The Mindset Transformation: Moving from IT Professional to Entrepreneur and Leader
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Recession In India
August 14, 2024
When recession in India will end?
You must be curious about why I started this blog with this question, well to begin with last week in an event when I spoke with ET Now about tech layoffs in 2024 and the recession in India, this was the most common question. In terms of employment, 2023 was a rollercoaster ride for the tech sector. Recession 2023 had an impact on many employees.
This is a hot topic in the tech industry so I thought it would be nice to address the topic “Recession in India” in this week’s blog.
Job security is something that is earned through hard work and dedication, and when it is lost in layoffs or recession then it can stress anyone out.
There were many news about tech layoffs, recession in the US and, recession in India but the one that most caught the eye was “Google chose to cut about 12,000 jobs from its staff last year”. And the statement from Sundar Pichai about the current round of layoffs:
“This year, we’re going to invest in our top priorities and have high goals. In actuality, we must make difficult decisions to make this investment possible.
Reading all the news and insights is of course stressful. The pattern of tech layoffs has continued into 2024, with Amazon’s layoffs contributing to it as well. The Prime Video and MGM Studio divisions would be experiencing several hundred staff layoffs, the business revealed.
Spotify Wrapped Demonstrates AI’s Potential While Eliminating 1,500 Jobs. The argument that jobs won’t be lost as a result of AI achievement is being promoted by a growing number of businesses.
There are important concerns over the effects of automation and artificial intelligence on employment when cutting back on the human workforce and praising cutting-edge AI-driven features at the same time.
From the perspective of employment, artificial intelligence is a bittersweet symphony.
What's Causing Recession in India and all of Tech Layoffs?
While reading an article I found that, according to New York University clinical professor of human capital management Anna Tavis, all companies will keep “right-sizing” their workforces to maximize productivity, save expenses, and simplify their skill set.
“Its aftereffects from the post-pandemic recruitment boom are still noticeable. Tech companies overspent on hiring more employees. They now feel compelled to realign to the required levels and rebalance their ranks”
What I believe is with artificial intelligence (AI) advancing at a rapid pace and ushering in a new era of work, the debate over AI’s potential effects on labor costs has heated up. Analysts and business executives are assessing how well automation and human skills complement one another. Tavis gives businesses thinking about an AI-powered future some food for thought.
“Application of AI may result in labor cost efficiencies that are highly anticipated. It’s crucial to remember that while some jobs or portions of jobs currently done by human workers are thought to be replaced by AI, these predictions may be premature. Nevertheless, businesses are getting ready for a significant organizational change in light of AI breakthroughs.
Following widespread layoffs at large companies such as Twitter, there is a renewed urgency to discuss corporate restructuring and its repercussions. Such well-publicized actions have an impact on more than just the participating organizations; they also set the standard for trends in the sector and have a knock-on effect that affects organizational behavior generally.
Many of the spokespersons in the event believed that the market still rewards layoffs regardless of how strong the evidence is that these actions hurt the cultures of the organizations and the industry areas that are anticipated to experience layoffs in 2024 and recession in India include consulting services, tech, and tech-related businesses.
But there is also positive news from many spokespersons and companies that the recession is going to end soon and the MNCs hiring has already started.
To sum up, I believe that the tech layoffs may continue to some levels in 2024 as well. The major task should be to navigate strategically through the current situation that balances flexibility, innovation, and adaptability.
The global economy remains unpredictable, and startups in India are not immune to the ripple effects. Fluctuations in international markets, currency exchange rates, geopolitical tensions, and war can affect the economy, customer needs, and overall business sustainability.
The startup network relies heavily on funding, and shifts in investor sentiment can significantly impact a company’s growth. Economic downturns, changes in regulatory environments, or shifts in investor priorities may affect funding availability, influencing decisions around hiring and layoffs.
From our end what we can do is keep ourselves motivated and surround ourselves with positivity and productivity. Whatever the scenario, it is important to understand that we can achieve all we want only when we believe in our ability. We should stay up to date with new technologies, access the scope and need of trade in the job market, upskill ourselves, and be ready to switch careers and jobs when required.
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