Purpose: 21st century is the century of knowledgeand only those individuals or organizations which harness this knowledge wouldonly be successful in their endeavours. New and unique technologies are comingeveryday and trying to capture as much market-share as possible rendering theexisting one’s as obsolete. This gives rise to an important question of thetime that what would be the future of those individuals who are working in thisinformation technology industry and trying hard to remain competitive withvarious kinds of up-gradations in their existing intellectual knowledge base.While analysing the recent lay-offs in the IT industry in the financial year2015-16 and 2016-17 by big players like Cognizant, Cisco, Capgemini SA, it canbe inferred that jobs are being automated very rapidly and IT industry may sooncut down its human workforce to bare minimum requirements. This makes the ITworkforce look for various alternatives for their survival and future security.This has been investigated many times by various analysts that jobs are beingeradicated quickly in the IT industry but only a few have critically examinedthe new opportunities that can be or are being created due to these dynamics ofindustry.
This paper aims to bridge this gap.Research Methodology: A qualitative multi-reports analysishas been used in this paper for data synchronization to gain fruitful insightsinto this issue. Collection of data has been done from real case studies whichare available in the literature and in the internet resources.Findings: It has been found that although the speed ofworkforce cut-down with big players in the market has been exponential butparallely there has been a creation of new kind of jobs for whom special kindof knowledge, skills and competencies are required. Individuals working in thisindustry are looking for various coping strategies to remain abreast with thedynamics of rightsizing of the organizations. They prefer either of thealternatives from Skill Diversification, Skill Enrichment, Planning and workingtowards new ventures, Going to Academia parallely for knowledge enhancementetc. This has been found out that all this can only be possible if anindividual is excellent at multi-tasking. This is giving rise to a newphenomenon of multi-jobbing which is also referred to as moonlighting in thecontext of emerging human resource development.
Organisations are also tryingto keep track of the moonlighting practices of their key knowledge workers forensuring their retention because key knowledge workers are the primary assetsof the firm which decide its growth and prosperity even when there areunpredictable dynamics in the industry.Keywords: Moonlighting, Knowledge Workers, Knowledgeeconomy, IT/ITES professionals, emerging computing technologies, Job challengesin IT industry.