Humiliation and uncertainty are the words to describe the situation, says one of the many Twitter India staff who was handed a pink slip on Friday. That the laying off was perhaps on expected lines or that the microblogging platform itself erupted in support from 'Tweeple' or emphatic outsiders did not make things less painful, says another ex-employee. For scores of Twitter India staff, the grim reality of large scale firings -- that also coincides with the dreaded layoff winter -- is just about 'sinking in', days after popular platform was taken over by the world's richest man Elon Musk.
The best possible way to deal with job uncertainty is accepting the fact that it could happen to anyone and if it does, then it is important to work on a multi-pronged strategy on how to get through it in the best possible manner, advises Sumit Sabharwal.
'Re-evaluate your career goals and be ready to embrace challenges. ' 'Work thoroughly on your resume by highlighting the key skills and major areas of work.' 'Check and apply for jobs posted by employers regularly.' 'Stay positive.'
Google will lay off 12,000 jobs across the globe, its CEO Sundar Pichai announced on Friday, becoming the latest tech giant after Microsoft, Facebook and Amazon to retrench staff en mass amid the global economic downturn. In an email to employees, the Indian-origin CEO said: "I have some difficult news to share. We've decided to reduce our workforce by approximately 12,000 roles." Pichai said the layoffs at Google were carried out after a "rigorous review" of its operations.
According to sources, employees from marketing, ad-tech, category, digital marketing, engineering team, catalogues, have all been asked to leave.
Building front-end and stitching it with back-end is a task that IT firms are learning the hard way, finds Raghu Krishnan.
Falling valuations, slowing funding rounds and faltering investor sentiment seem to have prompted many start-ups to lay off employees in a bid to conserve cash. The latest to do so is SoftBank-backed Cars24, a leading e-commerce platform for pre-owned vehicles, which has laid off over 600 staff, according to sources in the know. The move, they said, is aimed at conserving cash amid cautious investor sentiment and a slowdown in funding.
Four Tech Mahindra employees approached the labour commission in Karnataka
Jobs in HR, administration and recruitment have seen a substantial rise as per Monster data with a 42% growth in job posting activity.
Remember, the security of your job primarily depends on two major factors -- how relevant you are for the organisation and how the organisation is aligned to its stakeholders (investors, clients and employees)
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
The company, which is part of tech giant Microsoft, has about 1,200 employees in India. It, however, did not comment on the impact of the job cuts on its India operations.
The sector will see a minimum of 3-5 per cent of the weight being shed in almost every IT company - particularly the big 20 - because of Covid and not performance-related issues.
Some Silicon Valley execs forecast a turnaround as early as second quarter 2009.
'Enterprises have become more demanding in terms of their productivity expectation from their employees.'
Kasam Shaikh is the fifth person in India and first from Maharashtra to receive the award for Microsoft Most Valuable Professional title in Artificial Intelligence.
TCS will have to deliver higher revenues in the succeeding quarter of FY15.
'During the pandemic, thousands of IT employees have lost their jobs.' 'Many of those who still have their jobs fear that they will lost it any moment.'
Employees across segments, including those involved in specialised jobs such as technology, compliance and risk management, have started leaving the bank fold in hordes, observes Tamal Bandyopadhyay.
After a recent fall in profit, Masayoshi Son of SoftBank announced that the Japanese tech investor will look at dramatic cost-cutting. Before he does that, investments in India for calendar year 2022 (CY22) will fall radically, observed sources in the know. Last year, the company had invested around $3.2-3.5 billion in the Indian start-up ecosystem - almost 10 per cent of the total investment the sector received. For CY22, the investments may not even touch $1 billion.
The reopening of schools and colleges has sparked a crisis in the edtech sector with falling valuations, slowing funding rounds and faltering investor sentiment. In a totally altered, post-pandemic landscape where students are back at school and colleges, companies are scrambling to revert to bricks-and-mortar tuition centres and adopting a hybrid model of offline and online education. Demand for online tuition has fallen, affecting the revenue of edtech companies in recent months. After two years of booming revenues, some experts say the sector is looking at a possible meltdown.
Unacademy may see a funding dry spell for at least next 12-18 months and even last till 24 months and will cut costs to weather the lean period, said the chief executive of the education technology unicorn that recently laid off more than 600 employees. "This is a test for all of us. We must learn to work under constraints and focus on profitability at all costs. We must survive the winter," said Unacademy's co-founder and CEO Gaurav Munjal in a letter to the employees. "Winter is here. We are looking at a time when the funding will dry up for at least 12-18 months.
'Our focus on fresher induction is high, given that they come in with certain advantages.' 'They do not have an unlearning process as seen in senior employees.'
"As part of the restructuring, HP expects approximately 27,000 employees to exit the company, or 8 per cent of its workforce as of October 31, 2011, by the end of fiscal year 2014," the company said in a statement.
Uber on Tuesday said it is laying off about 600 employees in India -- about a quarter of its staff in the country -- as business has taken a major hit amid the COVID-19 pandemic. The development comes days after rival Ola had announced laying off 1,400 people from its rides, financial services and food business.
Recruiters are now in search of candidates with soft skills alongside tech-based knowledge, says Ambrish Sinha.
The Tiger Global-backed company says the layoffs would affect all teams.
'Young professionals should be open for jobs in adjacent industries, pick up a contract job to have an opening balance, develop skills in the job in hand, invest in learning and develop cognitive skills and capacities.' 'Spend as per the need only.'
Lessons from entrepreneurs who have launched businesses in the last 18 months.
Over the past week, several unusual partnerships among start-ups, traditional businesses and hospitals have been announced, and several more are likely to materialise soon. The trend could see increased importance of gig workers, who are taking considerable risk to deliver goods to people in the time of a pandemic.
The pandemic helped many entrepreneurs including me realise the power of people who share your passion, says fashion entrepreneur Meghna Saraogi.
An impulsive decision to resign could eventually turn out to be a big career mistake, warns Srividya Kannan.
Though leading brands like Samsung, Apple, Xiaomi, OnePlus, and Oppo managed to absorb the initial lockdown shock and resumed their local production back to 60 per cent, they would likely suffer a 20-25 per cent loss of sales in the October-December quarter.
Walt Disney has laid off about 250 employees and replaced them with Indians holding H1-B visas.
Simplilearn said the pandemic had accelerated demand for skills in areas such as artificial intelligence, cloud computing, data science and cybersecurity.
'The world and India likely won't have a vaccine that is widely administered till the end of 2021.' 'In the meantime, clear communication would help,' observes Rahul Jacob.
The move, however, is unlikely to prompt its rivals in India - Chinese manufacturers like Oppo, Vivo, and Xiaomi - to do the same.
Utilise this time to gain hands-on experience on newer skills or refine current ones.
Sudipto Dey discusses the changing nature of jobs with Paul Dupuis, who recently took charge as India head of HR services major Randstad.
Sudipto Dey discusses the changing nature of jobs with Paul Dupuis, who recently took charge as India head of HR services major Randstad.
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