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Everyone hears about the IT, ITES, E-commerce, and banking giants going on a layoff spree.
While this is not breaking news anymore, considering the world has a lot more exciting things to fill its palette like Chinese Spy Balloons, the Hindenburg Report, the Australian Cricket Team’s Tour of India, the success of the movie ‘Pathan’ and the Earthquake in Turkey; the list goes on. If nothing, we are still bombarded with our staple topic from 2022, the Ukraine War.
While I don’t mean to belittle any of the above topics, the trend of layoffs shown by the big organisations should be catching the eyes of at least the non-UPSC aspirants and non-government employees.
Let me now give you the telescope to see the kitchen sink on its way to you in 2023.
|SL#||Company||Industry||Proposed Job Cut% or Count|
|1||3M Co||Home and Automobiles Accessory Manufacturer||2,500|
|2||Rivian Automotive Inc||Automobiles||6%|
|4||Boeing Inc||Aircraft Manufacturer||2000|
|5||Genesis Global Trading Inc||Crypto Lender||30%|
|7||Coinbase Global Inc||Cryptocurrency Exchange||20%|
|8||Stitch Fix Inc||Apparel, Shoes and Accessories||20%|
|9||McDonald’s Corp||Fast Food||TBD|
|10||Hasbro Inc||Toys and Entertainment||15%|
|11||Carvana Co.||Used Car Dealer||4000|
|12||Bed Bath & Beyond Inc||Home Goods Retailer||TBD|
|14||PayPal Holdings Inc.||Fintech||2000|
|15||Goldman Sachs Group Inc.||Financial Institutions||3200|
|16||Bank of New York Mellon Corp.||Financial Institutions||1500|
|17||BlackRock Inc.||Asset Management||500|
|18||Zoom Video Communications Inc.||Online Video Conferencing||1300|
|19||Vimeo Inc||Video Sharing Platform||11%|
|20||Verily Life Sciences||Healthcare||15%|
|23||Royal Philips NV||Health Technology||6000|
|24||Dell Technologies Inc.||Computer Manufacturer||6600|
|27||Amazon.com Inc||Online Retailer||18000|
Source – Wall Street Journal Article – The Companies Conducting Layoffs in 2023: by Joseph De Avila
The companies listed above are laying off ~75,000 jobs which is ~15% of their existing workforce.
We have two options now i.e.
- Assume that this is happening in an alternate universe (we are living in the times of Avengers and Justice League) and continue with our lives counting the daisies as we dance along.
- Wake up, be aware and take action to become more relevant to the reality that is uncomfortable to discuss.
Here are a few facts to be aware of –
- Layoffs are not limited to any particular industry.
- Layoffs are for multiple reasons, not just correcting the over-hiring during the pandemic.
- Several jobs have become redundant with the advent of AI like ChatGPT
Way Forward –
There is no definite path forward because the entire business world has been through a tumultuous journey in the last three years, starting with the pandemic, remote working, changes in customer behaviour and previously unheard-of competition. However, I would like to list a few pointers for you –
Profit Sustainability – Businesses worldwide are now mature to ensure sustainable revenue and profits for their shareholders and are not hopping on the next new fad. However, if the emerging technology reduces people-dependency, they may lean towards it.
Value Addition V/s. Speed – Since the software can any day give humans a run for our salary (oops, money) when it comes to Speed and Accuracy, Knowledge and Leadership skills will now be the differentiators. A leader with passion, knowledge, adaptability and problem-solving skills will be more invaluable to an organisation now than ever.
Blue Collar Jobs 2.0 – The Semi-skilled and Blue-Collar jobs, which are not preferred due to the manual nature of the work, will soon make their comeback. Hands-on may no longer be an expression but the way forward. AI cannot fix your tap; you need a plumber.
Non-Mainstream Domains – The most neglected or unpreferred career choice for the typical middle class was the creative arena and sports domain. Acting, story writing, direction, camera, dance, theatre and sports will see a renaissance with the vastly talented but mostly stability-focused middle class returning to these domains. While peripheral activities like editing, sound engineering, and motion capture will be impacted by emerging technology, the core activities will remain human.
In conclusion, I’m not encouraging you to send in your resignation and enrol for a pottery class today, but rather keep a close eye on what is happening in your specific industry, organisation and domain. Hence, the analogy of a telescope to see the meteor, calculate its trajectory and take action when needed.
These pieces are being published as they have been received – they have not been edited/fact-checked by ThePrint.