The year 2023 has been a year of layoffs. So far in 2023, there have been 1,330 layoffs at tech companies with 327,228 people impacted (1,529 people per day).
In July 2023 14,392 people lost their jobs. In 2022, there were 1,557 layoffs at tech companies and 243,318 people impacted (667 people per day).
In an interview with The Indian Express, MoS IT Rajeev Chandrasekhar said that the overestimation of demand led to post-COVID job cuts.
Rajeev Chandrasekhar stated, “If we look at the tech space, layoffs occurred post-Covid. It happened to companies like Google, Microsoft, Meta, and even smaller startups. When the world was emerging from Covid, everyone believed that the digital and digitization boom would be a permanent phenomenon. People thought that remote work would become a permanent setup.”
He further said, “Some companies may have overestimated the demand and consumption of digital products, leading to resizing and rightsizing of organizations.”
Recently, Byju’s employee Akansha Khemka from Kolkata burst into tears in a video message company is forcing her to resign and threatening to withhold her salary beyond August 1. She has been seeking support from the government for saving employees from a ‘toxic’ work culture.
A DIY platform that enables merchants with zero programming skills to set up their e-commerce store using smartphones, Dukaan has replaced 90% of customer support staff with an AI chatbot.
India’s leading e-commerce company, Flipkart-owned Myntra will layoff employees amid restructuring.
Additionally, it is expected that the e-commerce company is likely to eliminate about 50 roles across the organization.
Tata Steel has sacked 35 employees for breach of the ethical code.
Tata Steel chairman N Chandrasekaran said, “The company has made significant acquisitions in the last few years and initiated a drive for an open culture.”
“Employee can express his or her concerns. It could be sexual harassment or a practice they noticed at the company. We are encouraging people to record their grievances”, he added.
“A combination of these factors led to a higher number of complaints. We received 875 complaints last fiscal, and 158 were related to whistleblowers, 48 were regarding safety, and 669 on HR and other behavioural issues”, N Chandrasekaran added while addressing shareholders at Tata Steel’s annual general meeting.