Global recession and layoffs are the much talked subject these days. Everyday, you will find some multinational announcing some layoffs. I found a new website just dedicated for news related to layoffs. Reliance recently announced to layoff 5000 employees mostly from Reliance retail. Reliance had heavily invested for their retail business and due to the Global economic crises, they could not get what they expected.
Their main target were highly paid IT segment class of people, but due to reduction in their salaries and layoff possibilities, these class of people are trying to save and go for cheaper shopping alternatives.
Layoffs have really made life anxious for the employees of multinational companies especially in the IT sector and highly paid employees. Recently Microsoft announced layoff of 15,000 employees, which is about 17% of their 90,000 employees worldwide. Citigroup has announced a layoff of 52,000 and limits on executives pays.
Most of the employees are facing anxious moments due to the recent layoffs. The employer needs to take necessary steps to face the global recession like reducing the number of employees, reducing the pay rates to make sure of their sustainability. Overall all the sectors are effected, most of the companies are identifying the departments or divisions which are going in loss and either closing those divisions or reducing the staff strength especially highly paid ones and even pays are being reduced.
{ 7 trackbacks }
{ 1 comment… read it below or add one }
Recent layoff at Technopark in Kerala http://keralaonline.com/news/mass-layoff-continues-technopark_13593.html