As the IT industry witnesses the threat of multiple layoffs, Infosys co-founder NR Narayana Murthy has reportedly said that new IT professionals might be able to retain their jobs if the seniors in the field take pay cuts. “I have a feeling that it is possible for us to protect the jobs of youngsters if the senior management people were to make some minor adjustments – adjustment of taking salary cuts,” Murthy said while speaking to news channel ET Now.
The 70-year-old industrialist also added that the IT industry had dealt with such problems in the past and the industry leaders can solve the issue with their “good intentions.” “There are a lot of smart leaders in the industry, but I have no doubt at all that they are all well-intentioned people and they can find solutions,” he said.
Alleviating the concerns of young IT professionals, Murthy said “Let us remember we have gone through this several times in the past. We went through that in 2008, in 2001. So, this is nothing new. Therefore, there is no need for us to become extremely anxious. We have had solutions to such problems in the past.”
Giving an example of Infosys, Murthy said in the past the senior-most people at the internal director level took the highest pay cut, and then to follow suit was the senior vice president who took a slightly lower cut.
“When the market became very tough and it shrank actually in 2001. We all sat together with senior management and then we said -look let us make some sacrifice and ensure that we protect the jobs of youngsters. That time we had offered jobs to 1,500 engineers. Several companies were postponing the joining day. We said let us not do that, let us demonstrate the commitment to youngsters by senior people taking some salary cuts based on the disposable income as we go down the hierarchy and welcome those 1,500 engineers,” he added.