An Indian private sector bank, Yes Bank has undertaken an internal restructuring that has resulted in the layoff of 500 employees, with additional layoffs expected in the coming weeks, according to The Economic Times.
The layoffs have affected staff across multiple departments, including wholesale and retail, with the branch banking segment experiencing the most significant impact.
The report also added that the bank is providing three months’ pay as severance to those affected. This decision is notable as it contrasts with the trend of most private lenders, who are currently expanding their workforce and hiring more employees.
Layoffs Impacting Other Organizations
According to Layoffs.fyi, 344 tech companies have laid off 99,672 employees in this year 2024 globally.
This significant reduction in the workforce highlights the ongoing challenges faced by the industry amidst economic uncertainties and shifting market dynamics.
The loss of 99,672 IT/Tech jobs in 2024 shows the volatility of the current economic environment and the rapid pace of technological change.
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While the situation poses substantial challenges, it also presents opportunities for growth and adaptation. By embracing new skills and fostering a culture of resilience, the IT sector can navigate this turbulent period and emerge stronger in the future.
According to the data shared by Layoffs.fyi, in the year 2023, 1,191 tech companies sacked 263,180 people. However, in 2022, 1064 165,269 employees lost their jobs.
Economic Pressures and Market Shifts are one of the causes of the layoffs. There have been leading companies like Google, Microsoft, Salesforce, Paytm have sacked employees in 2024.
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