The IT sector is also feeling the Heat of depression in the world economics. This fire of jungle has engulfed even the biggest trees of the Greenland. Giants like TCS, IBM, Wipro, Sun Microsystem and many others are shedding their workforce to cope with collapse in the business coming mainly from US.
Recently, Sun Microsystems reported a net loss of $34m (£17m) compared with a profit of $67m in the same period of 2007. The major contributions in the loss was of drop in the orders coming from US Government, retail firms and telecom firms.... As a result of this, Sun has decided to cut 1500 to 2500 jobs which is equivalent to 7.5% of its total workforce of 33,500.
This is directly going to effect the outsourcing industry of India..which houses a major share of Indian IT engineers. Companies are planning to job cuts, reduction in salaries, decrement in incentives and all other measures to absorb the heat of this depression and to keep their profits up.
The situation is very serious and a continuance will lead to steep decrease in the popularity of IT sector as a career option. For long times IT sector has been the area of better growth and development. But if we look at the current status is going to give negative results.
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