Pink Slip – Layoff started the waves in 2019. The upcoming 2020 more corporates are to follow to make the balance sheets of big corporates better in the long run at the plight of the employees.
Be the first to read what the industry experts are saying about large companies plans to explore another wave of major layoffs.
Today’s business and health care climate may not be pleasant. Cutbacks, pay cuts and layoffs do not make anyone’s job easy. But that does not mean that the humour needs to stop.
Large IT firms are planning further Pink Slip – Layoff in India to get the company back on the growth track
Employees working in these companies, especially mid-to-senior level staff, facing the risk of unemployment
Today’s business and health care climate may not be pleasant. Cutbacks, pay cuts and layoffs do not make anyone’s job easy. But that does not mean that the humour needs to stop.
Allen Klein
India’s IT giants are going through another significant wave of Pink Slip – Layoff gets the company back on the growth track and streamlines its global operations. Mostly, mid-to-senior level employees of India tastes the bitterness of losing their job as a lot of large firms are likely to lay off about 10000 to 20000 employees in upcoming quarters.
The reports from experts quoted that top companies like Cognizant, Infosys and Capgemini had already made their intentions about ( Pink Slip – Layoff ) in job cuts precise.
Cognizant has decided to issue Pink Slip – Layoff to about approximately 10,000 to 12,000 mid-to-senior level employees from their current job roles in the coming quarters.” It would include a net reduction of about 5,000 to 7,000 positions. And the remaining 5000 of the total employees will be re-skilled and re-deployed.
According to Cognizant CEO Brian Humphries about Pink Slip – Layoff –
- “The people reduction exercise will be completed by mid-2020. It will cost the company $150 to $200 million. However, it will also bring in an annualised saving of $500 to $550 million.”
- “The idea is to get the company back on the growth track, and we hope to hire more after some quarters,”
Cognizant to lay off up to 7,000 staff
Similar reports emerging about other IT majors like Infosys and Capgemini, close to 2 per cent of mid-senior level employees might face the axe. Infosys will let go of at least 10,000 employees in the next few quarters. The company runs in a way entirely focused on growth and excellence in which layoffs happens based on employee performance.
Infosys says that “As a high-performance organisation, involuntary attrition is integral to the normal course of business and this should not interpret as any mass trimming across any level.”
Infosys lays off up to 10,000 employees in mid, senior-level; Capgemini cuts workforce by 500
On the other hand, the report says that Capgemini had issued Pink Slip – Layoff to nearly 500 employees due to slow growth of its projects and failure to ramp up some accounts.
“As an IT services company, our people are at the heart of our business, and we are permanently rolling out comprehensive re-skilling programmes to build new capabilities that clients’ evolving digital transformational needs. The net headcount in India has continued to grow well with the strong hiring year-on-year and out the perspective for 2020 look good too,” – said Capgemini
However, more hiring in the US has taken a toll on IT companies in India as the recruiting staff there costs higher than hiring staff in India. It is one of the core reasons why top tier IT firms are letting go of employees working in India.
Capgemini fires 500 employees in India over slow growth
So, how to handle a Pink Slip – Layoff difficult situation?
Well, since losing a job can be a very emotional experience, you need to jump out from this terrible worry. If you already received lay-off notice or got terminated and looking for the best ways to survive the state of affairs, you’re not alone. Take these practical steps to lessen the fallout from this traumatic life event.
“Challenges are what make life interesting and overcoming them is what makes life meaningful.”
–Joshua J. Marine How to make your job loss as painless as possible
Follow these three strategies before you get the Pink Slip – Layoff
Keep your resume updated
An ideal employee is a learner and his pocket always filled with a list of accomplishments, which help him stay at the safe shore. You should try to make it a part of your routine and update your list on a weekly or monthly basis. Tracking your accomplishments is essential as they will be top of mind during a performance review or interview.
Keep your network fresh
You should build strong relationships with your colleague over time. Paying attention and nurturing your professional network will help you find a new direction when you lose your job.
Invest in yourself
Keeping your expertise up to date is one of the most powerful ways to maintain your marketability. Going to professional conferences or attending training programmes along with that is a great way to make new industry connections and enlarge your network.
There are ups and downs with boxing, layoffs are part of the sport, and they can either help or hurt a guy.
Floyd Mayweather, Jr
Consider these strategies after you get the Pink Slip – Layoff
- Take stock of your finances
We know that it is tough to survive in a Pink Slip – Layoff. when the income turns its face from us. But, we got no choice other than considering this situation as temporary. So, count down all the necessary expenses and cut other expenses to streamline the cost. Understanding how long you can cover your financial obligations without a regular income is essential as it gives you a realistic sense of how much time you have to explore your options.
- Line up your references
It is the optimal time to ask managers and colleagues to be a reference as you know that your position in the current company got eliminated. When someone agrees to become a reference, let them know that you will brief them on details of the job role, talking points, and information on who will be contacting them once you become a finalist for the job.
You can also seek out a mentor with the experience that relates specifically to the role you’re hoping to land in to suggest you the right path. A good Placement consultancy services or a head hunting India will be of further assistance in a Pink Slip – Layoff situation.
- Put LinkedIn to work for you
You may feel very confident about your skills for landing a new job, and hopefully, you will land one very soon. But, these days, the job search is more complicated than the past days, and doing an effective job hunt on your own can be very difficult. So, you should make yourself active in online platforms and get a vast online network. It will make your job hunt a piece of cake.
“The modern work world requires tremendous flexibility. Anticipate working in different positions and different organizations. Expect start-ups, disruptive innovation, reorganizations, and moving on to new adventures. Grow and change.”
Jennifer Ritchie Payette
