A dramatic rush for funding took place in India, one of the world's largest startup ecosystems, during the entire year of 2021. The change in macroeconomic conditions and the predicted funding winter require startups to assess their costs and profitability. However, are layoffs an inevitable consequence of this?
According to the data, the majority of layoffs occurred in June; 2,261 people were forced to leave their organizations, 2,109 employees were made unemployed in May, and 1,150 were made unemployed in April.
There have been layoffs and cutbacks across the board, whether they are Indian unicorns or globally renowned companies. More importantly than the aggregate numbers, let us not forget the economic and emotional instability that has severely affected those affected. The effects of healthcare and education on transport and retail have involved India in a wide range of sectors.
Despite the funding slump, overall numbers seem to be improving, but at an individual level, the effects can be significant, so let's see what we can do to help.In order to facilitate your transition phase following a layoff, here are some guidelines that might help.
1. Remaining Calm -
The immediate reaction of those laid off is often panic. Overcome this panic and anxiety by developing a plan for what you would do after being laid off. Having a plan always helps; if and when you get laid off, you're less likely to feel lost and more in control.
2. Survivor guilt is normal -
Despite the fact that your boss and even your family and friends may tell you you are fortunate to still have your job, surviving a layoff can leave you feeling anything but lucky. Allow yourself to grieve for the loss of your colleagues and your sense of stability rather than denying or internalizing the pain.
3. Talk it out -
Keeping your grief and frustration bottled up will only lead to trouble, and it isn't a sign of weakness to express yourself. Layoff survivors should surround themselves with supportive, positive people.
4. Empowering yourself -
Developing transferable skills is always a good idea for layoff survivors, whether that means enrolling in a community-education course, expanding your professional network, or exploring alternative income sources.
5. Management of stress -
Make sure you practice your best stress-management techniques after hours and maintain a healthy lifestyle. Keep busy and don't isolate yourself, but take time to reflect on your life's best parts.
Automation is the primary driver of the post-pandemic market, so it has become imperative for employees to acquire industry-specific knowledge and technology. Consequently, upskilling might be the key to surviving layoffs and achieving an elevated role in your field or a different field altogether. Layoffs cannot become permanent; they are just a phase.