“You are fired”. The words can bring lots of emotions inside the person who is on the receiving end, but the most prominent ones are stress and pressure. Companies have decided to downsize their workforce for multiple reasons and the employees have to cope with the unemployment situation. The season of laying off has caused employees not only mental but emotional stress also.
The big names in the market like Amazon, Zomato, Twitter, Meta, Apple, Vedantu, Netflix, etc. are included on the list.
Along with known names in the market, there are various startups and unicorns in India that have followed the trend and fired their employees. According to a tech layoff tracking website layoffs.fyi as of now 1.3 Lac+ employees have been laid off globally by 850 tech companies in the year 2022 alone.
What is the reason for this? How is it that so many companies in the tech sector are laying off so many employees, even those that are still generating huge profits?
Why companies are laying off their employees?
Although there might be various reasons behind companies firing their employees, most of it starts with the pandemic. During the lockdown, most tech companies met with a surge in demand as most of us were spending a lot of our time on the internet for work and other reasons, and to meet the demand the companies hired more employees. But once the lockdown was lifted and people started getting out of their houses, the curb was eased making the consumption of the internet fall and hence most tech companies faced losses which encouraged them to lay off their employees to cut the cost and achieve efficiency.
Companies are also fearing recession and that’s one of the main reasons why most of them are doing layoffs. They are shutting down low-performing projects and firing personnel they hired to carry out those projects. They are fearing that the debts might increase making their situation muddier. Chargebee is one of the companies that cut 10% of its employees stating macroeconomic conditions.
After the pandemic, there were a lot of changes in people's living conditions, and companies had to accommodate and change their models as per those requirements. Startups like Dukaan cited those reasons as laying off their staff. Restructuring is also a prime reason shown by companies.
The revolting inflation is also among the reasons. The world economy has been affected by rising inflation and the job market is facing its ups and downs in coping with that situation as well.
Last but not least the Russia and Ukraine war has impacted the world economy greatly making the market volatile and assisting in the layoff scenario.
How to overcome this situation?
Being laid off is not an easy period for any person, but the truth is that sinking yourself into that situation, being stressed, and not taking action can be more detrimental. Here are a few ways that will help you in this difficult time -
1. Accept reality
Accept reality. Remember it’s hard but it is temporary. There's something positive to come from job loss.
2. Restart and reapply
Start re-applying for jobs and not be demotivated. Look at various recruitment platforms, company websites for job openings that are good fit for you and apply those without getting disheartened if you dont hear back immediately. Keep a tracker for jobs, companies that you are applying to and follow-up with them on regular basis.
To help the professionals who had been laid off by their companies QWEEN has introduced a new initiative called “GetRehired". With this drive, we are aiming to support and help you find new opportunities with great companies that not only offer a good salary, but better work-life balance, positive work culture, and career advancement also.
The only step you have to take to become part of this drive is to fill out the application form here - https://qween.in/get_hired and our team will help you find the best jobs matching your expertise and qualification.
3. Do a financial assessment
Do a financial assessment as soon as possible. Take a look at your spending, EMIs, and loans. Look at how you can change your spending habits and cut down on expenses, talk to your family members about financial expenses and modifications to be made, and how everyone can support.
4. Reach out to your network
Optimize your LinkedIn profile and make the best use of your network. Get in touch with the companies and recruiters who are still looking for talent. Ask for support from your friends, ex-colleagues, and managers. Ask for support from your friends, ex-colleagues, and managers. Contact HR, recruiters on Linkedin as well as attend online events to build your social network.
5. Give time to yourself
After being laid off, give yourself a few days to process it. Consider your professional and personal goals at this time. Avoid making big decisions in times of anger or stress. Be kind to yourself and surround yourself with positive people.
We understand how challenging this situation is, but we are confident you will fight through it and make a strong comeback.
If you've recently been laid off, then submit your application under our "GetRehired" initiative - https://qween.in/get_hired to receive the support you need to get back on your feet as soon as possible.
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