A layoff is known as workforce reduction or redundancy and job cuts in a situation where in employer terminates the employment of one or more employees. Layoff happens mostly because of Business or Economic reasons. Employers does Layoffs to cut the cost, restructuring, or to adapt new marketing conditions, Introduction of Technologies to replace the human efforts and Pandemic-19. Most important things to be noticed here is, lay off is usually driven by broader organizational situations, not because of individual performances.
Nowadays, A huge number of employees being paid off due to above reasons and it is likely that, The Tsunami of unemployment.
Almost all industry and sectors have laid off in 2022-23, and the chances of getting more lay-off in 2023 has huge possibilities.
The Biggest Question arises, will lay off differs industries wise, Product and service wise?
The Answer to these questions is very much challenging and lead to deep discussion, but with some case studies, we can say, it is different. The uncertain global economy, inflation, persistent supply chain challenges, and slowdown in revenue and profitability, all these contributed to companies to take layoff decision for cost cutting and maintain the Economic balance.
If we see the professions, according to Chris’ case study, Event planners, new starts ups and contract works are the professions who has most layoffs, followed by Edtech, consumer services, E-commerce, and IT Sectors, the Giant players in tech industries like Google, Meta, Microsoft, Amazon and so on, have this trend of layoff.
When any organization plans the layoff, always lay off employees who are extra cost to the organization, has less skill sets, and experience, but the employees who has special or extra skill sets, like some professional certifications ensures the better chance of job securities. It enhances job security by demonstrating the expertise and commitments to the fields. these certifications expand the skills diversifications.
Accounting professional is profession which is less impacted in layoff era as main reason of layoff is economic situation and expert Accounting Professionals plays important role to improve the conditions by their expertise. Certifications like Professional Business Accountings (PBA) have competitive advantages in job markets and less susceptible to layoffs.
ITAP brings this hope of less Layoff affected careers in student’s life by giving them best education and training on accounting, finance, and Taxations, and offer employment in Big MNCs to take care of their accounting pillars.
So Choose the BEST and be the BEST!!!