Globally, the influence of IT companies is gradually decreasing. Once, employees working in IT companies were paid more. But now there too wage cut, downsizing has become a regular story.
Various companies are facing severe economic problems due to the economic downturn in America and Europe. The impact has affected not only small companies but also leading IT companies like Twitter and Facebook.
Its exposure has led leading companies like Twitter, Facebook and Microsoft to lay off their employees. Facebook has announced that they will lay off 11,000 employees. Twitter has laid off more than 50% of its employees. And Google also announced that they will lay off 5% of their workforce.
In this situation, according to the report of the Economic Times media, it has been said that the investors of various companies are also pressuring the companies they invest in to carry out retrenchment. Due to this, startup companies in India have said that they have closed more than 70 percent of their jobs in the last six months alone.
It has been reported that all sectors like e-commerce, fintech, logistics, healthcare etc. are making layoffs and companies like Byjus, Meesho, Shareshot are also making layoffs.
This report has come as a shock. There is a danger that the potential of the youth will be wasted and their livelihood will be affected. It is not known when this predicament will change and new jobs will be created.
Retrenchment in IT companies should be stopped. Those companies should take positive steps for that the livelihood of talented Indian youth is not ruined!