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
Denne historien er fra February 25, 2023-utgaven av Business World India.
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Denne historien er fra February 25, 2023-utgaven av Business World India.
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MEMORIES & IMPRESSIONS
Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.
The Robotaxi Market
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The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.
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Sharp Slide in Industrial Output on Eve of Deepavali
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Heralding the Solar Era with Sustainable Electrification
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A WELL-GREASED MACHINE
The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
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Disruption Ahead: Beyond Organisation Charts and Structures
ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
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