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Economic recession is going on. In recent days, there have been reports of layoffs from many tech companies across the world. Big companies like Google, Alphabet and Microsoft have recently announced layoffs of 10,000 employees.
< p style ="text-align: justify;"> According to Bloomberg’s report, on January 20, Google CEO Sundar Pichai sent an email to his employees stating that to reduce the workforce, Google will lay off 12,000 employees from different branches of its company.  ;
This phase of retrenchment is going on in such a way that every day some or the other company is deciding to lay off employees. According to a data, ‘In India as well as globally, 3000 employees are losing their jobs every day. This situation may become more serious in the coming times, as some major tech companies have announced a large number of layoffs.
In such a situation, the question arises that why companies are laying off employees at this speed and how much it affects the people of India?
Who is most at risk of job loss, know from experts
Trouble for those working on contract: Vinay, professor of economics at Patna University, told during a conversation with ABP that this year is not going to be good for tech companies. Amidst the possibility of global recession, many companies will lay off their employees.
The biggest risk of job loss is to the employees working on contract. Because they are temporarily kept according to their needs. In such a situation, whenever the company gets into financial difficulties, the employees working on the contract are shown the way out.
Why the layoffs are happening
Meta CEO Mark Zuckerberg has told the reason for the layoff of 11,000 employees in his company is to give a large number of jobs. According to experts, most of the employees used to fall sick during Corona. This should not affect the work, so many companies employed a large number of people. Apart from this, many companies also increased their digital marketing during the lockdown. Many people were hired for this too.
According to Professor Vinay, many companies hired more people than necessary due to the increasing demand for online work in lockdown. Now the market has declined, so companies are firing people to balance it. Companies are also continuously laying off to reduce their expenses amid the growing economic slowdown.
Due to the first lockdown and work from home, there was a tremendous jump in the sales of computer and laptop segments, but now this market is going down.
Global Recession Big Reason
Professor Vinay told that the global recession is also being considered as the biggest reason for the retrenchment. The Corona epidemic had destroyed the world’s economy. Now due to the Russia-Ukraine war, there has been a huge ups and downs in demand and supply in the economy. China, Britain, America, India and Japan have also been affected by this war.
How many layoffs in 2023
From the month of January 2023 till now, 166 tech companies have laid off more than 65,000 employees. Amazon has fired a total of 18,000 employees globally, including 1,000 Indian employees, before Microsoft lays off 10,000 employees.
154,336 employees to be employed in 2022
According to the data shown in the layoff tracking site Layoffs.fyi, in the year 2022, more than 1,000 companies had laid off 154,336 employees from their company. Although more than 2022 employees have been fired in the first month of the new year itself. India’s startups have been the maximum in this. A great example of this is the startup company Sharechat which has laid off 20 percent or 500 employees of its company.
These companies also laid off in India
- IT sector major Wipro recently laid off more than 400 new employees.
- Food delivery app Swiggy laid off 380 employees.
- MediBuddy digital healthcare company has laid off 200 people ie 8% of its total workspace.
- Ola has laid off 200 employees, Dunzo 3% and Sophos 450 employees.
How many times economic recession has come in the world
The decline and interruption in economic activities around the world is a sign of recession. But its worst effect will be seen in America and Europe. Countries like Britain can also come under its grip. However, its impact will be less visible in India.’
Professor Vinay told that economic recession has come four times in the whole world. For the first time the world had to face recession in the year 1975. After this there was economic recession in 1982, for the third time in 1991 and for the fourth time in 2008.
What will be the effect of retrenchment on India
Center for Monitoring Indian Economy has released unemployment data in India. According to which the unemployment rate in our country India has increased to 8.30 percent in the month of December 2022. This has been the highest in the last 16 months.
Retrenchment on a large scale is further increasing the unemployment among the people of the country. According to a data, 3000 employees are losing their jobs every day in India as well as globally.
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