Layoffs are happening for these reasons
Reason behind retrenchment
If it is about the reason behind the retrenchment in these companies, then experts have different opinions in this too. Yashasvi Ramaswamy, CEO of Great Place to Work, believes that the reason for most of the layoffs in the company is the primary reason for the lack of capital. Mass layoffs Firms are also laying off their employees due to the pandemic, inflation, fear of recession, and slow business growth. Currently companies are focusing on either cutting costs or testing new methods.
On the other hand, Prateek Vaidya, Founder and Managing Director, Karma Management, says that this trend of layoffs is indicating that startups and unicorn companies have hired on a large scale without HR planning and manpower planning. Now the economy is not working properly and companies are doing mass layoffs due to the fear of slowdown and recession in the market. Employees affected by the lay-off have started searching for new jobs on social media platforms including LinkedIn.
package for affected employees
The company also announced a financial package for the affected employees at ShareChat’s parent firm. In addition, the health insurance benefits will remain active till June 30, 2023. Along with this, the employees can keep the laptops and smartphones given by the company to the employees during their job for their personal use.