China is gradually defeating the episode of COVID-19. The focal point of the pandemic is moving towards the West at a remarkable speed. As of early-May, Europe is enduring the most noticeably awful results of the virus that has also spread to Africa and the American mainland, as per the medical research foundation reports.
The world is going through a never-seen situation. In any case, the conditions can improve only with governments taking stringent social removal measures. European nations profoundly influenced by the virus (like Italy or Spain) are “leveling the bend.” The quantity of new affirmed cases diminishes each day as per the reports by the medical research foundation.
How does the worldwide pandemic bring about by COVID-19 influence the IT industry?
This pandemic has outcomes that give rise to anunbelievable situation. All the ventures are being influenced, yet organizations like those in the tourism and hospitality industry, or traditional retailers, are going through challenging situations in reality. The following are the changes that will come out after COVID-19, especially in the IT industry:
Work from Home
The Chief financial officer of IT services has given the statement that the IT industry has done an unbelievable job in transferring more than 95% of its employees to work from home. This is possible only because of setting a good infrastructure at home, taking all the required permissions from their clients, and keeping in mind the presence of “security and oversights.”
Furthermore, Twitter CEO Jack Dorsey advised representatives that they’d be permitted to work from home forever, even after COVID. As per the U.S. Statistics, about 5% of American workers fundamentally worked from home in 2017, up from more than 3% in 2000. The Bureau of Labor Statistics noticed that in 2018, 29% of workers had the choice and ability to work at home.
Another negative change experienced by the IT industry will be the salary cut-off of senior-level staff by 22-25%. Pai said that the IT companies are not going to hire more instead of following the retrenchment policy. Also, the companies will not fill up the backlog even after COVID-19 as the marketing will be soft in the coming times.
It’s not that promotion won’t be there, but simultaneously there will be no increment in salaries for many people, especially high-paid profiles, with the purpose of cost adjustment. According to the research, employees with salaries between INR 75,000 above will be experiencing a salary cut-off of 20 to 25%. The most significant change of COVID-19 is on West’s clients as they have not even opened their offices.
Start-up is playing in its own path.
Loom, a video messaging tool, has created its own free pro version for all the verified teachers of schools and students at k-12 schools, educational institutes, or universities using long for classroom work. This start-up company has also declared that such changes will be permanent now, and there will be numerous other changes in the plans and pricing in response to COVID-19.
There are various other start-ups as well that are rising up in the same line thereby, expanding the IT industry scope. Many more CEOs are also joining the list of organizations committed to letting their companies play in their own path to overcome this COVID-19 situation.
Various IT companies need to formulate different policies and practices to manage their workforce and continue the businesses. This also induces the companies to explore how a deepened structure can work and will probably become more robust when the COVID-19 situation ends.