BTech Placements: How mass tech layoff has put fresher jobs at risk
The year 2022 marked the end of Covid-related restrictions and most economic activities resumed. However, be it in recession, inflation, employment crisis, or economic downfall, the vestiges of the pandemic are still apparent in various forms globally and its ripple effect reached India, too. Over the last few months, a slew of US multinational companies, mostly information technology (IT) behemoths like Amazon, Meta, Intel and Twitter, announced massive layoffs. Besides them, nearly 50 other enterprises laid off more than 90,000 staff globally, according to the Layoffs.fyi, an international layoff tracker. The experts point toward “over-the-top” hiring in the expectation of more business. Companies, in order to meet “expected demands” hired more than the requirement.
“In 2021-22, a lot of people got hired regardless of their talent in the booming market. Many organisations also reported decline in quality and this is why the companies are trying to sift through to retain the productive talent,” said S. Pasupathi, COO, HirePro.