“WORK” can be demystified...

By VARINDIA - 2022-12-01

“WORK” can be demystified...

The Tech industry is famous in coining new jargons and now comes into limelight with words like “WORK”. Pandemic has disrupted the working style in many ways like, Work from Office to Work from House to Work from Anywhere and now the jargon is Work Elsewhere. After Meta, Twitter and Microsoft, now Amazon starts firing employees; asking them to find work elsewhere.

 

The pandemic may have made some tech companies surprisingly rich, but the environment in which they're trying to make money now is simply ... harder. It's clear that there are headwinds for the industry after a period of unsustainable growth coming out of the pandemic, iOS privacy changes, growing competition and macro headwinds.

 

As a result, the top four firms - Tata Consultancy Services, Infosys, HCL Tech & Wipro- added only 28,836 employees in the second quarter ending September, a massive 45 percent drop from the 52,842 added in the previous quarter.

 

These are not encouraging news for the $227 billion-strong Indian IT industry. But it is on an expected line. When the world is fighting during high inflations and Russia-Ukraine induced economic uncertainty, IT spending is likely to come down in the near future.

 

The Big Tech companies represented by FAANGM (Facebook, Apple, Amazon, Netflix, Google and Microsoft) have crashed in 2022, passing through unprecedented times, with the value of this group falling 36% to date which is about double the rate of the rest of the US stock market (S&P500).

 

These unprecedented times impact the Tech companies Globally. General thesis is cloud adoption slowing, data center has become cost center, disruption from outside Silicon Valley, and secular growth days are over.

 

Tech companies that enjoyed strong growth in the early days of the pandemic are feeling the effects of a new reality of high inflation, rising interest rates, currency headwinds, and other issues on their income statements. The slowdown in personal computer sales and digital advertising seen earlier this year appears to be spreading to areas such as cloud computing that were thought to be resistant to economic weakness.

 

The overall macroeconomic climate has necessitated that the global tech giants take a more cautious, measured, and strategic approach with their investments going into 2023.

 

Throughout the tech industry, innovation will continue to be imperative. The economic outlook is creating headwinds for small businesses. But many now see tech as the key to thriving in uncertain times.


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