Education & Career

Why are people losing jobs in 2023 in India?

If we talk about IT Tech companies there are more than 1000 companies that cut jobs across all the sectors and 1.60 Lakhs people losing jobs in 2023 in the entire year. People have started mentioning the worst year in layoffs due to which more workers got in feared and many of them have settled in their mind that anytime they can lose their job at any moment.

But the main question is why they lost their job. Who is responsible for this? Is this the responsibility of the employee or the company

The reason behind losing jobs

1. Economic Slowdown

It has been seen in recent years in India, it is due to a decrease in goods and services demand. Many companies are cutting back their workforce and keeping limits to the number of workers that can grow productivity in their outcome.

2.AI Automation

Artificial Intelligence is one of the major factors that has easily replaced the human workforce with AI and due to this productivity is increased doubled the productivity generated by humans,  Due to the number of vacancies decreased and most of the work is easily done by robots or Artificial intelligence mechanisms. In this, the employee’s family has suffered a lot as it has stopped income and let people fall into depression.

3. Increasing labor laws

As Government as newly started labor laws for the staff and employees. It has impacted startups and new businesses to implement the labor laws compulsory for all employees. At last, the result is that it is facing difficult for businessmen to hire workers and retain workers.

4. Moonlighting

This word is mostly heard in the field of IT Tech companies that are located in India and out of India. Moonlighting is nothing but spending your time in 2 different jobs. The job can vary. For example, a person is working a full-time day job but once he returns home he starts working for another company. In this, he can easily earn double the package of what he is getting in day time job. This is strictly not allowed by the companies but nowadays people have started more after this pandemic lockdown as 80-85% of people were working from home. So now companies have started finding these employees who are indulged in moonlighting and started firing the people with and without notice.

Conclusion

All these factors have majorly affected the job market. In this type of economy, people have started taking freelance work. Or short type work where they can allow people to work flexibly and can earn transparent money. These days technological advancement has gradually degraded the productivity of people working in industries. If people will think about these points mentioned above then there is a possibility to improve. To get a good job and likely the companies will improve their condition. I hope you have received all the points that you were thinking in your mind. How did you like our content? Do mention it and we would also like to know your opinion. Thank You        

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