What companies are laying off in 2023? we are going to discuss the Global Tech layoffs in just the past month there have been nearly 50 000 job cards across the technology sector a string of companies including Global Tech Giants have been slashing jobs one after the other Google-owned by parent company alphabet has announced it is going to lay off 12 000 people Microsoft is cutting about 10 000 jobs.
Explanation of the topic
which is almost five percent of its Workforce Amazon plans to lay off more than 18 000 employees primarily in its human resources and stores divisions meta the parent company of Facebook laid off 11 000 people which is about 13 of its Workforce while Twitter has let go about 7500 of its employees since the social media platform was acquired by Elon Musk as a result of the massive layoffs thousands of Indian I.T Professionals in the U.S are without jobs now.
struggling to find new employment within the stipulated period under their work visas following the termination of their employment to stay in the country as per reports nearly two lakh professionals have been laid off since November last year a significant 30 to 40 percent of them are Indians
so why are the layoffs happening what are the implications on those who’ve been hit hard by these layoffs what does it mean for the global digital business all this and much more is in perspective today with our three distinguished panelists joining us on the program delighted to have with us Mr khande Rao Khan his directkhandandation for India and Indian diaspor diaspora studies diaspora is also the prescinds Global Indian technology professionals Association Mr Khan
Importance of the t.opic
we also have with us Mr. Harpreet Singh Saluja foun Harpreetident Saluja Information Technology employee Senate Mr saluja delighted to have Salujathe program as well and Ambassador jitendra Nath Mishra Ambas Jitendrar Khan first to you know put things into context and understand in the first place.
Purpose of the article
why are these layoffs happening why are these Global Tech Giants indulged in a massive firiindulging which is impacting thousands of Indians in the U.S as most of the Giant’s leadership told thaGiant’se is this macro economic concerns and macroeconomic
because of the inflation, there are upcoming fears o,f the recession slows down it’s going to impact the economy for last few years during the coveted time the digital economy boomed and there were much hiring however was drastic and immediate slowdown is impacting their businesses
so all these companies are tightening their bills to be prepared to tackle this recession and slowdowns Ambassador
Overview of the economic landscape in 2023
how is it impacting the Indians what we hear is of the two lakh people who’ve lost their jobs in the country in the last three to four months about 40 percent of them are Indian I.T professionals and especially those who are there on H-1B Visas so how are they going to be impacted
how difficult is the current scenario for them it’s going to be very difficult at a personal level for themselves and their families no doubt just to give some more factual perspective four hundred thousand H1B visas have been granted by the Americans all total now 75 percent oat is Indian according to 2021 data,
Global economic trends and forecasts
now you are saying 30 to 40 percent have been laid off are Indians of those now the total Workforce of Indians out of the total in the US is 75 so potentially it could get much worse yes um so far it hasn’t but it could now the question is obviously there is a humanoblem and there is also a problem in the domestic politics of India
because there will be constituencies on behalf of these families these groups of people affected are Iof Indian citizens now what are we going to do about it that is a big question and I will say that the government of India will have to trade very carefully on this because at the end of the day
The impact of new technologies and industries
This is an issue of sovereignty but we cannot just brush this issue under the carpet because not just of the mass not because of domestic politics alone in India but also because of her overall ties with the US right if there is a full spectrum relationship this issue of movement of people unfettered on both sides has to be addressed I’ll stop here I’ll have more sure I’ll come back to ambassador to understand.
Political and social factors affecting the economy
what really can the government of India do in this matter but before I come across to you Mr saluja one question from M, Saluja is a related question on the implication that the current scenario is having on the Indians have been impacted Mr Khan help us in our viewe.rs uh give a sense of you know uh what is the stipulated period under which those who are holding the H-1B visas have to look for another employment and the fact now that it’s a series of layoffs all of the companies big or small are actually firing employees
that stipulated period how difficult period for those who’ve been impacted to actually find new jobs year this is a massive brutal and sudden start with October and particularly last few months or three weeks there have been 73 000 layoffs in uh overall in the USA and most of them in Silicon Valley uh than Seattle those which are the take up because four Giants are mostly situated either in Silicon Valley in Seattle they are a major concentration Noah this uh company.