What is Happening?
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.
What To Do If You Get Laid Off?
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.
- Time To Upskill Yourself: Instead of finding another job, you can learn new skills or take up a course that would help you land a much better job and have an advantage in such drastic times. Skills are always appreciated and if it increases your LPA by 15-20%, then learning new skills might be one of the best options for you. It’s all about skills and becoming a polymath. Go for it!
- Refine your Resume and Work on Communication Skills: You have built your resume and now it’s time to refine it. Learning new skills, taking up a new degree or something resume-refining would help you in the long run. Secondly, nourish your communication skills! It’s what any hiring manager would want to see in an employee. People may not be so good at their work but at times, people are rejected due to a lack of communication skills. Remember, communication is the key.
- Explore different opportunities: Not everybody is suited for a job and the realization only comes after you’ve lived it. Maybe it’s time for you to explore different areas and opportunities. There are some options which you can explore:
- Switch to Freelancing.
- Explore a different field of work other than your last job or refine your last job skill.
- Work on a business idea you’ve had because IT’S TIME.
- Similar job with higher packages and job security: Find a job with the same role as the previous one but with higher packages. Even though the layoffs are currently affecting the job market, especially in the ed-tech industry, the cost of acquiring fresh talent from the market would be restrained to a certain extent. Move on to the next job with more package and job security which might be hard in this trend of laying off but don’t get stuck.
Also Read: 10 Best Job Sites To Look For in 2022
But Why Layoffs?
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
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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