The bulk layoffs by global giants like Meta, Twitter and Amazon amid rising concerns of global recession and a decrease in demand is putting pressure on the global employment market. As per the statistics, more than 850 IT businesses across the globe have laid off around 1,40,000 employees on different grounds. The desire to make sharp cuts on salary expenses has given birth to one of the biggest turmoils in the employment sector, especially among techies.

The companies have significantly reduced their headcounts in the last quarter of 2022, as Mark Zuckerberg announced the reduction of 13% of the total team size of Meta and so freeze hiring for the first quarter of 2023. A very much similar scenario has been seen from other mega IT recruiters such as Twitter, Amazon, HP, etc.

The financing through Venture Capital has already dried up significantly to absorb the shock of the Covid pandemic, the Russia-Ukraine War, and the Energy Crisis globally. This has shaken the Indian startup ecosystem also as more than 15,000 employees from known startup brands such as BYJU’s, Ola have been laid off due to the decreasing dependence on online services post-Covid.

These mass layoffs have raised multiple concerns for Indian techies as a significant share of the global IT industry workforce has been served by Indians. The current employment cuts on grounds of various reasons are ultimately focused on long-term business profits for organizations.

But, the announcement of freezing further hiring by these global giants is making the situation worst as all these lay off employees are out in the employment market without bulk employment opportunities. The expected global recession will severely affect the financial and social status of these individuals who have received unexpected termination of their employment and add fuel to their trouble manyfold.

However, the announcement made by Tata-owned Jaguar Land Rover to hire some laid-off employees from Meta, Twitter under their global hiring drive, is a sigh of relief for few. But there are so many who are bound to see these testing times in employee-employer relations which will impact their morale and loyalty towards the organization in the absence of an emotional and financial safety net in the long run.