The layoffs are happening in almost every company. Last month, my company laid off 10% of the workforce. As it's not a big company it's not in the news but the layoff happened. And similarly it is happening in almost all the companies whether small or big. Like TCS, Google, etc all companies are doing the layoff. Some companies are doing based on performance basis whereas some are doing just random.
PC: Pixabay.com
In my company, they have reduced the headcount just like that without any backup plan. This is mainly happening because of the volatility in the world market. With tariffs around, most of the normal companies are just playing safe. They are removing people, asking the guys who are there to use the AI to improve the productivity as well as no hiring or very less hiring is happening. And this way a lot of people are in job market applying for the the job.
And because of that any companies which are hiring are getting a lot of candidates and thus now the companies can pick the lowest paid candidate and thus get advantage of this job market. Similarly for candidate it's a very bad time to be in job market, as the competition is fierce. And thus you cannot expect the same compensation, you have to reduce your expectations or move the cities to get the job now.
And that's why having the emergency fund which is little bigger is a need of the hour. I am also updating my emergency fund from 3 months to 6 months because of thus job market. If the job market would have been good, I could have got the job in 3 months but now it might take 6 months too or even 1 year. And that's why having bigger emergency fund is better.
Posted Using INLEO