Recently I read that Google and Facebook parent company Meta are both likely to reduce staff as part of cost effectiveness exercise. Same was in news for Alibaba, Amazon, Cazoo, Credit Suisse, Ford, GoStudent, Nordstrom, Opel, Tencent amongst many others. Since April 1, 2022 more than 43,000 start-up workers lost their employment globally. In India 11,363 employees have been retrenched by 34 startups, which includes unicorns such as Vedantu, Cars24, Ola, Meesho, MPL and Unacademy. Edtech has retrenched the most employees, with 11 edtech startups terminating jobs of 4,068 employees in 2022 alone.
In order to keep pace with pandemic triggered slowdown resulting in changing business requirements, organisations are realigning their strategic goals and looking at cost effectiveness. When the organisation is planning to revisit the strategy, fight pandemic after-effects, face repercussions of geo-political issues/war, combat inflation, reduce cost, then employees are the first targets that have to face the heat of resulting decisions. Organisations look, on one hand, at digital...
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