‘Layoff’ has become a daunting word that anyone would want to stay clear of.
With the way things have been shaping up around the world, at some of the biggest companies, with whom employees thought they had a steady relationship, no one was spared.
Common excuses
This, of course, protects the top executives at the top, and when asked the reason behind the cruel culling of their people, it’s always the same- “cost-cutting, roles made redundant, focus on utilization,” and so forth.
The common thread is that almost all were blindsided, leaving them to dip into their savings or lean on other family members to simply survive.
India situation
The IT and startup sectors in India have taken a nasty hit in particular.
Employers don’t have the courtesy to inform the victim well in advance of what’s coming.
They hold no meetings, and there is just an email and a call from HR.
Some startups abruptly closed the entire business overnight. Even unicorns (valued at $1 billion or more), including Byju’s, Unacademy, Meesho, Ola, Blinkit, and others, have laid off thousands of people.
It’s not just the startups doing this, major storied IT services organizations have been making headlines for this notoriety.
These companies or startups (not sure now about the distinction since there’s no job security there either) during the Covid pandemic shifted towards digitization.
Now, due to the funding winter and lowered demand from customers, they have been pushed to re-adjust their cost structures to the available demand.
Mental health
Thoughts like ‘What if this happens again?’, ‘Was I not good enough?’, ‘Was it my personal failure?,’ or ‘What next now?’ might haunt people for a long time.
Despite everything else that’s going on at present, one should not leave their mental health on the back burner.
Industry experts say people should understand that layoffs are the results of volatility in the market and are not a reflection of their performance.
Networking, stay active
It is also important to network with friends, ex-bosses, and colleagues, so it is helpful to maintain connections with the company that fired you and former colleagues and ask them to help.
The current wave of layoffs has seen groups and communities of people being formed on social media who offer support to and share their experiences and so on.
Such support networks help in a big way, from helping them negotiate severance to finding new job leads to expressing criticism towards companies that have fired people unceremoniously or without following due protocol.
Strategies to consider and employ
Aditya Narayan Mishra, CEO, CIEL HR Services, expounded on three main strategies for employees who have been laid off.
First is to deal with it practically, rather than emotionally.
Second is to start making a list of potential employers, research about available opportunities and companies, look for avenues to upskill and even diversify into other sectors if required.
Third is to approach employers while being mentally prepared to describe their situation while pitching their candidature.
Glass half full
One good thing is that many of these employees are getting absorbed in other companies, be they startups, IT firms or even multinational companies expanding in India.
TeamLease Services cofounder Rituparna Chakraborty advised youngsters navigating the job market to, “Drop your standards when on compensation, be flexible on contracts. Just ignore the frills and focus on the learning.”
CEO at Monster India Chandra Sekhar Garisa said that startups get the quality of hiring right and so the demand for them has been very high.
“I don’t think there is any stigma around laid-off talent,” he said. “A key concern is really high salary levels at startups.
Compensation correction may happen but I don’t think there is any issue in talent getting absorbed elsewhere.
ployees are getting absorbed in other companies, be they startups, IT firms or even multinational companies expanding in India.
TeamLease Services cofounder Rituparna Chakraborty advised youngsters navigating the job market to, “Drop your standards when on compensation, be flexible on contracts. Just ignore the frills and focus on the learning.”
CEO at Monster India Chandra Sekhar Garisa said that startups get the quality of hiring right and so the demand for them has been very high
“I don’t think there is any stigma around laid-off talent,” he said. “A key concern is really high salary levels at startups.
