Layoffs in US firms will benefit Indian IT sector, bring more work to country: GlobalLogic CEO
Layoffs taking place in big US technology firms may benefit the Indian IT sector and can bring a lot of work to India, a US-based firm GlobalLogic CEO has said.
“If Google, Twitter or Facebook or any of these customers actually lay off people in the US, it’s not that they don’t need to build products. They still need to continue to do their work and I believe that a lot of that work will come to India, because they will still need the talent to keep doing the work, although they will look for cost efficiencies,” GlobalLogic President and CEO Nitesh Banga said.
Speaking to PTI, Banga said that they are looking to acquire talents in India and plans to grow its employee base by 25-35 per cent every year.
”We hire close to 1,000 people a month. Out of that, 50 per cent is in India. So, we are hiring close to 500 people at any given point in time in India. Every year, the number will continue to go up by 25-35 per cent,” Banga said.
“The kind of work that we do is very cutting edge, deep product development, be it embedded technologies, cloud, network or apps. What we do is very different from a traditional IT services company,” Banga said.
” So, the equation is no longer about cost arbitrage, but it is about value arbitrage and skill and talent capabilities. There is a temporary slowdown in the war for talent. We do see this war for talent continuing to scale up for India,” he said.
“There’s a lot of collaboration that is happening across (with Hitachi) – whether you talk about Metaverse, or Web3, or digital supply chains, and so on.
That’s one side of collaboration between our Research and Development (R&D) and theirs. But the other piece also is strong support for inorganic push. So, we have big growth ambitions,” Banga said.
” I believe that it can go even faster. But, if I look at just three years ago to the last few years, already, we are seeing like if the company is growing between 20 and 25 per cent, India has grown 5-6 per cent faster and it is going even further. That’s really the way we see it going forward,” Banga said.
Banga also said that India is not going to see much of a slowdown even as there are a lot of layoffs happening in the US.
(With inputs from PTI)
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