Vantage | How to prepare yourself for the mass layoff wave of 2024

In the ever-evolving landscape of work trends, the latest phenomenon to grip the employment sector is the unsettling rise of remote layoffs. This unfortunate sequel to the era of remote work has taken many by surprise, as individuals find themselves receiving the dreaded news through a Zoom call, often leaving them jobless in a matter of moments.

Routine of remote layoffs The initial shock of remote layoffs occurred in 2021 when an online mortgage firm terminated 900 employees. The CEO, of Indian origin, faced severe criticism for this approach. Fast forward to the present, and such incidents have become distressingly routine. Recently, 115 journalists from the prestigious Los Angeles Times were laid off via a Zoom call, marking the largest layoff in the newspaper’s 142-year history. Major corporations are not immune to this trend, with eBay announcing the dismissal of 1,000 employees, constituting 9 per cent of its staff. The company attributed this decision to rising expenses outpacing business growth. The list of companies engaging in mass layoffs includes tech giants like Google, Amazon’s Twitch and Audible, Discord, YouTube and TikTok. Alarming numbers The alarming reality is that tech companies alone have laid off 11,000 employees in the current month. Over the last two years, the tech sector has witnessed waves of layoffs, totalling 164,000 in 2022 and a staggering 260,000 in 2023. Unfortunately, 2024 seems to be following a similar trajectory. The unsettling trend is not limited to the tech sector. Banks, such as Citigroup, are also part of this disconcerting club, announcing layoffs of 20,000 employees. Given the overall positive financial outlook for many of these companies, the question arises: why are they resorting to such drastic measures? Experts rule out a global recession in 2024, and inflation is under control. So, what’s driving this surge in layoffs? Pressure from investors A significant factor appears to be the pressure from investors to cut costs. CEOs and managers, beholden to stockholders and venture capitalists, are under constant pressure to deliver better balance sheets and increased profits every quarter. This unrelenting cycle places them in a position where downsizing becomes an unfortunate solution. For those affected by layoffs, it’s crucial to see beyond the immediate challenges. Companies are now looking to do more with less, presenting an opportunity for individuals to showcase versatility, upgrade skills, take initiative and exceed expectations. While the job market is undoubtedly tough, investing in oneself by acquiring new skills and adapting to the changing landscape may open doors to unforeseen opportunities. The rise of remote layoffs is a concerning trend in the current job market. However, individuals can navigate this challenging landscape by embracing change, acquiring new skills and maintaining a positive outlook. In a world where uncertainty prevails, the key is to be resilient and prepared for the next challenge, as something better may be awaiting those who persevere. Views expressed in the above piece are personal and solely that of the author. They do not necessarily reflect Firstpost’s views. Read all the Latest News, Trending News, Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.