After a lengthy legal dispute around the acquisition of Twitter by Elon Musk, the social networking company has come under scrutiny today after terminating the employment of 3700 long-term employees. The mass layoffs were said to be put in place to overhaul the company after the recent acquisition.
Twitter follows a long list of other tech companies that have this year announced layoffs and/or hiring freezes. Companies like Amazon, who announced that no further corporate positions will be filled this year, or Apple who announced that they will cease hiring for most departments. Furthermore, Meta (Facebook’s parent company) and Google’s Alphabet had announced that they will be freezing hiring for the next few months, while Stripe and Lyft have already started laying off their employees.
With the most sought-after tech companies imposing the above, there are concerns that these layoffs and hiring holds are alluding to an impending recession in 2023. With the industry being negatively impacted by inflation, supply-chain disruptions, energy crisis, and ever-slowing economic growth figures, in these circumstances, it is logical for employees and employers to feel a lack of sense of job security/ safety.
Layoffs by tech companies in recent years are slowly becoming the norm and are undoubtedly a daunting ordeal for employees facing the chopping block. Having experienced this personally and knowing friends and family who have gone through this I know how such an incident can affect a person’s entire outlook on life and work, leading to despair and sometimes even leading to depression. Ultimately, we work our jobs to be paid and provide for ourselves and our families, sudden mass layoffs take away a person’s ability to provide themselves with basic human needs; rent for accommodation, food, and adequate healthcare for themselves and their family, to name a few.
At CESOVA we believe it is our responsibility to expand our company organically and gradually, working with outsourcing partners who have similar values. Outsourcing at a smaller scale means that we are growing at a sustainable pace with an efficient long-term workforce, thus mitigating any risk of layoffs and uncertainty.
As a tech company, we acknowledge that we are working and living on a global scale, whilst Sri Lanka is going through current severe economic turmoil, we are well aware that if the growing global economic crisis reaches a point of the recession, this will further negatively impact Sri Lanka’s economy. We have kept this in mind with our sustainable hiring process, and hope that other tech companies will consider the future impact of the global crisis so that employees are not bearing the burden of unsustainable processes.
Written by Tharini | Edited by Evangeline