“When people are financially invested, they want a return. When people are emotionally invested, they want to contribute.” - Simon Sinek

Recently, we have witnessed tens of thousands of workers losing their jobs across the world. Overhiring, cost constraints, and funding issues have created new issues for businesses as the epidemic period comes to an end. From 2023's commencement, there have been an increasing number of layoffs that began last year.

Twitter recently closed two of its three Indian offices and instructed its employees to work from home.

Almost 450 people from various divisions were let go by Google India. This year, the corporation declared that it will eliminate 12,000 positions or more than 6% of its global workforce. Milind Lakkad, chief human resources officer at Tata Consultancy Services (TCS), told PTI that the business does not plan to lay off workers but rather believes in developing people for longer careers after they are hired.

By the way, its not just Technology jobs! Interestingly, the largest group of laid-off employees in the study did NOT hold tech jobs, with 27.8% working in HR & Talent sourcing and software engineers coming in second with 22.1%

Layoffs are a harsh reality in today's corporate world and have become a common method for companies to cut costs, restructure, or respond to economic changes. A layoff is a termination of employment, often involving many employees losing their jobs at once. This can be a traumatic experience for both the employees and the company.

From the Corporate Perspective, layoffs are sometimes viewed as a necessary company action to save expenses and increase profitability, particularly during periods of economic downturn or restructuring. While layoffs may boost productivity and cut costs for the firm, they can also have unfavorable effects on those who lose their employment, including financial strain, diminished job security, and low morale. Layoffs may also result in a drop in employee loyalty and productivity and may harm a company's reputation and brand image. Many businesses take a sensitive approach to layoffs and work to lessen the impact on workers by providing severance payments, outplacement services, and assistance for individuals who are impacted. The emotional and financial cost to employees might be high even with these precautions.

While from an Employee's pount of view, it is a painful event for an employee, resulting in financial, psychological, and emotional difficulties. Workers who lose their jobs may struggle financially, lose their healthcare coverage, and have trouble obtaining new jobs. They could also feel betrayed, angry, and frustrated, lose their sense of self, and lose their identity. They are usually not informed when they will receive a notice of the layoff, and the business acts as though this is the first time they are doing it.

Human Resources department looks at this challenge differently. It is an essential move to maintain a company's long-term existence. Usually, human resources (HR) experts are engaged in the planning and implementation of layoffs, including selecting which roles or departments to remove, determining the number of employees to be laid off, and creating communication and severance packages for impacted employees. The emotional and psychological effects of layoffs on both impacted employees and those who stay with the organization must also be taken into consideration by HR experts.

In the end, layoffs are certainly a difficult and complicated subject that may have a big impact on workers, businesses, and the economy. Even though there may be times when layoffs are necessary, employers should try to lessen the impact on workers and provide them with support during the transition. By doing this, they may contribute to making sure that the procedure is as simple and controllable as possible and that the business can advance in the right way. It's imperative to note that during a layoff, it's important to remember that we're not just letting go of employees, we're letting go of people - people with families, hopes, and dreams. We must approach these difficult decisions with humanity and compassion, and provide support for those who are affected.

So let's first be Humans :)