In what could be considered as a devastating statistic for the Indian workforce in the USA, the country has seen a 98% increase in the layoff rate in 2023, as compared to 2022.
According to a report from the reputed Challenger, Gray and Christmas company, the USA has seen a total of 7,21,677 layoffs in 2023 which is nearly double that of the statistics from 2022 – 3,63,832 layoffs.
In a more concerning update, the tech companies, including giants like Amazon have fired 1,68,032 employees in 2023.
The report suggests that all the major companies in the USA have restructured their workforce with cost-cutting being the focal point. The sharp spike in the firing rate clearly implies the same.
The report further adds that companies are working on restructuring, mergers, and introducing AI for more effective budgeting and this could mean that there will be more layoffs in 2024 as well.
On a related note, 34% of the business owners didn’t give any bonuses to their employees in 2023, which is again another unusually high number.
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