Companies Restructure, Cut 3,00,000+ Jobs In 2022: Will 2023 Bring Stability?

Companies Restructure, Cut 3,00,000+ Jobs In 2022: Will 2023 Bring Stability?

 

We are at the business end of the year 2022, which has hardly been a smooth ride for the Corporate Job ecosystem. The year 2022 marked the end of Covid-19 restrictions and the resumption of most economic activity.

However, be it recession, inflation, employment crisis, or economic downfall, the ghosts of the pandemic can still be seen in various forms. Adding up to the crisis were job cuts that turned out to be one of the biggest crises that hit the world on the sidelines of the 2019 global health emergency. Be it cost-cutting, performance-linked layoffs, restructuring purposes, or something else, we saw lakhs of job cuts this year.

Worst of all, the economic downhill ride that began nearly three years ago has still not been curtailed. Amazon and Meta, two of the biggest tech behemoths, kicked out several thousand employees in 2022. Besides them, nearly other 600+ enterprises laid off more than 3,00,000 staff globally.

There are multiple reasons, varying from company to company. Some of the common reasons for the layoff are:

  • Companies are not able to adapt to the situations after the lockdown and pandemic.
  •  Inflation is on the rise again.
  • Companies facing financial difficulties.
  • The slowdown of funding in the business world.
  • The Ukraine invasion by Russia has led many companies to stop doing business with the latter.
  • The inefficiency of employees.
  • The incompetence of the workforce.
  •  Modernization and reorganization of a business. 

Global inflation is on the rise and amidst the rising recession and economic slowdown, big corporates have started laying off their employees for cost-effective measures. The declining economy is impacting everyone around the world, however, people working in the service sector are the ones severely affected by this.

 

Take a look at companies that issued pink slips to their employees in 2022.

Major Layoffs 2022 

Is your Job secure in 2023?

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