Massive layoff in Indian and other countries. in 2023
what is the current situation and top company layoff all over the world
Covid -19 led to significant increase in job losses in India and other countries which started since April 2020.
The pandemic and its associated lockdown and restriction have severely impacted businesses and economies . Which caused many company shut down and reduce their workforce.
Due to which many people all over world lost their job.
This has had a significant impact on the livelihoods and well- being of individuals and families.
Bloomberg has reported that companies have conducted 500,000 layoffs in the past six months. However, it is essential to note that this figure primarily covers layoffs from larger corporations. If we examine into the job losses happening in smaller businesses and informal sectors, the actual number of job losses could be much higher. It is important to acknowledge the broader impact of job losses on the economy and the livelihoods of individuals, particularly those in vulnerable communities such has who may not have access to social safety nets or other forms of support.Layoff in 2023 company like meta , Amazon and credit suisse.
Which are the latest companies that are conducting layoffs?
Indeed – 2200
Microsoft – 10000
alphabet inc- 10000
Amazon – 9000
credit suisse- 9000
Meta announce in April and may there will be 11000 layoff
sirius xm – 1100
Citi group cut 1.1 % (approx from 240000 i.e. 2400)
Mental heath startup 15 %
Twitter, McKinsey , Mc Donald , Jp Morgan and vimeo cut down 11 % of the employment
What are the reason for massive layoff.
Covid-19 pandemic and associated lockdowns and reduced economic activity.
Geopolitical tensions between Russia and Ukraine, leading to economic uncertainty and reduced investor confidence.
Economic recession or downturn leading to reduced demand for goods and services.
High inflation leading to increased costs and reduced profitability for businesses
Increase in government spending leading to concerns about inflation and economic stability
Spending reduce due to job losses
Economic sanctions on Russia leading to reduced trade and economic activity
Companies reducing their expansion plans due to economic uncertainty and reduced demand
Banking or financial crises leading to reduced access to credit and increased financial instability.
What will be the impact in India.
Many Indian workers, estimated to be around 25-35%, are employed in Western countries, including the USA. These workers often send remittances back to India, which contribute significantly to the country’s economy. However, due to the ongoing job losses in these countries, many Indian workers are facing unemployment or reduced working hours, which could lead to a decline in remittances. This could have a significant impact on the livelihoods of families who depend on these remittances for their day-to-day expenses, as well as on the overall economy of the country.NRI’s gives money to their family which was 100 billion as per 2020 and it has increase by 12 %
That is a valid point. The Information Technology (IT) sector in India is heavily reliant on Western companies for its revenue, particularly in the areas of outsourcing and software development services. If the Western companies suffer from the ongoing job losses and economic downturn, it could lead to a reduction in demand for IT services from Indian companies. This, in turn, could have a direct impact on the growth and revenue of the IT sector in India, and subsequently on the country’s GDP. The situation highlights the need for diversification of the Indian economy and the importance of expanding into new markets to reduce dependency on a single sector or geography.
Looking at this situation , future layoff can be more.
So be prepare for tomorrow and save money for such situation.