Amazon jobs As the world is facing a severe economic crisis, large companies are taking layoffs, and as part of the workforce reduction plan, Amazon’s CEO revealed earlier, and Amazon’s layoffs will now extend to more than 18,000 roles, starting on the 18th of this month, it is said.
a quick turnaround reflects an uncertain economy
Within a week of top tech news today, amazon companies have fired thousands of employees. Amazon has fired 10 000 people meta 11 000 Twitter, three thousand these layoffs have sent ripples across the tech quality Tech workers.
are worried that any time they could be handed the pink slip jobs are being cut indiscriminately that too after two years, of aggressive hiring people working in the Indian tech sector are worried that if the retrenchment happening in the rest of the world affects the tech sector in India then tech companies,
that are Indian like Wipro Tata consultancy Services Infosys and HCL Tech could follow suit also stalking these fears is the news of tech-based food delivery aggregator zomato asking employees across departments to leave the company it is said that the company is letting go of around three percent of the workforce in the latest episode of layoffs various departments have been impacted by the layoffs,
before we try and understand why are tech companies letting their employees go let’s take a look at all the companies that have asked jobs Facebook Instagram and WhatsApp parent company,
meta it holds a valuation of more than 2 lakh 45 000 crore rupees that’s 300 billion US dollars but now the founder and CEO of this company Mark Zuckerberg has written a letter to the employees,
informing them that 11 000 out of them will be let go 13 percent of the total employees of the company stand to lose their jobs Amazon also announced 10 000 job Cuts but it hasn’t given much details as to where and whose jobs will be terminated meanwhile,
as soon as he took over Twitter Elon Musk showed the way out to 3 000 employees out of more than seven thousand employees since then we have seen him playing fire and rehire again and again,
apart from these two Headliners some other companies have also laid off people Microsoft cut 1000 jobs snap 1000 lift 7000 stripe let go of 1100 people coinbase also let go 1100 Shopify 1000 and Netflix has fired 450 people according to crunchbase more than 32 000 people have lost their jobs in America till the month of July itself in the tech sector it’s not just the foreign companies that are letting people go some Indian tech and Tech based companies,
have also retrenched 2500 employees from by juice 1150 from an academy 624 from vedantu around 500 from Ola and 600 employees, have been laid off from Health Care startup in India M5 according to a report by Ned Davis research 11 500 employees have lost their jobs in India so far in 2022 but what is the reason for such massive retrenchment till a few years ago, these companies were aggressively hiring then what happened this year the reason is rising inflation.
Ukraine Russia war and fear of recession which is haunting everyone,,
to a report published by Ned Davis research in September the data is clearly indicating that the global economy is already in a moderate recession and there is now a 98 chance of a global recession now let’s try and understand these reasons in depth we all know and understand that due to the war going on in Ukraine inflation has increased all over the world,
this needs no further explanation for most of us but adding to that poor performance in the first quarter along with inflation and recession fears has forced companies to take steps to reduce their expenses as profits continue to shrink companies are looking for ways to increase profits and increase productivity with fewer employees, and ask the company as the economies are taking a hit companies in many other sectors cut their online advertising budgets overall product based
I.T companies that is those that provide products rather than services are finding it difficult to sell their goods in the postcode world now when covid came it brought the world to a grinding halt but people sitting at home turned covet into a boon for Tech and online companies these companies saw growth and earned huge revenues and they thought it would continue in the Years Mark Zuckerberg himself accepted this in his letter that’s why meta hired more than 15 000 new people in the first nine months of 2022 but now the situation seems changed as they are sacking people similarly Amazon,
also went about hiring as it saw increased e-commerce during covet and now it is laying off three percent of its entire employee strength this brings us to the question that these tech companies use these employees, use them in their greed and now are letting them go with no consideration for their needs just the fear of a recession has triggered these job cards the other question is will the Indian companies also cut jobs the answer to this is a little complicated like the other Tech or tech-based companies of the world TCS Infosys HCL Wipro are now slowly,
putting a stop on hiring although till now like foreign companies these big companies have not let go of employees in the name of recession but the situation can change anytime, there have also been reports in many places that Indian product based startups may lay off 15 700 people this year but so far no such indication has come from any big company one good thing is that Indian companies are somewhat insulated from external upheavals as we saw during the 2008 recession secondly most of the companies in India’s Tech ecosystem are service providers and not product based in such a situation.
even if people do not buy Tech products due to inflation the need for tech services of companies continues the only hope is that this evil of retrenchment does not reach India and the Russia Ukraine war ends and Global inflation..
It is the second-largest private employer in the U.S. after Walmart, which has made up for slower growth, including warehouse workers. Amazon cut costs last year and cut its stock price in half, you know one thing guys.. the future is in question the only life is the present.