Bengaluru: The Indian IT industry could be staring at mid-level job-losses in the range of 30,000 - 40,000 according to an estimate by Mohandas Pai.
Pai, the former CFO of Bengaluru based Infosys Ltd was quoted as saying in a PTI story that these job-losses are a regular phenomenon in line with the maturing of the industry.
"As in all sectors in the West, in India too when a sector matures so many people will be there in the middle level who will not be adding value to the salary they get," Pai was quoted as saying in the report.
He also added that promotions are okay when companies are growing fast but when it slows down, people getting fat salaries will aggregate at the higher level, prompting companies to periodically reset their pyramids, and shed people.
Pai, currently the Chairman of Manipal Global Education Services said that "Nobody is entitled to a fat salary and high-paying job unless you perform, right? You have to deliver value"
He also hinted that the aggregate job-losses could vary since 80 percent of those losing jobs could be re-employed if they were specialists.