The Indian workforce will likely be spared mass layoffs even as companies such as Meta announced more global job cuts. Multiple executives at recruitment and staffing firms told ET that three to four professionals in India are getting laid off for every 100 jobs axed globally.
These layoffs (globally) are predominantly in tech services, products firms and funded startups, and even at some consulting, ecommerce and consumer tech enterprises, which are carrying out workforce optimisation and restructuring exercises, said executives at Adecco, Randstad, Xpheno and ManpowerGroup, among others. Most companies had started the layoff exercises in 2022.
In 2022, India accounted for 11% of the global layoffs, according to findings shared with ET by Xpheno Workforce Research & Analytics. So far in 2023, this has come down to under 4%, the findings revealed.
"The geographic spread of Meta’s layoffs is unknown at this point. With current focus on the overloaded centres, the relative scale of layoff impact in India will largely remain on the same statistical moderate-to-low percentile as it currently is," said Anil Ethanur, cofounder of specialist staffing company Xpheno.
Globally, more than 240,000 jobs were cut in 2022 and over 230,000 so far this year, according to Xpheno. However, the relative pace of layoffs in India is slower compared to the global rate, with (year to date) 2023 layoff count in India adding up to under one-third of last year's total count, Ethanur said.
Read more at: https://economictimes.indiatimes.com/epaper/delhicapital/2023/apr/21/et-back/job-cuts-in-india-just-a-small-fraction-of-global-layoffs/articleshow/99649752.cms
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