Job Insecurity on the Rise: Companies Implementing More Layoffs

mass layoffs have come at a time of great financial crisis
Job Insecurity on the Rise: Companies Implementing More Layoffs
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26 April 2023, Bengaluru, India

Gone are the days when people used to get shocking news of big firms and companies getting into scams and different types of business schemes. Now, the trend of mass layoffs has taken the storm, and people are scared more than ever. The news of getting fired from a position at work can make a person feel dizzy and lose control, or does it? Nowadays, mass layoffs have been so common that it doesn’t people don’t even know until it is too late.

Companies Implementing More Layoffs
Image source: ForbesIndia

But such mass layoffs have come at a time of great financial crisis. Where inflation is rising, it is hard for companies to afford extra or unnecessary resources, and in doing that, mass layoffs occur. Not even the biggest players in the industry could survive the fall.

Organizations like Netflix have been the prey of this situation, losing headcounts and blaming the pandemic era and overhiring during fast developing times. Now that the financial crisis has hit the land, it is a high risk for companies to keep hold of their assets.

As a result, mass layoffs have been occurring ever since. Robinhood, Glossier, and Better remain some of the prominent names in the industry to keep a stable headcount in 2022. It is possible 2023 brings a piece of different news about them.

Image source: India Times

2022 has seen a progression of cutbacks from big players like Microsoft, Meta, Twitter, Snapchat, and numerous others, where many people’s stay was short-lived. The latest to add to the list is India’s third-biggest programming exporter, HCL Innovations. The company joined the ranks of Microsoft, Twitter, and others to lay off 350 members of its company from around the world who were dealing with their client’s news-related items.

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Here is the possible layoff streak by some of the biggest companies and brands in the industry –

Spotify –

The Swedish audio streaming platform, is reportedly willing to sacrifice 6% of its global workforce. That accounts for almost 600 employees. The news came in after the reduced interest in customers and advertisers in spending on the app.

Google –

The global technology giant, stated its intention to fire 12000 people on January 20, 2023. The corporation was compelled to make significant employee layoffs as a result of the economic slowdown and potential recession.

Wipro –

This multinational Indian company joined the list of companies firing people after it registered several employees who failed the assessment tests. Wipro reportedly terminated 452 entry-level employees after the assessment results declared them unworthy.

Amazon – 

When the prognosis for the world economy continues to deteriorate, Amazon stated that it will be laying off more than 18,000 employees in the first week of January 2023. There are rumors that important divisions like human resources and Amazon Stores could experience big job losses soon.

Sources – Tech story

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Suraj Verma

As a highly skilled and experienced content writer, I have a passion for creating engaging and informative content that connects with audiences and inspires them to take action. With over 1 year of experience in the industry, I have honed my writing skills to craft content that is both effective and SEO-friendly.