Job Cuts in India: The global recession hit millions of people worldwide. It has also affected India. In the recent past, along with many big companies in the country, startups have also laid off employees on a large scale.
In such a situation, the question arises of how much has been affected by the global recession in India. On the one hand, where there is an atmosphere of uncertainty among the Indian employees, on the other hand, the recruiting firms have given relief news.
Less Retrenchment In India Than In The World
According to the report published in Economic Times, many new recruitment firms have claimed that very few employees have lost their jobs in India compared to the world. While the jobs of 100 people have been affected in the world, only 2 to 3 employees have been retrenched in India. In such a situation, the effect of the global recession has been significantly less on the people working in India.
Which Companies Did The Most Layoffs
Significantly, many recruiting firms say that most layoffs have been done in tech services, startups, e-commerce companies and tech enterprises. The biggest reason is that these startups have recently faced a lack of funding. In such a situation, these companies have decided to do layoffs to save money.
According to the firms’ report, out of the total global layoffs in the year 2022, 11 per cent of the Indian employees have been affected. At the same time, by 2023, this figure is only 4 per cent. In such a situation, this number is minimal compared to the world.
Meta Announced Layoffs
Recently, the veteran tech company Meta Layoffs has once again announced layoffs. This retrenchment is going to affect Facebook as well as WhatsApp and Instagram. Meta has prepared to show the way out to 10,000 employees in this round of retrenchment.
Chief Executive Officer Mark Zuckerberg announced the company would lay off 10,000 employees. In such a situation, after April, a retrenchment round will be done again in May. After this, the Indian social media company Koo (KOO) has shown the way out to 30 per cent of its staff.
