People might be aware that some of the esteemed and largest organisations are laying off their employees left right and centre, are we heading into recession? Because I have seen my colleagues getting laid off and it's been months they are unable to find a job. Either we are heading towards recession or globally companies overhired the employees post COVID hence clearing the additional manpower. I am bit convinced that it's like recession sort of thing and not sure to over hiring. Share your thoughts on this crisis which has left a good amount of people without any work.
It is true that many people have been laid off from their companies due to employee reductions. This is the impact of COVID-19, many companies have experienced a very drastic decline in turnover. Regarding the issue of a recession, I am not so sure this will happen, but the difficulty of getting a job is not only caused by the limited number of job opportunities which are far less than the number of job seekers. However, it is also because there is a gap between the competencies or skills required by the company and the skills possessed by the person himself.
Nope, it's sure not that. The inflation hit and employees are asking for higher pay, once granted the company is also trying to reduce the number of employees to pay.
Another reason is that there are fewer clients to the companies and you can notice this even in restaurants, only a few are eating out thus the restaurants don't need much workforce.
It may not sound recession yet but obviously, this is going where it is. And the government isn't ready to say this to the public as they are once again preventing people from panicking. This is the frog in the boiling water.