Massive layoffs reflect broader IT industry struggles; sense of entitlement hindering placements

Bengaluru, NT Bureau: Bengaluru-based ReshaMandi, known for its silk yarn products, recently laid off 80% of its workforce due to its inability to secure Series B funding. This move is part of a broader trend affecting the tech industry in India.

Over the past six months, over 337 IT companies nationwide have laid off over 98,000 employees, reflecting a challenging job market even in Bengaluru, the country's IT hub.

Finding a job in such an environment is daunting for many, including graduates and postgraduates. Adarsh Benakappa Basavaraj, a life and career coach, offers insights on coping with layoffs.

He emphasises that a significant issue for many job seekers is their inflated sense of entitlement postgraduation. Basavaraj advises, "First, come to terms with the situation, accept that it has happened, and understand that you cannot undo it. You will probably grieve, and that's okay, but don't allow grief to turn into guilt, where you start blaming yourself.”

Basavaraj notes, "Many students fall into an egotistical state of mind after graduation or post-graduation, believing they deserve high salaries simply because of their qualifications. This mentality often hinders their job placement."

In case of being laid off, Basavaraj advises those laid of f to remain calm and recognise that the situation is beyond their control.

He suggests, "If you are in a position where you need to work, consider using your skills for freelancing or gig work." The gig economy in India is growing, with several platforms offering opportunities that match various skill sets.

Further more, Basavaraj recommends avoiding risky ventures during this period and instead focusing on surrounding oneself with supportive loved ones. He advises reconnecting with friends and family to maintain a positive mindset. "This is a time to be spontaneous and pursue activities you've postponed due to work commitments, as long as your financial situation allows it," he adds.

"This is the time for you to be spontaneous and do what you've been putting off all this time, those plans which you couldn't pursue because of your work life and just live for today. All this provided that your finances look good until you land elsewhere."