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.
The current layoffs likely stem from a combination of two factors: over-hiring during the pandemic and mismanagement from executive leadership. During the pandemic, companies understandably hired additional staff to manage the increased workload. However, some executives may have authorized these hires without thoroughly evaluating the long-term need for these positions within the company's workflow. Interestingly, when I search about layoffs, they mostly seem to be happening in tech industries. However, in other industries that I'm familiar with, the demand for employees remains high, making it easier to find a job.