After announcing plans to lay off over 2,500 employees, or about 5% of the company’s entire employment, Byju’s has now revealed that they expect to be profitable by March 2023.
Well, Byju’s arriving with a complete disdain for profitability, and employees suffering the axe for it is something we’ve seen many times before, but this time it’s the big guns of the tech business who are looking to lay off people in bulk,
Microsoft, Facebook (Meta), Intel, Netflix, Snapchat, and Google are among the companies involved. All of these businesses have declared layoffs.
Microsoft plans to reduce the Xbox sector of their business by approximately 1000 employees. Following dismal PC sales figures, Intel has announced thousands of job cutbacks, and the guy himself, Mark Zuckerberg, has stated that Meta would be significantly’smaller’ in 2023.
So there you have it, a domino effect of software companies laying off employees due to a sales dip, decreased efficiency, or a funding shortage.The impacts of inflation have begun to emerge, and fears of a recession are growing stronger by the day.
Despite Bloomberg’s prediction that India will not enter a recession, 66% of Indian CEOs believe it will happen within the next year, according to the KPMG 2022 India CEO Outlook. To add insult to injury, 62% of CEOs believe the recession will hamper India’s robust growth outlook.
It is evident that the times ahead of us are uncertain, and everyone is on their own. However, you may protect your family from any type of uncertainty by purchasing insurance.
