As the Information Technology sector stares at massive layoffs, Infosys co-founder Narayana Murthy said young professionals in the industry can retain their jobs if the senior executives were ready to take pay cuts on their disposable income. “It is possible for us to protect the jobs of youngsters if the senior people were to make some minor adjustments,” he said during an interview to news channel ET Now.
In 2001 when the IT industry had faced a job crisis, Murthy had said that the senior management at Infosys had decided not to delay hiring and offered jobs to 1,500 engineers. “When the market became very tough and shrank in 2001, we all sat together and then we said that look let us make some sacrifices and ensure we protect the jobs of youngsters,” he said.
Murthy further pointed out that it was important for industry leaders to invest in the training of young engineers in new technologies. “It is incumbent on the leaders of the industry to find reasonable solutions and I have no doubt, many of them are finding,” he added.
Meanwhile, in another interview with Moneycontrol, Murthy said that if the seniors were to adopt the philosophy of “compassionate capitalism”, it will be easier to lessen the pain of middle or lower-level employees. “This is how we, the founders and early adopters of Infosys, conducted ourselves at Infosys during tough times,” he said. “Employees should be the last to suffer. This is what compassionate capitalism is all about.”
Earlier this month, Infosys had delayed its hikes in its staffers’ remuneration until July and beyond amid speculation that it is planning to fire hundreds of employees.
Reports about possible layoffs are doing the rounds in the Information Technology sector as software giants are trying to tide over slow growth trajectories. Companies are facing a tough time because of automation, a change in technology, stress on digital services, stricter visa rules and a sluggish global economy.