Perspective : The Lay-off Crisis | 15 November, 2022

Sansad TV
In this episode of the Perspective Prog. Based on ‘The Lay-off Crisis’. Silicon Valley’s tough times continue with Amazon expected to enforce job cuts that could impact close to 10,000 employees. Amazon’s layoffs come after other major tech companies, such as Meta, Twitter, Snap, and Microsoft, have already implemented such measures. Last week Meta, the parent company of Facebook had announced its plan to fire 11,000 employees which is approximately 13 per cent of the company’s workforce. A few days before that Twitter led by its new owner Elon Musk also witnessed mass layoffs. Snapchat’s parent company snap had also cut around 20 per cent of its workforce in August this year. Companies such as Apple have also announced a slowdown in hiring. The biggest technology companies are bracing for troubled times ahead as the Covid-19 induced acceleration and growth has not kept pace. With talks of global recession, technology companies, typically seen as big spenders, are now resorting to cost-cutting. Indian Startups have also faced this trouble with media reports saying that approximately ten thousand employees have been laid off by startups in mainly edtech and ecommerce sectors this year. So what is the reason for this Lay-off crisis, it’s impact and how is it expected to play out in the future.

1. Harpreet Singh Saluja, Founder President, Nascent Information Technology Employees Senate
2. Rajeev Mantri, Founder & MD, Navam Capital
3. A.K. Bhattacharya, Editorial Director, Business Standard

Anchor: Vishal Dahiya
Producer: Sagheer Ahmad
Guest Coordinator: Anshuman, Lokesh Bhardwaj

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