After the mass layoff announcement by high-end tech companies it now has reached many other MNCs which are not just tech or e-commerce associated but includes manufacturing, retailing, logistics, real estates, biotechnology, automobile, etc industries.
The mass layoff and hiring freeze gained attention after the overtake of Twitter by Elon Musk and immediate announcement of laying off 3700 employees which accounts for 50% of it’s workforce. This was followed by lay off and hiring freeze from many globally acknowledged companies like Meta, Amazon, Hp, GE, Microsoft, etc.Meta announced one of its historically largest lay off giving up its 11,000 employees which is 13% of its workforce in canada. Jeff Bezos, the executive chairman of Amazon commented on this global trend by asking everyone to save for basic needs and not to spend over extravagant lifestyle at the moment.The recession is usually done to compensate the miscalculation done about the growth of the company. The regular evaluation of the business priorities make the companies to packup many of its tributaries which requires letting go of the employees working in that sector. Moreover, structural adjustments like this are a necessity for the efficient running of any company and can never be avoided. The question is will everything always revolve around the company and it requirements and never around the workforce that hardworks for it?Comment down below.
