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<ul><li>From global companies like Meta, Amazon,Twitter to Indian firms like Byju’s, Zomato, Vedantu — thousands of people were become <keyword id="176161" type="General" weightage="20" keywordseo="laid-off" source="Orion">laid off</keyword> and are now on job hunt. </li><li>Several people on <keyword id="28120" type="General" weightage="80" keywordseo="linkedin" source="Orion">Linkedin</keyword> and Twitter have been vocal about being laid off and asking for help in <keyword id="15791198" type="General" weightage="20" keywordseo="finding-new-jobs" source="Orion">finding new jobs</keyword>. </li><li>Business Insider India spoke to a few experts to understand how being laid off impacts one’s career.</li></ul>An Indian software developer relocated to Canada 11 months back in search of a job and found it too. But within two days of joining Meta, he was laid off. “What's next for me? Honestly, I have no idea! I'm looking forward to whatever comes next. Let me know if you know of any position or hiring for a software engineer (Canada or India),” writes <a href="https://www.linkedin.com/posts/himanshu-v-1b930990_meta-meta-metalayoff-activity-6996154816980811778-jwQQ/?utm_source=share&amp;utm_medium=member_desktop">Himanshu V on LinkedIn</a>. Many such people have been updating their status on LinkedIn and other social media profiles with their unfortunate change in employment status. The idea behind most such posts is to bag another job as soon as possible. Since the Covid-19 pandemic, more than <a href="https://layoffs.fyi/">2 lakh people</a> across the world have lost their jobs and the number is growing almost everyday. In spite of the waning effect of the pandemic, global companies like Meta, Amazon, Twitter and Indian companies like Byju’s, Zomato, Vedantu — laid off thousands of people — who are now on a job hunt. The startup ecosystem of India, which contains several unicorns as well, alone has laid off over 18,000 people in 2022 due to funding winter, according to media <a href="https://inc42.com/features/indian-startup-layoffs-tracker/#:~:text=Share%20story-,Indian%20Startup%20Layoff%20Tracker%3A%20Over%2018%2C000%20Employees%20Laid%20Off,2022%20Amid%20Startup%20Funding%20Winter&amp;text=We%20are%20at%20the%20business,for%20the%20Indian%20startup%20ecosystem.">reports</a>. As a result, the number of people seeking job opportunities on Linkedin and Twitter has increased. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> But, is it a good strategic move? Experts believe that candidates can share layoff news on social media and also express their emotions. Posting on important platforms can actually help them land another job faster. “It’s also important to remember that while a layoff might feel personal, it’s not – instead, it’s a reflection that the company’s business outlook has changed. Try to keep this in mind as you embark on your job search, and let the confidence and skills that helped you land that job power your next steps,” LinkedIn Career Expert Blair Heitmann told <a href="https://finance.yahoo.com/news/how-to-prepare-in-case-of-a-job-loss-202729571.html">Yahoo Finance</a>. Experts also say that affected employees should understand that their layoff will not have a major impact on their resumes and while searching for another job. Business Insider India spoke to a few experts to understand how being laid off can impact one’s career. “The layoff doesn’t overshadow the skills or milestones you have achieved so far. Highlight the projects you have spearheaded or how you successfully handled a crisis faced by the client. Remember, showcasing your skills with relevant examples is the best way to go about it,” said Anil Agarwal, CEO &amp; co-founder, InCruiter. Employees should highlight their skillsets and milestones achieved to their new employer. They should also be candid about their layoff in interviews for a new job to the HR. “If your employer has released a public statement, then you can present the same to your interviewer. If not, you should find out the reason behind your layoff and also the number of your fellow employees who faced the same situation. In this way, you’ll be prepared to justify your job loss, if required,” said Sumit Sabharwal, CEO, <keyword id="133742" type="General" weightage="50" keywordseo="teamlease" source="Orion">TeamLease</keyword> HR Tech. <cmsannotation type="cmsannotation" annotationid="What to write in resume and cover letter" comment="subhead" text="What to write in resume and cover letter">What to write in resume and cover letter</cmsannotation> While embellishing one’s resume is a common practice that experts warn against, they also say that it’s not necessary for employers to mention the reason why they’re currently unemployed. “You don’t need to mention your layoff in the resume. The purpose of your resume is to present your skills and qualifications to employers so that they can decide whether you are a good fit for their organizations,” Sabharwal added. However, one can mention it in the cover letters with an explanation and brief of your layoff, without complaining about your previous employer, he further said. Experts further advise the employees to learn new skills while searching for another job as it can help in boosting the resume. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/bumble-reveals-upcoming-dating-trends-in-2023/slidelist/96243427.cms#slideid=96244109">Inter-city love, better boundaries &amp; rise of divorced singles: Bumble reveals upcoming dating trends in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/it-metals-drag-sensex-nifty50-lower-amid-us-feds-hawkish-stance/articleshow/96244825.cms">IT, metals drag Sensex, Nifty50 lower amid US Fed’s hawkish stance</a>

If you've been laid off, here's how you handle awkward questions from your next employer

More than 32,000 tech workers have been laid off in the US till July this year, including at Big Tech companies like <keyword id="10387" type="General" weightage="80" keywordseo="microsoft" source="Orion">Microsoft</keyword> and <keyword id="399907" type="General" weightage="80" keywordseo="meta" source="Orion">Meta</keyword> (formerly Facebook) and the worst has not been over yet for the tech sector that has seen massive stock sell-off. According to the data compiled by Crunchbase, more than 32,000 workers in the US tech sector have been laid off in mass job cuts, as of late July. "We've included both startups and publicly traded companies that are based in the US. We've also included companies based elsewhere that have a sizable team in the United States, such as Klarna," the analysis said. The layoff includes ride-sharing platform Uber, <keyword id="128682" type="General" weightage="80" keywordseo="netflix" source="Orion">Netflix</keyword> and several cryptocurrency exchanges and lending platforms. Robinhood, <keyword id="4522875" type="General" weightage="80" keywordseo="glossier" source="Orion">Glossier</keyword> and Better are just a few of the tech companies that have trimmed their headcount this year. Since April 1 this year, more than 43,000 workers from 342 tech companies/startups have been laid off across the world and over 13 per cent are from <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, according to latest data compiled by layoffs.fyi, a website that tracks layoffs in startups. In India, more than 25,000 startup workers have lost jobs since the pandemic began -- and more than 11,500 have been fired this year. The layoffs in India are dominated by edtech platforms like Unacademy (1,150 employees), BYJU'S (550 at Toppr and <keyword id="8080458" type="General" weightage="80" keywordseo="whitehat-jr" source="Orion">Whitehat Jr</keyword>) and <keyword id="2016957" type="General" weightage="80" keywordseo="vedantu" source="Orion">Vedantu</keyword> (624), along with ride-hailing platform <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword> (nearly 500), healthcare startup MFine (600) and pre-owned cars platform Cars24 (600), among others. The other Indian startups and unicorns that have laid off employees are Meesho, MPL, Trell and Blinkit (now owned by <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword>), among others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-great-freedom-festival-date-announced-sale-starts-august-6-onwards/articleshow/93268050.cms">Amazon Great Freedom Festival date announced - sale starts August 6 onwards</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/swine-flu-resurfaces-in-keralas-wayanad-first-time-in-kannur/articleshow/93267832.cms">Swine flu resurfaces in Kerala's Wayanad, first time in Kannur</a>

Over 32K tech workers fired in US, more than 11K in India this year

After Healthtech platform <keyword id="4951201" type="General" weightage="100" keywordseo="mfine" source="Orion">mFine</keyword> laid off over 50 per cent of its total workforce (more than 500 employees), <keyword id="2976227" type="General" weightage="50" keywordseo="prime-venture-partners" source="Orion">Prime Venture Partners</keyword> which is one of its existing investors said on Monday that this restructuring will give the platform an opportunity to pull through and continue to provide access to quality healthcare. mFine, which raised $48 million (over Rs 356 crore) in Series C funding co-led by <keyword id="10261757" type="General" weightage="50" keywordseo="moore-strategic-ventures" source="Orion">Moore Strategic Ventures</keyword> and BEENEXT with participation from existing investors like Prime Venture Partners in September last year, has let go half of its total workforce and the fired staff is from operations, product and marketing verticals, according to sources. The Bengaluru-based startup has raised close to $75 million across three equity and debt rounds to date. <keyword id="815566" type="General" weightage="50" keywordseo="shripati-acharya" source="Orion">Shripati Acharya</keyword>, managing partner, Prime Venture Partners, told IANS that we are in unprecedented times and the steep change in macro-conditions is particularly difficult on companies who are in active fundraise right now. "Unfortunately, restructuring and layoffs are inevitable in such scenarios and are very hard decisions for entrepreneurs to make. MFine has built a great product which is being used by millions of people and has built a huge hospital network with esteemed doctors," <keyword id="7587" type="General" weightage="50" keywordseo="acharya" source="Orion">Acharya</keyword> said. This restructuring will give mFine "an opportunity to pull through and continue to provide access to quality healthcare", Acharya told IANS. With the layoffs, mFine joins a growing list of startups that have laid off employees as investment shrinks and mindless cash burn comes back to haunt them. Recently, Vedantu, <keyword id="2900267" type="General" weightage="50" keywordseo="byju" source="Orion">BYJU</keyword>'s-owned <keyword id="8080458" type="General" weightage="50" keywordseo="whitehat-jr" source="Orion">WhiteHat Jr</keyword>, Unacademy, CARS24 and more have cut workforce amid high uncertainty in the overall market conditions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-replies-to-pune-techies-witty-tweet-says-he-does-not-run-the-techies-account/articleshow/91735503.cms">Elon Musk replies to Pune techie's witty tweet, says he does not run the techie's account</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/billionaire-wealth-rose-more-in-2-years-than-in-the-last-23-years-combined/articleshow/91734674.cms">Billionaire wealth rose more in 2 years than in the last 23 years combined</a>

Healthtech platform MFine lays off more than 500 employees amid financial crunch

As more and more companies across the spectrum sack employees amid the global meltdown, at least 853 tech companies worldwide have laid off about 137,492 employees to date, and the tally is only going north amid recession fears. According to data from layoffs.fyi, a crowdsourced database of tech layoffs, 1,388 tech companies have fired a total of 233,483 employees since the onset of Covid-19, but 2022 has been the worst for the tech sector. As of mid-November, more than 73,000 workers in the US tech sector have been laid off in mass-level job cuts led by companies like <keyword id="399907" type="General" weightage="80" keywordseo="meta" source="Orion">Meta</keyword>, Twitter, Salesforce, Netflix, Cisco, Roku, and others. Robinhood, Glossier, and Better are just a few of the tech companies that have notably trimmed their headcount in 2022, according to Crunchbase. Big Tech companies like Amazon and PC and printer major HP Inc have joined the global layoff season and were set to lay off more than 10,000 and up to 6,000 employees in days to come, respectively. Amazon CEO Andy Jassy has warned employees that there will be more layoffs at the company in early 2023 "as leaders continue to make adjustments". The massive job cuts have hit several divisions, especially the Alexa virtual assistant business reportedly set to lose $10 billion this year as the voice assistant never managed to create an ongoing revenue stream. Alphabet, <keyword id="6355629" type="General" weightage="80" keywordseo="google" source="Orion">Google</keyword>'s parent company, is reportedly gearing up to lay off about 10,000 "poor performing" employees, or 6 per cent of its workforce. According to a report in The Information, Google plans to ease out 10,000 employees through a new ranking and performance improvement plan. In India, nearly 16,000 employees have been asked to go by about 44 startups, led by edtech companies like BYJU'S, Unacademy, and <keyword id="2016957" type="General" weightage="80" keywordseo="vedantu" source="Orion">Vedantu</keyword>, as VC funding dried up. Other tech startups and unicorns that have laid off employees in India include Ola, Cars24, Meesho, LEAD, MPL, Innovaccer, Udaan and more. Meanwhile, thousands of contractual employees have also been let go, making 2022 the harshest year for workers in the technology sector. The startup ecosystem's funding winter could last another 12 to 18 months and the industry may face "a lot of turmoil and volatility", <keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> CEO Kalyan Krishnamurthy has warned. Indian startups are going through steep hiring cuts and the hiring of permanent employees has dipped by a significant 61 per cent in the last 12 months, according to the annual insights report by <keyword id="15395027" type="General" weightage="80" keywordseo="razorpayx-payroll" source="Orion">RazorpayX Payroll</keyword>, the business banking platform of Razorpay. Only two startups in India, Shiprocket and OneCard, attained unicorn status (valuation $1 billion and above) in the July-September period, according to the latest PwC India report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/netflix-working-on-brand-new-aaa-pc-game-project/articleshow/95740337.cms">Netflix working on 'brand-new AAA PC game' project</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/binance-looks-to-hire-8k-people-by-2023-end-ceo/articleshow/95716850.cms">Binance looks to hire 8K people by 2023 end: CEO</a>

853 tech firms lay off over 137,492 workers globally, more job cuts coming

In some cheer for those who have lost jobs in the ongoing funding winter and global macro-economic conditions, most laid-off tech employees have landed new jobs within three months of starting their search. The <keyword id="6384660" type="General" weightage="50" keywordseo="wall-street-journal" source="Orion">Wall Street Journal</keyword> reported, citing a <keyword id="3345871" type="General" weightage="100" keywordseo="ziprecruiter" source="Orion">ZipRecruiter</keyword> survey, that nearly 79 per cent of terminated staff in the tech industry landed a new job within three months. It, whoever, did not divulge information on whether they got new jobs on the same, above or lower pay packages as the industry is reeling under several pessimistic factors, which will continue in 2023. Nearly four in 10 previously laid-off tech workers found jobs less than a month after they began searching, the survey found. "Despite the widespread layoffs, hiring freezes, and cost-cutting taking place in tech, many tech workers are finding reemployment remarkably quickly," <keyword id="12666243" type="General" weightage="50" keywordseo="julia-pollak" source="Orion">Julia Pollak</keyword>, chief economist at ZipRecruiter, was quoted as saying. Workers employed in other industries, like entertainment and leisure, transportation and delivery and manufacturing, also found new jobs quickly, the data showed. Google, Amazon and some other tech companies are set to lay off more workers in early 2023. The ZipRecruiter data also showed that about 5 per cent of laid-off tech workers who found jobs from April to October had spent more than six months hunting for work, down from 26 per cent of those hired between August 2021 and February 2022. Thousands lost jobs amid deepening funding winter in 2022 as massive layoffs by the tech companies this year alone surpassed the levels from the Great Recession the world went through in 2008-2009 that began with the <keyword id="50209" type="General" weightage="50" keywordseo="lehman-brothers" source="Orion">Lehman Brothers</keyword> collapse. More than 91,000 workers in the US tech sector were laid off in mass job cuts in 2022, according to a Crunchbase tally. Over 17,000 tech employees were shown the door in India, led by ed-tech companies like BYJU's, Unacademy, Vedantu and others. The startup ecosystem's funding winter could last another 12 to 18 months. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/kfin-technologies-lists-at-nearly-1-premium-on-bourses-despite-weak-market-sentiment/articleshow/96586058.cms">KFin Technologies lists at nearly 1% premium on bourses despite weak market sentiment</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/amazon-starts-delivering-orders-by-drones-in-us-states/articleshow/96586213.cms">Amazon starts delivering orders by drones in US states</a>

Most laid-off tech employees have landed new jobs in 3 months: ZipRecruiter survey

New Delhi, As global layoffs deepen, Indian startups are not far behind and have sacked thousands of employees in the past 3-4 months, with many more to be given pink slips in the coming months amid deepening funding winter. In <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, more than 21,000 employees have been laid off by more than 70 startups to day, including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, <keyword id="2808667" type="General" weightage="50" keywordseo="oyo" source="Orion">OYO</keyword>, Meesho, Udaan and many more. The edtech sector has laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date. With the onset of January, more and more Indian companies are slashing jobs across the spectrum. The new year has already seen more than 16 homegrown startups sack employees in the country. Social media company <keyword id="3358959" type="General" weightage="80" keywordseo="sharechat" source="Orion">ShareChat</keyword> (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions. Backed by Twitter, Google, Snap and <keyword id="526777" type="General" weightage="80" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, ShareChat has about 2,300 employees, and the layoff impacted about 500 people at the company, Healthtech unicorn Innovaccer has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in India and the US. Innovaccer cofounder and CEO Abhinav Shashank cited an "uncertain macroeconomic environment" as the reason behind the job cuts, according to an internal mail sent to employees and accessed by leading startup news portal Inc42. This was the second layoff at the company in around 4-5 months' time amid the deepening funding winter and recession fears. In September last year, Innovaccer laid off nearly 120 employees, or less than 8 per cent of its workforce. Online food delivery platform <keyword id="6358977" type="General" weightage="50" keywordseo="swiggy" source="Orion">Swiggy</keyword> confirmed that the company is laying off 380 employees as food delivery growth slows. MediBuddy, an end-to-end digital healthcare platform in India, has laid off 8 per cent of its workforce, around 200 people, across all departments as a restructuring exercise. Homegrown online vehicle repair platform GoMechanic, backed by <keyword id="563136" type="General" weightage="50" keywordseo="sequoia-india" source="Orion">Sequoia India</keyword>, has laid off 70 per cent of its workforce as the startup struggles to raise funds amid serious concerns of accounting troubles. The company has asked the remaining staff to work without pay for three months, according to reports. Software-as-a-service (SaaS) voice automation startup Skit.ai has asked more than 115 employees to go, mostly from its India team, as part of the "restructuring process" amid the deepening funding winter. Even IT giant <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> has laid off more than 400 fresher employees for poor performance in internal assessment tests. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a> <a href="https://www.businessinsider.in/business/news/an-app-that-wants-to-turn-fear-of-stock-markets-into-fun-raises-75-lakh-from-sharks/articleshow/97378121.cms">An app that wants to turn fear of stock markets into fun raises ₹75 lakh from sharks</a> <a href="https://www.businessinsider.in/india/news/steps-taken-in-subsidence-hit-joshimath-inadequate-declare-himalayas-eco-sensitive-zone-say-experts/articleshow/97411665.cms">Steps taken in subsidence-hit Joshimath inadequate, declare Himalayas eco-sensitive zone, say experts</a>

70-plus Indian startups show exit door to 21K techies, more pink slips coming

Another <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> startup <keyword id="4248184" type="General" weightage="100" keywordseo="udayy" source="Orion">Udayy</keyword>, backed by <keyword id="80004" type="General" weightage="50" keywordseo="info-edge" source="Orion">Info Edge</keyword>, has shut shop, laying off all 100 employees as schools, colleges and physical tuition centres reopen. Udayy's co-founder <keyword id="6553566" type="General" weightage="50" keywordseo="saumya-yadav" source="Orion">Saumya Yadav</keyword> said that the startup was witnessing the post-pandemic world for the first time as "as the kids went back to school, we faced roadblocks in growing the original model of online, live learning". "After a lot of deliberation, we decided that it's better to shut down the business than to spend more time and capital on it,a Yadav said. The development was first reported by startup news coverage portal Entrackr. The startup has paid employees severance packages and helped them find new jobs. "We are returning the remaining capital, around $8.5 million back to our investors," Yadav was quoted as saying in media reports. The live-learning platform catered to students from Grades 1 to 5. The platform raised $2.5 million in a seed funding round led by Alpha Wave Incubation (AWI), managed by <keyword id="4675626" type="General" weightage="50" keywordseo="falcon-edge-capital" source="Orion">Falcon Edge Capital</keyword> and <keyword id="12772224" type="General" weightage="50" keywordseo="infoedge-ventures" source="Orion">InfoEdge Ventures</keyword>. Udayy is the second edtech startup after Lido Learning to completely shut operations. Led by the edtech platforms, over 8,000 start-up employees have been recently hit by layoffs In India. This includes more than 1,000 employees at WhiteHat Jr, over 600 at Unacademy, over 424 at Vedantu and over 150 at Lido Learning. Another edtech firm FrontRow laid off nearly 150 full-time and contractual employees earlier this week. The Bengaluru-based non-academic upskilling startup fired almost 30 per cent of its workforce, owing to fund crunch and the market downturn. Apart from edtech firms, startups that have laid off employees in the past few months include social commerce platforms Trell (more than 300) and Meesho (150), used cars platform Cars24 (More than 600) and digital health platform Mfine (more than 500), among others.

Edtech startup 'Udayy' lays off all 100 employees as schools, and colleges physically reopen

<ul><li>The tech industry has seen more than 200,000 <keyword id="6357067" type="General" weightage="100" keywordseo="layoffs" source="Orion">layoffs</keyword> since the start of 2022.</li><li>Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add a major value to the organization.</li><li>Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management.</li></ul>Bipin Singh, a business development manager at Byju’s with over 11 years experience in the EdTech industry was laid off last month after a stint of 1.5 years at the company. In his LinkedIn post he mentioned about the layoff and urged everyone to reach out to him with job offers or if not, like share and comment on his post to increase reach. Anil <keyword id="906861" type="General" weightage="50" keywordseo="sahani" source="Orion">Sahani</keyword>, a software engineer, lost his job in Accenture recently .“I was one of the first ones to let go as I was a contract employee and also did not have any notice period. The layoffs are still on.” Singh and Sahani are among the thousands of employees who have been affected by tech layoffs in India. Google trend data, which reflects what people search for, shows that between January 22-28 this year, the term ‘layoff’ was at its peak popularity of 100, while between January 23 to January 29 last year, it was just at five. This is not surprising because layoffs are being reported majorly in the media and almost every other post on Linkedin is talking about layoffs. It all started with the news that the big tech giants like Amazon and Google parent Alphabet were laying off in large numbers. While Alphabet laid off 12,000 people, the Amazon layoffs affected more than 18,000 people. Microsoft said it will lay off 10,000 people by the end of the third quarter of 2023 and even SAP and IBM have started laying off employees. It seems it is almost like a contagion that is spreading rapidly like wildfire. The Indian situation: Which brings us to the question: Is the situation as bad in India? Layoffs are now a reality in India too. Reports suggest that around 21,000 techies have lost their jobs in the last three to four months. In the third week of January, Wipro fired more than 400 freshers for failing performance tests. While Amazon has laid off 1,000 of its employees in India, IBM and SAP are also laying off employees, affecting their employees in India as well. Very recently, Byju’s laid off 1,000 people, in a second round of layoffs in February. Sivaprasad N, vice president &amp; business head, TeamLease Digital, a staffing solutions company, puts the number of layoffs in the tech industry at more than 2,00,000 since 2022. Over 21,000 employees <a href="https://www.businessinsider.in/business/news/70-plus-indian-startups-show-exit-door-to-21k-techies-more-pink-slips-coming/articleshow/97411761.cms?">have been laid off </a>by 70 startups in the past 3-4 months including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="50" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more. Anuj Gupta, who has over 10 years of experience in SEO, has lost his job in edtech company upGrad and is a part of the current tech and marketing layoff wave. The layoff situation in India is currently more of a spill-over effect of shake-ups in the West. Unlike the funding winter that hit the Indian funded tech startups cohort in 2022, the current layoffs by big labels are largely corrective talent adjustments. “Despite potential opportunities coming our way due to global shakeups, it is prudent for India Inc. to treat the current layoffs as a tip of the iceberg,” says <keyword id="138078" type="General" weightage="50" keywordseo="kamal-karanth" source="Orion">Kamal Karanth</keyword>, CoFounder, Xpheno, a specialist staffing company. He adds that enterprises, especially in tech, will benefit from remaining alert and conservative on costs for at least two quarters. Agrees Sivaprasad, “Companies are battling a slowdown in demand after a hiring frenzy. No company is certain to avoid significant cutbacks in such an economic environment. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. It looks like the trend will continue for some time.” Many IT majors have announced mass layoffs in the last couple of months, quoting factors like overhiring, an impending recession and geopolitical conflicts. “We expect businesses to exhibit caution in hiring and workforce management through a major part of 2023,” <keyword id="13896318" type="General" weightage="50" keywordseo="sachin-alug" source="Orion">Sachin Alug</keyword>, CEO, NLB Services - a global technology &amp; digital talent solutions company. Delhi-based Pankaj Kumar, laid off from a software company this month, says that one day he got a message saying that the company was restructuring and that it was his last day. “However, we were forced to resign and also we received very little in the name of assistance as promised.” Kumar feels that most startups today have no clue about manpower requirements and just hire to show their investors that they are doing well without having an idea of how they can sustain themselves in crucial times. Tech jobs have been the most affected: As discussed, tech companies, especially IT firms, are very vulnerable to an impending recession in the US. “The tech sector has always been highly sensitive to economic cycles, and the current economic downturn could have a significant impact on these companies. A recession could lead to decreased consumer spending, reduced corporate investment, and layoffs, which could all hit tech companies hard,” says <keyword id="328697" type="General" weightage="50" keywordseo="sandeep-budhiraja" source="Orion">Sandeep Budhiraja</keyword>, Co-founder, Executive Director and Chief People Officer - BYLD Group which provides HR and Business productivity solutions, Additionally, the US market is a major source of revenue for many tech companies, so a recession here could have a widespread impact on global operations. Finally, any disruption to the global supply chain could further disrupt tech companies, as many rely on components and materials sourced from around the world. “The sectors that may be most affected, other than the technology, are telecommunications, financial services and retail. The telecommunications sector could be hit by reduced investment in infrastructure and lower customer demand. The financial services sector could be adversely affected by a decrease in credit availability and tightened lending standards, while the retail sector could suffer from decreased consumer spending,” adds Budhiraja. Everyone is vulnerable: “Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add major value to the organization. Usually, mass layoffs affect employees invariably regardless of their performance but in organizations that choose to let go of a selected few, performers at a certain level tend to be the target,” says Alug. The primary causes of layoffs are the foreseeable recession and the geopolitical scenario which have led to inflation, impacting many industries. Prominent players in the IT and Technology domain are being cautious to ensure profitability and better predictability of business. Agrees Karanth, “The larger layoffs related to enterprise strategy and austerity are mostly across the ranks and ratings of performance. Such layoffs related to macroeconomic movements are typically steamrollers on entire divisions, geographies and business units. While each enterprise has their own pattern of priority on the layoffs, the high cost and high volume headcounts typically come under the lens faster.” Look out for red flags: “Layoffs in a situation like now are largely written on the wall. It is often the speed and style of a layoff that's a surprise to talent, and not the layoff by itself,” says Karanth. Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management. “Additionally, if a company is reducing or eliminating certain departments or projects, it may be a sign that layoffs are coming. If there are rumours of layoffs or if employees are being asked to take unpaid leave, this could also be a sign that layoffs are imminent. Finally, if the company is not meeting its financial goals or is experiencing a downturn in business, layoffs may be a possibility,” says Alug. Hiring remains slow: “Many of those who lost their jobs are still looking for work, as nearly every major corporation has put a freeze on new hiring due to global macroeconomic conditions and recession fears. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. Looks like the trend would continue for some time,” says Sivaprasad. However Karanth feels that while tech hiring has slowed down, there are opportunities for talent who are flexible and agile to look beyond their domain. The non-tech sector's talent demand has been compensating well for tech's hiring slowdown. <keyword id="2838370" type="General" weightage="50" keywordseo="shraddha-jain" source="Orion">Shraddha Jain</keyword>, who is also known as 'Aiyyo Shraddha' on social media, posted a hilarious video on Instagram, where she slammed companies for laying off employees despite making a profit. "At the company offsite, we celebrated the company tripling its profit in a year. What happened? A month later we are so poor. Who robbed us?" she asked. While these are questions that reflect the grim reality of large scale layoffs, employees should brace themselves for tough times ahead. 2023 will be a turbulent ride.

You Searched For "vedantu layoffs" and got 8 results

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