A quick look at the number of job ads on popular sites such as shine.com, monsterindia.com and naukri.com will show the obvious. There has been a marked hiring slowdown in this quarter. So what could be the causes of this slowdown?
For sure, the following macro factors have had an impact:
a. Slow Recovery in the US
Most offshore R&D centers have slowed down or put off hiring in India, as their parent firm is itself cautious about spending money. This has affected the hiring for posts of product managers in India apart from the regular engineering roles.
b. Slowdown in Indian Market
Thanks to the awesome policies and the wonderful government here, there is neither growth in industrial investment (apart from some core sectors) nor in consumption (due to uncertainties and price hikes). Overall the job market is usually lacklustre in the 4th quarter, but this year things have been worse than usual
c. “Bring Jobs Back” movement in the US, after Obama reelection
This has definitely changed the number of high-end jobs (read: PM roles) that R&D centers in India could offer. In fact, the “value of outsourcing to India” debate has again begun in earnest.
d. Disinterested VCs funding new technology ventures in India
After a funding frenzy in the beginning of 2011, all major VCs have either shifted their focus from technology, social media and consumer web to enterprise software and other sectors. This has had an impact on the startups who managed to get angel funding but could not get a term sheet approved.
Thanks to these factors, all 4 types of product managers are significantly impacted, with little opportunity for lateral movement or growth. I know of several people who had to take a pay cut and do low quality work, simply to show continuity in their résumé.