Tech Layoffs and their Effect on the Changing Job Market
Introduction In recent months, the tech industry has been rocked by news of massive layoffs, causing fear and uncertainty among those affected. Big tech companies have laid off thousands of employees globally, with the ripple effect soon reaching India, where over 130,000 employees have lost their jobs. While the cloud of layoffs is yet to completely pass, employers and employees are concerned about how the job market in India will shape up in 2023 amid these unprecedented times. How Will the Layoffs Shape the Job Market in 2023? The scale of the layoffs is reminiscent of the unforgettable 2001 and 2008 layoffs, but the trends do not indicate that it will turn out like those two periods. However, the impact of the layoffs will bring out several changes in the job market. No Rapid Hiring: Leading IT firms adopted a quick-scale hiring approach during the pandemic to meet the rapid surge in client-side demand. However, the demand curve has almost flattened, and companies a...