50% of Companies Planning Job Cuts amid Economic Downturn: Report!! Up until July, the US has laid off around 32,000 tech workers. Since the pandemic started, more than 25,000 startup employees in India have lost their jobs, and more than 12,000 have been let go this year.
According to a recent research, the majority of businesses are cutting bonuses, cancelling job offers, and planning to lay off employees worldwide. In spite of company executives’ continued worry over finding and keeping people, 50% of respondents in the most recent PwC “Pulse: Managing Business Risks in 2022” poll in the US are cutting their overall headcount.
According to the survey that was released on Thursday,
“Concurrently, respondents are also taking proactive initiatives to streamline the workforce and build the proper balance of worker capabilities for the future.”
This is not shocking given the recent hiring boom and the tight labour market, as “executives realise the contrast between having people and having the appropriate employees with the right capabilities.”
According to the survey, “for instance, 50% of all respondents are lowering their overall workforce, 46% are eliminating or cutting signing bonuses, and 44% are rescinding offers.”
The worst has yet to come for the tech sector, which has suffered a big market sell-off, as more than 32,000 tech professionals have been laid off in the US as of July, including at Big Tech companies like Microsoft and Meta (previously Facebook). Since the pandemic started in India, more than 25,000 startup employees have lost their jobs; this year alone, more than 12,000 people have been let go.
These preventative measures are more common in particular industries, according to the PwC analysis. The PwC analysis stated that companies involved in consumer markets, technology, media, and telecommunications are more likely to invest in automation to alleviate labour shortages.
According to Kathryn Kaminsky, Vice Chair, Trust Solutions Co-Leader, PwC US,
“On the whole, this generation of corporate leaders have little experience navigating a recession, but with the possibility of one looming amid increasing geopolitical divides and skyrocketing inflation, they are bullish on their ability to handle what could be ahead.”
In order to reduce risks and seize growth possibilities, CEOs will need to keep modifying their business strategy and investments, according to Kaminsky. In order to overcome the labour shortfall, 63% of organisations have altered their procedures or plan to do so, up from 56% in January 2022.
“Ironically, finding individuals with the correct mix of in-depth functional knowledge and technological prowess is essential as firms shift even more toward automation. Automations may not produce the promised efficiencies and may even increase operational risk without the necessary expertise “The study made a comment. Follow our site for daily updates.
| To Follow Our Instagram | Click Here |
| To Follow Our Twitter | Click Here |
| To Join Whatsapp | Click Here |
| To Join Telegram Channel | Click Here |
| To Join Our Facebook | Click Here |