Lay off's that shaking the world ; Effect and Ways to overcome

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One news that shook the world last month was the mass layoff of significant players in the market. There are many companies like Meta to Amazon, as well as tech companies like Twitter, Coinbase, Netflix, and so on...

In many cases, layoffs are a last resort for companies that are struggling to stay afloat. They can be a way to reduce costs and make the company more attractive to investors. However, layoffs can also hurt morale and employee productivity.

In his warning about the recession, Jeff Bezos, founder of Amazon, said people should avoid buying cars, TVs, and fridges to save money. According to Forbes, Amazon has laid off around 10,000 employees, about 3% of its white-collar workforce. The cut-off was mainly from the loss-making unit amazon voice assistant Alexa.

In India Amazon has sent details of the voluntary separation programme (VSP) to its employees asking them to opt for such scheme to obtain the benefit under this scheme. Such an option shall be available till Nov 30 as per the report. If the employees fail to get such a scheme, then they may not obtain any benefit if they are part of the optimization programme amazon, says the report. 

Mark Zuckerberg, CEO of Meta, announced that management has decided to reduce its workforce by 13%, which constitutes around 11,000 employees. Zuckerberg has stated that he takes accountability for such decisions and added that “this is tough for everyone” and I am “sorry”.

 

The Dark Reality Of layoffs: Why It's Happening  and What You Can Do

A major reason for such layoff is a shrinking in the demand. During the lockdown, there was a boom for the tech companies as people was inside their house and surfing. As the lockdown was lifted up, people reduced their screen time eventually reducing the demand. In addition, most of the countries are facing all-time high inflation rates, which forced them to do so. The layoff is the conventional path followed by companies during their hard times.

Now it's time for laid-off employees to recheck their skills and upgrade their skills. Once the economy is stable, the tech giants start their recruitment which is regular in nature. There will be demand for top talents for posts such as data analysis, product management, software engineering, etc.

With the growing opportunities in digital marketing and social media, companies look for talented marketers who could meet their requirements for hiring as well as collaborations.

This is the time when the importance of health insurance as well as investment saving arises. 

Linkedin is one of the social media websites which connects people and places where get hired. Creating a complete profile increases on LinkedIn the chance of getting hired.

There are some websites that help professionals earn part-time as well as full-time employment. Some of such include Chegg and Upwork.