According to the reports of the International Labour Organization, the world has lost over 11 crore jobs in the first quarter of 2022, but instead of things getting better with time, the situation has worsened with every passing day.
Tech behemoths including Meta, Amazon, Microsoft, and Intel along with crypto giants such as Kraken, Crypto.com, ByBit, and now SwyftX have decided to reduce their workforce by a significant margin. In the month of November, over 46 thousand tech professionals got the sack with the number only expected to increase in December.
Mass Layoffs in Tech & Crypto Industry
The International Monetary Fund has predicted the global GDP in 2023 to be the worst since the great depression of 2008. As if it was not enough, the price of commodities has inflated drastically, a result of which central banks all around the world are pushing their interest rates to the skies.
Meta reduced its workforce by 11K employees. Intel by 20% of its marketing staff, Oracle Corporation by 143K employees, and Twitter by 50% of the total workforce. Other major layoffs in the industry include Salesforce, Barclays, Disney, Asana, Cisco, Caravana, HP, AMC, Kraken, AMC Networks, CNN, and ByBit. These are the names of those industry leaders that have decided to let go of their employees due to different reasons and their future human resource targets.
India is one of the largest talent pools for IT professionals in the world and these layoffs are going to impact Indian professionals by a significant margin. The Crypto industry could not stay aloof from the layoffs and some major centralized exchanges have decided to significantly reduce their workforce.
What are the Reasons Behind Mass Layoffs?
Even though the macroeconomic factors are not conducive to flourishing economies, there are more reasons than war behind the mass layoffs in the IT industry. Here are some of the reasons that are forcing industry giants to reduce their workforce.
Excessive Market Liquidity
The IT industry has been booming since the last recession and with the rise of blockchain technology, the game has reached another high. The IT sector has been a dream come true for investors due to its significant returns.
Bullish market sentiment for IT enabled the companies to entertain massive employee reserves and maintain them without any problems. However, things changed with the Russia-Ukraine war, Covid-19, disturned supply chains, and the US-China trade conflict. The IT industry had a hit due to these reasons and eventually had to downsize itself according to the demand.....Read More
With the unparalleled crisis of the Covid-19 still in play, it has hit our economy hard.
The outbreak resulted in putting a vast number of professionals out of their jobs and businesses.
On one hand, many enterprises had no choice but to freeze their hiring processes, furlough, or even let go of employees.
These industries mainly included hospitality, tourism and travel, restaurants, IT, entertainment, and more.
On the other hand, certain industries such as healthcare and e-commerce experienced a sudden hike in the need to hire new employees.In these unprecedented times, business verticals need to undertake appropriate measures to recruit new employees safely and effectively.
Consequently, we'll discuss how recruitments and employee background verification are conducted in the post-pandemic era.Major Hiring Challenges Due To The Covid-19 CrisisMass LayoffsOne of the many repercussions of the pandemic is that companies ran short of business, finances, and resources.
Pemerintah telah resmi meluncurkan Kartu Prakerja pada 11 April 2020.
Nantinya, pemegang Kartu Prakerja akan mendapatkan kesempatan mengikuti pelatihan dengan nilai program sebesar Rp 1 juta per orang.
Pelatihan ini bagian dari manfaat Kartu Prakerja sebesar Rp 3,5 juta per orang.Para peserta dapat mengikuti lebih dari satu pelatihan dalam waktu yang berbeda.
"Peserta dapat mengikuti lebih dari satu pelatihan, sepanjang biaya pelatihannya tidak lebih dari Rp 1 juta," kata Direktur Kemitraan Kartu Prakerja Panji W. Ruky dalam acara Katadata Webinar: "Kartu Prakerja untuk Siapa?
", Senin (13/4).Sebelumnya, tujuan program Kartu Prakerja adalah untuk meningkatkan pengetahuan dan keterampilan penerima.
Namun, kini program tersebut juga bertujuan untuk membantu meringankan beban masyarakat, termasuk korban PHK akibat adanya pandemik Covid-19.
CRM and cloud services provider Salesforce has announced that it will acquire ClickSoftware, a developer of in field service management solutions.
Salesforce will acquire US/Israel-based ClickSoftware for approximately $1.35bn, made up of a mixture of cash and Salesforce common stock.
Salesforce was in the headlines in May when its customers experienced disruption to its cloud-based services, after the deployment of a database script inadvertently granted users broad permissions over companies’ data.
But these disruptions have done little to dampen the acquisitive nature of Salesforce.
Indeed, the acquisition of ClickSoftware comes a week after the firm closed its $15bn purchase of data analytics firm Tableau.
The acquisition of ClickSoftware is designed to bolster Salesforce’s growth of its cloud-based products to manage customer service operations.
