Mass layoffs: Why tech firms are firing employees
The wave of unemployment is sweeping across the world as the mass-layoffs are haunting the tech industry.
Layoffs have hit several big companies again, and the cuts this time are across multiple business functions in the companies, with the bulk of the jobs lost in the U.S. with Amazon saying recently that 'some roles will no longer be required.
And now, thousands of young Indians are suddenly staring at an uncertain future as several technology companies and start-ups announce mass layoffs due to global headwinds and funding crunches with many refusing to stay quiet about it.
The common reasons for these layoffs are:
Companies unable to adapt to the situations after the lockdown and the pandemic
Companies facing financial difficulties
The Ukraine-Russia war
The inefficiency of the employees in some cases
Restructure and modernisation of a company (adjustments and corrections)
EFFECT ON THE FUTURE OF EMPLOYEES - INDIA AND GLOBALLY
According to the experts, the reasons are inflation concerns, along with rising interest rates and geopolitical issues, firms' businesses are experiencing a roller-coaster ride in the stock market in 2022.
Not only this, these reasons have affected some startups too which gained profit during the pandemic.
Financial experts also say that companies that are firing their employees are unable to raise funds due to global economic conditions and hence these laying offs have become an eventuality. The companies that were once thriving before or after Covid pandemic are now facing a major downturn due to the reduction in demand.
Over 137000 employees were laid off in this year 2022 by over 800 tech companies worldwide, according to Layoffs.fyi, a website that tracks tech companies' layoffs.
NRI'S IN LINKEDIN LOOKING FOR 'IMMEDIATE' JOBS
The unfortunate ones who are being laid off in the United States are being invited to return home by Indian companies. However, there are many on H-1B visas - who still want to stay back in the US but must find employment within 60 days in order to avoid having to leave the country (United States) and return to their native countries.
Not only Indians but Americans are also the victims of mass layoffs in the United States.
Also, not only in the United States but several employees in many countries including India are also looking for job opportunities after having been laid off.
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