In early 2021, North America witnessed the 'great resignation. Employees in the US and across Europe were voluntarily quitting en masse in the wake of the pandemic, rising cost of living, inflexible remote-working policies or an overall change in the thinking process. Maintaining a greater work-life balance was cited as among the key reasons for mass quitting.
Fast-forward to 2023, the Silicon Valley, once considered the 'dream destination' especially for the Indian IT professionals, was jolted almost overnight. The year started with the announcement of the biggest layoff' in the history of tech-giant Google's parent firm Alphabet. It announced layoffs of 12,000 people or 6 per cent of the total workforce.
Alphabet CEO Sundar Pichai said senior executives would also be taking significant pay cuts. Global slowdown, funding winter, fear of recession, among others, were cited as the top reasons for this measure.
Ecommerce giant Amazon also announced in early January its plan to lay off more than 18,000 people or around one per cent of its total workforce (around 1,000 in India). This was the biggest job cut in the 28-year history of Amazon. Since November 2022, like Amazon, Meta, the parent firm of social media giant Facebook has been trimming its workforce.
Facebook has let go of nearly 11,000 employees, mostly from Instagram, Facebook and WhatsApp. This would amount to a 13 per cent cut in the overall workforce.
Google's rival Microsoft is set to fire 10,000 people by the end of March. Microsoft is also led by an Indian origin CEO Satya Nadella and employs thousands of Indians on work visa.
Experts say Indians on H1-B visa need not panic despite the fact that foreign nationals with H-1B visas have only 60 days following termination to find another job or leave the country.
ACHAL KHANNA
This story is from the February 25, 2023 edition of Business World India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 25, 2023 edition of Business World India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Gauging Trumponomics For India
Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0
Reflections on Consciousness and Creation
Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind
MORE TAKE TO DRIVING IN STYLE
High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.
An ENRiching Outlook
KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence
Paving the Path to a Sustainable Future
Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees
LEADERSHIP TRANSITION AT XIAOMI INDIA
Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus
WEAVING SUSTAINABILITY
Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain
FORCE FOR GOOD
FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives
REIMAGINING TOMORROW
For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders
