Macroeconomic uncertainties and the impending recession are compelling enterprises to take defensive measures such as shutting down businesses and laying off employees.
In a recent report, Everest Group examines the current economic downturn, its impact on employee expectations and experiences, and enterprise priorities in tackling these uncertainties and expectations.
The CrossConnect Forum is a platform for European and United Kingdom enterprise leaders to engage partners in the Americas to overcome increasingly intense operational pressures and sustain market leadership. This first-ever forum explored a new avenue of partnership-based innovation and examined new ways to re-think and re-design the core operating systems of today’s globally-focused organizations.
Rohitashwa Aggarwal, Partner, Global Sourcing, who joined a panel at the forum, discussed how the demand for tech and business services keeps expanding in the United Kingdom and other European markets. He suggests that in spite of this growth, talent availability remains a major problem for the region.
The dust has mostly settled on the job cuts that kicked off 2023. With workers in the tech sector taking the biggest hits, the long-term effects on IT talent are still playing out.
“In some ways, what was happening in most of 2022 was companies outside of technology were being starved of talent because tech was throwing a lot of money at the labor pool,” said Jimit Arora, partner at Everest Group.
Rohitashwa Aggarwal, Partner at Everest Group, shared his insight in Cross Connect Forum and gave an overview of the business services sector.
“Globally, the industry has grown by leaps and bounds over the past 30 years, reaching US$300 billion. And even in 2023, with all the macroeconomic challenges, the series of layoffs that we are seeing, there is a huge demand for talent, technology, need to outsource more from a customer experience standpoint, from operations. The growth projection looks small compared to the last few years but if compared to the last decade, it stays on point,” said Rohitashwa.
Rohitashwa Aggarwal, Partner (Global Sourcing), Everest Group, will be a keynote power panel speaker for the Cross Connect Forum 2023: The Case for a Diverse and Flexible Global Workforce Strategy in London, England.
The resources and delivery capabilities of knowledge services partners are being scrutinized like never before. As a result, not only are geo-sourcing strategies being reconsidered, but global competitiveness is redefining the way firms leverage digital supply chains. This panel will explore how these trends will have outsized influence in a time of career and workplace disruption.
In the past, GBS organizations have displayed resilience – tackling the ongoing pandemic and intensified talent war. For 2023, GBS organizations must maintain this “persevere” mindset and continue alignment with CEO mandates.
In this on-demand webinar, our analysts will discuss how GBS leaders can sustain the strong momentum they have developed.
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Hiring and retaining talent proved to be the biggest challenge for global services leaders during 2021-2022, impacting enterprises and service providers alike. However, our 2023 Key Issues research shows that talent has dropped from number one to number three on a list of top challenges as the economic slowdown sets in.
Despite a series of mass layoffs by global tech giants, companies continue to hire and retain relevant talent globally. Does that mean the talent crisis has been addressed? Or will talent remain an issue in 2023?
In this webinar, our experts will look at the fundamentals of the talent market and uncover tools and techniques for building a successful talent strategy for 2023-2024.
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Three of the companies — Infosys, HCLTech, and L&T Technology Services — ended the December quarter with a higher net headcount, but the employee additions were at a slower rate than the previous quarters. Market leaders Tata Consultancy Services, Wipro, Tech Mahindra, and LTIMindtree all posted a fall in headcount.
“Though the demand-supply gap for talent is reducing, we expect the gap to continue in the range of 8-20% based on specific segments within tech services,” said Yugal Joshi, Partner at Everest Group.
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