How bad is Job Market: A Reality Check
Kartik Mandaville, the founder and CEO of Springworks, tweeted that he got over 3,000 resumes in 48 hours in response to job advertisements on the firm website, with the thunderous remark, "how bad is the job market?"
How bad is Job Market-the job market is really ambiguous or not
Job is a life journey for an educated person to sell their skill in order to earn a living for the rest of their lives. Halts include layoffs, quit-quitting, tremendous resignation, and loud quitting. These halts present a transactional chance for the jobseeker to improve their current lifestyle.
Layoffs are the most recent developments that are limiting job transition chances for job searchers. But how do professionals who have been laid off find new work in a month? The solution is ability and abilities. Professionals may be laid off and paid twice as much for the same duties. How? Again, the answer is talent and abilities!
How awful is the employment market now? Is it bad for all jobseekers, or does it differ from person to person?
Kartik Mandaville, the founder and CEO of Springworks, tweeted that he got over 3,000 resumes in 48 hours in response to job advertisements on the firm website, with the thunderous remark, “how bad is the job market?”
Kartik Mandaville’s Twitter statement became viral, garnering over 1.5 million views. The tweet has elicited a response:
“Bad, very bad,” one Twitter user commented. I’m sure you’ve seen the most recent TCS findings. 5 lakh employees and they have added only 500 headcounts.”
“Best wishes for the interviews.” Another person said, “Would love to hear your thoughts after you ask about ‘expectations’ from some of these candidates.”
The piece describes the repercussions of the current market in 2023, when big IT businesses have either frozen or laid off people.
This is only a side effect of the fact that major IT firms are seeing a reduction in staff. In the June quarter, Wipro’s employment count decreased by 8,812 people. Wipro’s overall staff count decreased, hitting 249,758 by the end of the first quarter, down from 258,570 at the end of the previous fiscal year, FY23.
HCLTech employs 223,438 workers across 60 countries. The entire workforce of the corporation as of March 31, 2023 was 225,944. On a net basis, the company’s workforce has decreased by 2,506 personnel.
TCS has a workforce of 615,318 people. The company’s net personnel growth of 523 brought its total workforce to 6,14,795 as of March 31, 2023.
Furthermore, there have been 1,253 layoffs at IT businesses in 2023, affecting 319,684 individuals (1,615 people every day). However, there will be 1,557 layoffs at IT businesses in 2022, affecting 243,318 individuals (667 people each day).
Fact and reality
Mass layoffs are part of an organization’s plan to remain competitive and maintain labor costs below the profit line effect. It is, of course, beneficial to businesses, but it is detrimental to job searchers, particularly those with comparable skills. Because our schooling does not offer the necessary confidence in work abilities.
Second, there are jobseekers that apply for jobs that are irrelevant to them since they are time pass jobseekers rather than doer professionals.
Third, there is a dearth of leadership methods to develop a deep-rooted company objective, either for the workforce or for talent and skill. Those with abilities will be hired, while those who are only looking for a job to pass the time will suffer.
The main reasons for the sign of “How bad is job market” as reported by a survey recently.
1. Job Opening Rate: The increased demand for proxy organization job work after the new normal – COVID-19 results in a greater lay-off rate and a decreased demand for quality positions.
2. Mass Layoffs: Approximately 3.9 million people departed their employment in March, a little decrease of 129,000 from February. However, voluntary departures have dropped by nearly 650,000 since a year ago, when quits were near record highs.
3. Layoffs: There was a significant increase in layoffs in March. The layoff rate rose from 1% to 1.2%, the highest level since December 2020.
The increase in layoffs is “the most concerning figure” and jumped 248,000 over the month, to nearly 1.8 million, which is “near the pre-pandemic level after spending much of the last [two] years well below, amidst a historically hot job market.”
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