that it’s their annual drill in which they show the doors to those employees whose performance is not up to the mark. It’s not just Satyam many IT firms are following suite.

I’m basically a Software Developer by profession working out of Bengaluru (or more commonly called as Bangalore). The common perception is that Software professionals have ‘The Midas Touch’, whatever we touch will turn into gold. Well that may be the past, these days most of the software guys are in the line of fire. Nobody knows when they’ll get the pink slip.

Because of the US market volatility due to Credit Crisis and Dollar depreciation the IT firms are making fewer profits and also the US companies have brought down the project outsourcing to some extent. That’s not all. The US Republic and Democratic parties are now talking about putting tough laws against outsourcing in their election campaign for the Presidential post. This means less IT work coming to India. The UK Govt. is also talking about issuing less HSMP Visas (work permit to work in UK) for IT professionals and nurses this means less job opportunities for aspiring S/W professional wishing to jump the India/UK Border.

With such volatility, ‘The Midas Touch’ is turning into a curse rather than a blessing especially for S/W professionals.

I’ve many friends in the IT Industry and these days to whomever I talk, they speak about insecure job aspect. The other day I was brain storming what if the IT Industry stumbles to an extent that we lose our jobs, (even yesterday this topic rose again while I was talking to my colleague). Do I have any other source of income to make my living – I need to pay sky rocketed House Rent in Bengaluru, need to meet sky high commodity prices and so. Thankfully I don’t have any loans like House Loan, Personal Loan. But still I’ll have to earn for day-to-day chores.

Well, the answer is very limited. I think stock market trading will be a good choice. However, even Trading is very risky and cannot be guaranteed to give good returns in such a volatile market; that’s where the whole problem is rooted in.

The other profession will be to get into teaching – that’s one good choice I think. But again think of all the laid off S/W guys, I think most of them would have already thought of this 😉

If not on salary basis doing Business will be one more option. Even in this case Business experience is necessary or what kind of Business to start is a matter of concern. Otherwise, getting into partnership or doing dealership may be favorable.

These thoughts won’t fade any soon now. I think I’m not alone who has such pessimist thoughts; there could be thousand others too.

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Written by Gururaj

September 16, 2008 at 5:03 pm

7 Responses

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  1. Any other thoughts from you?

    Gururaj

    September 19, 2008 at 11:08 pm

  2. Hey thanks Gururaj 🙂

    Yes, non-conventional areas like tourism are a definitely a case in the point..

    Nikhil Kardale

    September 19, 2008 at 11:03 pm


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