Tech layoffs have trended again on social media as major IT companies announced job cuts in the first month of the new year, causing more uncertainty and recession fears among employees. Google was the latest company to lay off 12,000 employees, or about 6% of its workforce, while Microsoft said it would cut nearly 10,000, or nearly 5% of its workforce. Similarly, Wipro also said he had to fire 452 fresh graduates because of performance.
Companies such as Amazon, Vimeo and Salesforce reportedly laid off 30,611 employees in the first six days of January.
Among the scenarios of concern around the world and in India, Rajarshi Bhattacharyya, Chairman and Managing Director of ProcessIT Global said: news 18 The majority of Indian companies operating and servicing the Indian market have nothing to worry about as they are only experiencing increased market demand within the country. But he also said there were “imminent fears of a global recession” and that Indian multinationals were deciding to cut jobs.
“Some companies are laying off employees because they are unable to sustain themselves and do not want to bear the burden of additional personnel. We have no choice but to lay off employees and keep staff in profitable departments,” he said. Depending on future business needs, organizations prefer to recruit skilled personnel to replace existing unskilled workers. ”
Madhu Sawant, head business of the Techpartner Alliance, said last year’s layoffs, especially among multinationals, will continue until 2023, with rising inflation impacting consumer spending, reducing digital ad spending by advertisers, He said he feared a looming recession.
“Current employee layoffs are also due to over-hiring during the pandemic. Such was the market need at the time, but it does not exist now, and this will only have short-term effects.” ‘ said Sawant. “Organizations are choosing a recruiting strategy,” where they seek out candidates with new-age skill sets that help them achieve business goals such as optimizing the customer experience, improving business operations, and increasing sales efficiency. We are hiring. ”
Sayeed Anjum, co-founder and CTO of graytHR, said thousands of employees are laid off every day in India as well as other countries. “It’s not just the fear of a recession. There’s no reason why we can’t be prepared,” he said.
“Firms will focus on operational efficiency, capital conservation and cost optimization to balance declining sales and contracting growth. It could be a great opportunity to help global businesses operate efficiently and reduce costs at the same time.If it works, the increase in sales could make up for the expected contraction in exports of IT services. There are even,” added Anjum.
Before the layoffs, Christopher Roberts, managing director of Engaged Strategy, said many people think they should keep a low profile and keep a low profile. However, according to him, this was not the right approach as it was a time when key senior management should be paying attention and working harder.
“During layoffs, dress up your resume and highlight accomplishments about what you did to save the organization money. Focus on what you’ve done Treat yourself like a small business and invest in your own growth and development Take strategic steps to market yourself well and get the organizers to see you Letting go can make you realize that you are making a mistake.
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