Will jobs continue to be lost in 2024?
The year 2023 started with people losing their jobs in companies like Google and Facebook. Now in the last week of this year too, while there has been news of layoffs in Paytm in India, globally Nike has also announced to lay off hundreds of people before the end of 2023. This has given rise to a fear that will this phase of layoffs continue in 2024 also? If not, then in which sectors will new jobs be found?
Just a few days after RBI’s new guidelines on unsecured loans, there is news of Paytm firing around 1000 people. According to the news of the Guardian, Nike will make hundreds of layoffs and promote automation before the end of 2023. There has been an increase of 2 billion dollars in the cost of its service, which it is going to compensate through layoffs.
So many people lost their jobs in 2023
Even if we leave aside global figures, the year 2023 has been bad for India too in terms of job losses. According to the data of ‘Layoffs.FYI’, 1,175 small and big tech companies in the country laid off 2.60 lakh people in 2023. This figure was that in 2022, 1,064 companies had snatched the jobs of 1.64 lakh people. In this way, a growth of 58% has been seen in the case of layoffs.
The worst phase is being seen among the startups of India. After global funding stopped, about 100 startup companies of the country have laid off about 15,000 people. The worst situation was seen in BYJU’s, where more than 2,500 people lost their jobs this year.
(The news is being updated)