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With the stock market crash and the ongoing losses faced by many Indian unicorn startups, many companies have laid off their employees and terminated positions to cut costs. Layoffs have already affected more than 8-10k people, and it's continuing. Vedantu, Cars24, Unacademy, Lido, Furlenco, WhiteHat Jr, and many more startups have already laid off many of their employees and are going through the rationalization phase.
In the wake of a bloodbath, some factors such as a prioritization of profitability, unmanageable personnel, and recession have forced companies to take such drastic measures. The question is - What to do if companies start laying off more and more employees and how to minimize the damage? Well, stick to the end because this article covers it all.
In the long run, layoffs will affect a large number of jobs, so we need to be prepared for anything. There are certain things you can do if you're affected by the layoffs. Finding a new job is what most people would choose but you can explore some more options which would benefit you in the long run.
Also Read: 10 Best Job Sites To Look For in 2022
It is expected that there will be mass layoffs when a company experiences low or declining growth, wherein the least performing candidates are considered and disregarded regardless of their situation. At a time when Global Economy is at a standstill or going downwards in some areas, the now-to-be companies use these techniques to safeguard higher authorities in the company and maintain profitability.
In this scenario, the not so important candidates who don't give the company their 125% get laid off.
It's a practice that has been followed for years, particularly during times of recession and global crisis.
Overvaluations have suppressed innovation in some industries and inflated salaries in several, but this will rise to a lower level in the future. Losing jobs is not a pleasant situation but normalizing hyped-up sectors is expected to boost the employment market in the longer run.
The shocks are going to stay for the next 6 months at least given the war situation and the chase for profitability now. Times are tough, capital is scarce, and the layoff practice will be continued. The unmanageable expansion of the companies in the unprofitable times has also led to such drastic steps.
Also Read: Top 10 Unicorns of India in 2022
The bottom line is to be prepared for the worst. Times are tough and companies will continue to lay off employees. There are always better options and silver linings in every problem. Refine your resume, work on your communication skills, and make yourself worthy of better jobs and higher packages. The bloodbath is going to keep coming for the startups but this will normalize the over-hyped valuations and change the scenario in the Indian market. It will not be a shocker if unicorns continue to face big losses and may further merge with other startups or shut down their business operations temporarily.
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