An Indian company is rewarding its staff with cars for exemplary performance even as the tech sector is seeing historic amounts of layoffs. 13 cars have been given to 13 workers of Ahmedabad, Gujarat-based software startup Tridhya Tech. The business just finished its first five years.
Ramesh Marand, managing director of Tridhya Tech, revealed to Aajtak that automobiles were given to staff members who had been with the business since the beginning. He asserted that these workers had left secure employment to help establish the IT business. The executive also asserted that the tradition of giving automobiles as rewards to workers would continue.
Tridhya Tech is an Ahmedabad-based company that provides services for developing web, mobile, and eCommerce applications. The business says it offers complete technological solutions. The business has a clientele that spans Asia, Europe, and Australia.
Due to slower-than-expected growth, the tech sector is experiencing a significant wave of layoffs worldwide. Google and Amazon initiated the most extensive layoffs in history at the beginning of the year. In January, Google let go of 12,000 workers, and Amazon said it would let go of 18,000 workers. The tech industry has let go of more than 1,50,000 workers worldwide in just a few months.
According to a market research firm Gartner, overall IT spending is anticipated to witness a modest expansion, with data centre systems and communications services growing by less than 1% despite the fact that corporate software and IT services are predicted to grow the fastest in 2023. Meanwhile, a drop in hardware sales is expected.
There are growing concerns about a recession due to ongoing supply chain problems, inflation, and the conflict in Ukraine. In 2022, IT industry employers reportedly shed more than 150,000 jobs; in just the first three weeks of 2023, this number increased to more than 30%.
A silver lining for technology professionals is that many of the layoffs involve non-technical workers, even though prominent businesses like Amazon and Microsoft have already announced sizable employment cuts this year.
