HR Insights

Navigating Layoff: From Thinking to Action with Strategic Planning (Part 2)

A layoff can be a disheartening and anxious situation for anyone. Economists and market leaders are predicting that 2023 will be worse than 2022. Employers in the tech sector collectively cut more than 150,000 jobs in 2022 and in just the first three weeks of 2023, layoffs climbed to more than 30% of that figure.

The primary reason for the layoffs this year is the over-hiring that took place in 2021. In 2022 funding got decreased by 40%.

According to a report by Inc42, So far, 21,532 employees have been laid off by 71 startups, including unicorns BYJU’S, Chargebee, Cars24, LEAD, Ola, OYO, Meesho, MPL, Innovaccer, Udaan, Unacademy, and Vedantu. Edtech has laid off the most employees, with 17 edtech startups laying off 8,000+ employees. As the funding winter intensifies, here are the startups that have issued pink slips since the start of 2022.

Inc42 has compiled the list of startup layoffs that have taken place so far. Click here to see.

If you are laid off, here are some steps you can take:

  1. File for unemployment benefits: Check if you are eligible for unemployment insurance and file a claim.
  2. Update your resume and start job searching: Tailor your resume to the jobs you’re applying for and actively search for openings.
  3. Network: Reach out to your professional contacts and attend networking events to expand your network.
  4. Upskill or reskill: Consider taking online courses or obtaining certifications to make yourself more marketable to potential employers.
  5. Take care of your finances: Prioritize your bills and make a budget to manage your expenses.
  6. Seek support: Talk to friends and family for help, or consider reaching out to professional organizations for assistance.

For Part 1 of this Blog

Talk to an expert

A layoff is not just a regular word, it can completely change someone’s life and mental health. It puts them in self-doubt. Your family is dependent on your, kids’ education, old parents’ medical expenses, day to day household expenses. The situation can so stressful that it can lead to depression or anxiety. But a campaign by YourDOST is here to help. #Fired2FiredUp Campaign by YourDOST Talk to a career expert.

When this 2022 recession will end

Forecasting the length of a recession is difficult even the NBER can’t predict how long it will last. Every recession has there own main reason and the length varies from one recession to other. Experts remain optimistic that the impact will not be too severe, which is good news as it may lead to fewer job losses and milder financial impacts on households.

Remember, being laid off can be a temporary setback, and with the proper steps, you can find a new job and regain financial stability.