Recession 2023

Layoffs can happen for a variety of reasons. Some common reasons include:

Financial difficulties:

Companies may lay off employees in order to reduce costs and improve their financial performance.

Changes in business strategy:

Companies may lay off employees as part of a shift in focus or direction.

Mergers and acquisitions:

When two companies merge or one company acquires another, there may be overlap in certain roles and employees may be laid off as a result.

Automation and technology advancements:

As technology advances, some jobs may become obsolete and companies may lay off employees in those roles.

Seasonal or project-based:

Some companies may lay off employees after a specific project is completed or during slow seasons.

It's important to note that not all companies are laying off employees and some are even hiring despite the current economic situation. It's also worth mentioning that the COVID-19 pandemic has affected the global economy and many companies have had to lay off employees in order to survive.

HOW TO PREPARE OURSELF IN THESE DAYS?

Stay informed:

Keep an eye on the company's financial performance and any changes in its business strategy. This will give you an idea of whether a layoff is likely and how severe it might be.

Network:

Build relationships with your colleagues and superiors, and stay in touch with people you've worked with in the past. This will help you stay informed about job opportunities and can also make you more valuable to your current employer.

Be versatile:

Be open to learning new skills, taking on different roles, or working on different projects. This will make you more valuable to your employer and can help you avoid being laid off.

Show your value:

Make sure your superiors are aware of your contributions and the value you bring to the company. This can make them more likely to keep you on during a layoff.

Look for other job opportunities:

Even if you're not actively looking for a new job, it's a good idea to keep an eye out for opportunities that interest you. This way, if a layoff does occur, you'll be in a better position to find new work quickly

Layoffs in January 2023:

From Google, Amazon to Microsoft, the first three weeks of January have already witnessed layoffs of 55,970 employees across 173 companies around the world, as per data on job cuts tracker website Layoffs.fyi as of Monday morning. This is already 35 percent of the total layoffs seen in 2022 when tech firms began letting go of staff amid a fund crunch, to become profitable to stave off the macro uncertainties. While all firms may not be on Layoffs list, here is a look at the major job cuts in IT, IT services and other sectors in January 2023.

Google: Google's parent Alphabet Inc is cutting about 12,000 jobs as it faces "a different economic reality", it said in a staff memo, the latest among tech giants to downsize after a pandemic-led hiring spree left them flabby in a weak economy.

Amazon: The firm last week began a fresh round of job cuts in what’s expected to become the largest workforce cuts in its 28-year history. Earlier this month, CEO Andy Jassy said the layoffs would affect more than 18,000 employees.

Microsoft: Microsoft Corp last week said it would eliminate 10,000 jobs and take a $1.2 billion charge to earnings, as its cloud-computing customers reassess their spending and the company braces for potential recession. The layoffs add to the tens of thousands announced in recent months across the technology sector, which has downshifted following a strong growth period during the pandemic.

Wipro: IT services giant Wipro has said it has sacked over 400 entry-level employees after they repeatedly performed poorly in internal assessments, even after training.

Being terminated from a company can be a difficult and stressful experience. Here are a few pieces of advice for those who have been terminated:

1. Take some time to process your emotions: Being terminated can be emotionally difficult, and it's important to take the time you need to process your feelings.
2. Seek support: Lean on friends and family for support, and consider reaching out to a therapist or counselor to help you cope with the emotional fallout of the situation.
3. Review your severance package: Make sure you understand the terms of your severance package, including any benefits or compensation you are entitled to, and consider seeking the advice of a lawyer if you have any questions or concerns.
4. Update your resume and start networking: Even if you are entitled to a severance package, it's important to start looking for new job opportunities as soon as possible. Network with your professional contacts and update your resume to reflect your skills and experience.
5. Look for new opportunities: This might be a difficult time, but it's also an opportunity to explore new career options or industries. Take the time to think about what you want in your next job and start reaching out to companies that align with your interests and values.
6. Stay positive: Keep in mind that finding a new job can take time, but you are not alone in this situation and there are many resources available to help you.

THANK YOU & STAY POSITIVE.