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Conclusion: Working remotely has become the default option for most companies in the new normal setup. Although this has led to rising demand in technological tools and IT systems, it is unlikely the tech industry will be spared widespread job cuts – already such cuts are being seen in some industry sectors. With the world bracing for recession, companies are cutting down on costs and tightening budgets wherever they can.

Understandably, the current state of job insecurity is creating anxiety in employees who have retained their jobs. IT staff are justifiably feeling insecure and this is likely to affect some employees’ work performance. Such anxiety is a major issue that needs to be recognised and addressed quickly and effectively in order to enable the company to maximise its existing resources both during the economic downturn and as it starts to grow again.

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