I am really curious why there are so many layoffs in the IT industry. Wherever you see, big companies like CISCO are laying off so many employees. Experts on Grapevine, please explain what is going on.
Lately, there has been an insane increase in layoffs among organisations. There are many factors that lead to employees losing their jobs. Here are the top reasons:
With the inflation hit, consumers saw there’s been an increase in the prices of products. Because of this people changed their purchase behaviour which affected the economy, thereby taking a toll on the company’s losses.
To stay in business, companies take huge loans with high interest rates. And in order to meet the interest rates, they often consider cost-cutting strategies and often reducing the workforce is the best possible solution they can come up with.
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