HENCY R SHAH AND ASSOCIATES

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 3,0...

IMF, World Bank sound alarm about global economic outlook T he International Monetary Fund, World Bank and others raised concerns about a worsening global outlook, while hopeful that China’s reopening will help support world growth. IMF Managing Director Kristalina Georgieva said indicators show further downgrades to global growth are likely. Speaking Friday after a meeting with China’s Premier Li Keqiang in Anhui province, Georgieva said China’s recalibration of its Covid policies would be a good thing for the domestic economy and the rest of the world. The IMF currently forecasts global growth will be 2.7% next year, slowing from 3.2% this year. The meeting was part of the “1+6” dialogue that China holds every year with heads of the IMF, World Bank, OECD, World Trade Organization and others. David Malpass, head of the World Bank, was also downbeat about the global outlook. "I’m deeply concerned that the world is at risk of a global recession,” Malpass said, warning of the potent...

 Moonlighting ethically Valid or not?? IT major Wipro recently fired 300 employees for moonlighting, the term used for working with other companies at the same time. What is moonlighting? Moonlighting refers to working additional shifts or jobs outside one's regular job, usually without the primary employer's knowledge. Companies have opposed the practice, claiming that having staff perform multiple jobs impacts their productivity. Working from home became the norm during the COVID-19 pandemic, allowing employees to take up additional work assignments. Same competency, double delivery. Two different laptops, same WiFi, catering to two different clients — all from the comfort of own home, in own hometown. It was impossible to catch them. Then who caught them? revealing the secret method companies apply to catch moonlighters. The most innocent looking, unassuming —provident fund contribution was the reason the employees were identified. A provident fund (PF) is a government retir...