ust overheard someone talking about mass layoffs in startups. We’ll blame AI some other day. Ever wondered why companies have these massive layoffs? It’s like, a startup raises a million dollars, then bam! Lays off half their staff. Crazy, right? And India not having a proper IT union might get bumpy for employees.
Layoffs aren’t about robots taking our jobs. Companies use them to make their financials look green and futuristic. Yeah, companies love saving money on labour costs. When a whole industry starts laying people off, it creates a temporary buyer’s market for talent.
With unemployment on the rise in India, people get desperate. Especially when you’ve got a house loan hanging over your head, a family depending on you, bills piling up…etc.
The company will start to rehire, eventually, but hey let’s make more money for the shareholders. Companies use this desperation to lowball offers. There are a thousand other folks out there willing to take a pay cut just to get back on their feet.
Kind of depressing, right? It’s like eventually, you get laid off from your job, only to be rehired for less. But hey, that’s the corporate world for you