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<ul><li>Bengaluru-based startup <keyword id="467634" type="General" weightage="20" keywordseo="verse" source="Orion">Verse</keyword> Innovation has decided to lay off 5% of its workforce or 150 employees to cut costs and streamline operations. </li><li>It also announced pay cuts for 11% of its employees, who are earning ₹10 lakh per annum or more. </li><li>This has happened months after the startup raised $800 million as fresh funding in April this year.</li></ul>VerSe Innovation, the parent company of short video platform Josh and news aggregator Dailyhunt, has become the latest unicorn that has resorted to retrenchments this year, after Byju’s, Udaan and Zomato. The co-founders of the Bengaluru-based startup, Virendra Gupta and Umang Bedi, announced in a town hall meeting that it has decided to lay off 150 employees or 5% of its workforce, <a href="https://techcrunch.com/2022/11/28/verse-innovation-layoff-salary-cut/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAKe8ojKWqU0ImCcT4s4MwaVYq5ygyPzZhY3aM6nNl-DwFl9s2r0Wagyd6fNEoNL6uXnBiWRFKTSceuX2G_AUKLr7Ny6r8JprFJX9lg5l5mjMGX4l1bWEmEF2pOC0-ZtsbTCCFGWMds38OjymS1_XaoY2qGgAhJ73igSRtCLaYA4B">according to Techcrunch</a>. They also announced an 11% pay cut for the remaining employees who are earning ₹10 lakh per annum or more. “Given the current economic climate, like other businesses, we’ve evaluated our strategic priorities. Considering the long-term viability of the business and our people, we have taken steps to implement our regular bi-annual performance management cycle and made performance and business considerations to streamline our costs and our teams, <a href="https://techcrunch.com/2022/11/28/verse-innovation-layoff-salary-cut/">said</a> Umang Bedi, co-founder of VerSe Innovation, in a prepared statement. This move comes months after the startup raised $800 million as fresh funding in April this year, led by CPP Investments. Ontario Teachers’ Pension Plan Board, Sumeru Ventures and Luxor Capital, Sofina Group and Baillie Gifford also participated in the funding round. Bedi further said that the next year will be tough and the measures taken will help the company to sustain in the market. “We have exercised fiscal and employee prudence, and implemented an 11% salary cut for individuals with annual salaries of ₹10 lakh or more,” Bedi added. According to media <a href="https://www.moneycontrol.com/news/business/startup/dailyhunt-and-josh-parent-verse-lays-off-150-staff-announces-company-wide-pay-cuts-9615571.html">reports</a>, the startup’s losses widened to ₹2,563 crore in FY22, even as its operating revenue grew by 46% to ₹965 crore. Backed by <keyword id="6355629" type="General" weightage="20" keywordseo="google" source="Orion">Google</keyword> and <keyword id="10387" type="General" weightage="20" keywordseo="microsoft" source="Orion">Microsoft</keyword>, the company became a unicorn after it raised $227 million from Microsoft, Sequoia, Matrix Partners India, Qatar Investment Authority and others in November 2020. Tech majors like Amazon, Meta, Twitter and Salesforce have been cutting jobs leaving thousands of techies jobless, globally. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/icici-bank-launches-digital-lending-solution-ilens-powered-by-tcs/articleshow/95849140.cms" style="">ICICI Bank launches digital lending solution iLens, powered by TCS</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-users-are-reportedly-unable-to-call-and-send-messages/articleshow/95846445.cms" style="">Reliance Jio users tweet about network issues, unable to call and send messages</a>

Google, Microsoft backed VerSe Innovation sacks 150 employees, cuts pay for employees earning ₹10 lakh or more

New Delhi, As global layoffs deepen, Indian startups are not far behind and have sacked thousands of employees in the past 3-4 months, with many more to be given pink slips in the coming months amid deepening funding winter. In <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, more than 21,000 employees have been laid off by more than 70 startups to day, including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, <keyword id="2808667" type="General" weightage="50" keywordseo="oyo" source="Orion">OYO</keyword>, Meesho, Udaan and many more. The edtech sector has laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date. With the onset of January, more and more Indian companies are slashing jobs across the spectrum. The new year has already seen more than 16 homegrown startups sack employees in the country. Social media company <keyword id="3358959" type="General" weightage="80" keywordseo="sharechat" source="Orion">ShareChat</keyword> (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions. Backed by Twitter, Google, Snap and <keyword id="526777" type="General" weightage="80" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, ShareChat has about 2,300 employees, and the layoff impacted about 500 people at the company, Healthtech unicorn Innovaccer has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in India and the US. Innovaccer cofounder and CEO Abhinav Shashank cited an "uncertain macroeconomic environment" as the reason behind the job cuts, according to an internal mail sent to employees and accessed by leading startup news portal Inc42. This was the second layoff at the company in around 4-5 months' time amid the deepening funding winter and recession fears. In September last year, Innovaccer laid off nearly 120 employees, or less than 8 per cent of its workforce. Online food delivery platform <keyword id="6358977" type="General" weightage="50" keywordseo="swiggy" source="Orion">Swiggy</keyword> confirmed that the company is laying off 380 employees as food delivery growth slows. MediBuddy, an end-to-end digital healthcare platform in India, has laid off 8 per cent of its workforce, around 200 people, across all departments as a restructuring exercise. Homegrown online vehicle repair platform GoMechanic, backed by <keyword id="563136" type="General" weightage="50" keywordseo="sequoia-india" source="Orion">Sequoia India</keyword>, has laid off 70 per cent of its workforce as the startup struggles to raise funds amid serious concerns of accounting troubles. The company has asked the remaining staff to work without pay for three months, according to reports. Software-as-a-service (SaaS) voice automation startup Skit.ai has asked more than 115 employees to go, mostly from its India team, as part of the "restructuring process" amid the deepening funding winter. Even IT giant <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> has laid off more than 400 fresher employees for poor performance in internal assessment tests. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a> <a href="https://www.businessinsider.in/business/news/an-app-that-wants-to-turn-fear-of-stock-markets-into-fun-raises-75-lakh-from-sharks/articleshow/97378121.cms">An app that wants to turn fear of stock markets into fun raises ₹75 lakh from sharks</a> <a href="https://www.businessinsider.in/india/news/steps-taken-in-subsidence-hit-joshimath-inadequate-declare-himalayas-eco-sensitive-zone-say-experts/articleshow/97411665.cms">Steps taken in subsidence-hit Joshimath inadequate, declare Himalayas eco-sensitive zone, say experts</a>

70-plus Indian startups show exit door to 21K techies, more pink slips coming

As more and more companies across the spectrum sack employees amid the global meltdown, at least 853 tech companies worldwide have laid off about 137,492 employees to date, and the tally is only going north amid recession fears. According to data from layoffs.fyi, a crowdsourced database of tech layoffs, 1,388 tech companies have fired a total of 233,483 employees since the onset of Covid-19, but 2022 has been the worst for the tech sector. As of mid-November, more than 73,000 workers in the US tech sector have been laid off in mass-level job cuts led by companies like <keyword id="399907" type="General" weightage="80" keywordseo="meta" source="Orion">Meta</keyword>, Twitter, Salesforce, Netflix, Cisco, Roku, and others. Robinhood, Glossier, and Better are just a few of the tech companies that have notably trimmed their headcount in 2022, according to Crunchbase. Big Tech companies like Amazon and PC and printer major HP Inc have joined the global layoff season and were set to lay off more than 10,000 and up to 6,000 employees in days to come, respectively. Amazon CEO Andy Jassy has warned employees that there will be more layoffs at the company in early 2023 "as leaders continue to make adjustments". The massive job cuts have hit several divisions, especially the Alexa virtual assistant business reportedly set to lose $10 billion this year as the voice assistant never managed to create an ongoing revenue stream. Alphabet, <keyword id="6355629" type="General" weightage="80" keywordseo="google" source="Orion">Google</keyword>'s parent company, is reportedly gearing up to lay off about 10,000 "poor performing" employees, or 6 per cent of its workforce. According to a report in The Information, Google plans to ease out 10,000 employees through a new ranking and performance improvement plan. In India, nearly 16,000 employees have been asked to go by about 44 startups, led by edtech companies like BYJU'S, Unacademy, and <keyword id="2016957" type="General" weightage="80" keywordseo="vedantu" source="Orion">Vedantu</keyword>, as VC funding dried up. Other tech startups and unicorns that have laid off employees in India include Ola, Cars24, Meesho, LEAD, MPL, Innovaccer, Udaan and more. Meanwhile, thousands of contractual employees have also been let go, making 2022 the harshest year for workers in the technology sector. The startup ecosystem's funding winter could last another 12 to 18 months and the industry may face "a lot of turmoil and volatility", <keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> CEO Kalyan Krishnamurthy has warned. Indian startups are going through steep hiring cuts and the hiring of permanent employees has dipped by a significant 61 per cent in the last 12 months, according to the annual insights report by <keyword id="15395027" type="General" weightage="80" keywordseo="razorpayx-payroll" source="Orion">RazorpayX Payroll</keyword>, the business banking platform of Razorpay. Only two startups in India, Shiprocket and OneCard, attained unicorn status (valuation $1 billion and above) in the July-September period, according to the latest PwC India report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/netflix-working-on-brand-new-aaa-pc-game-project/articleshow/95740337.cms">Netflix working on 'brand-new AAA PC game' project</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/binance-looks-to-hire-8k-people-by-2023-end-ceo/articleshow/95716850.cms">Binance looks to hire 8K people by 2023 end: CEO</a>

853 tech firms lay off over 137,492 workers globally, more job cuts coming

<ul><li>An overall growth of 150% was recorded in the payments/salaries to gig workers between October 2021 and September 2022. </li><li>The potential of gig workers can grow further if online retail grows across the country. </li><li>The report predicts that the penetration of online retail was just 5% in 2019 and is expected to grow to 11% by 2024.</li></ul>As more e-commerce platforms enter the 10-minute delivery space, demand for gig workers has not only ballooned – but their monthly earnings have increased too. A report by StrideOne, a tech-enabled NBFC, titled ‘The Startup Economy Report 2022’ says that 25% of gig workers surveyed reported an over 50% rise in their monthly income as compared to their previous mode of livelihood – in the last one year. An overall growth of 150% was recorded in the payments/salaries to gig workers between October 2021 and September 2022, the report said. Majority of the gig workers are engaged in retail trade and sales which includes fast commerce like food and beverage, grocery, medicines delivery etc. Around 56% of the gig workers surveyed previously had full-time employment. “Startups are limiting their hiring of permanent employees. Gig workers have begun to replace these permanent employees,” the report said. The number of companies who shifted to a semi-gig workforce model has increased by 15% since October 2021. The potential of gig workers can grow if online retail expands across the country. The report predicts that the penetration of online retail was 5% in 2019, and is expected to grow to 11% by 2024. Non-farm sectors of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> have the potential to add over 90 million gig jobs in the longer term, the report predicts. As of now, the <keyword id="3080230" type="General" weightage="20" keywordseo="gig-economy" source="Orion">gig economy</keyword> constitutes 1.5% of the total workforce in India and is expected to expand to 23.5 million by 2024 constituting 4% of the workforce. <cmsannotation type="cmsannotation" annotationid="Startup ecosystem of India" comment="subhead" text="Startup ecosystem of India"><keyword id="15794501" type="General" weightage="20" keywordseo="startup-ecosystem-of-India" source="Orion">Startup ecosystem of India</keyword></cmsannotation> The number of jobs created by the startup ecosystem of India, which is said to be the third largest in the world, grew by 78% CAGR between 2017 and 2022. It is further projected to grow at a CAGR of 24% from 2022-27. The ecosystem altogether created over 2 lakh jobs this year, according to the report. However, several startups like Byju’s, Udaan laid off several employees from its workforce as a part of their retrenchment due to funding winter. “The rapid growth phase and maturity of the ecosystem have unlocked tremendous appetite for scalability, alternate funding options, expansion into the global market and the capacity to enable millions of jobs. This meteoric rise of startups has made India the third largest startup ecosystem in the world and has significantly impacted the Indian economy showcasing the ability to contribute approximately 4-5% to the gross domestic product (GDP) of India,” said Ishpreet Singh Gandhi, founder, StrideOne. Sectors like textile, apparel and logistics however retain the title of being the biggest job creators in the country. The textile industry is said to be the second largest employer in India, which has given direct employment to 5 crore people, and 10 crore people in allied industries. Whereas, logistics sector currently employs 22 million people and is estimated to contribute 11% to the overall GDP of the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-railways-backed-spacetech-startup-galaxeye-raises-3-5-million-in-seed-round/articleshow/96250010.cms">Indian Railways backed spacetech startup GalaxEye raises $3.5 million in seed round</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/will-be-lucky-if-we-grow-5-next-year-says-former-rbi-governor-raghuram-rajan/articleshow/96249572.cms">Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan</a>

A quarter of Indian gig workers’ salaries grew by 50% in the last one year

Tech Mahindra chief CP <keyword id="45924" type="General" weightage="100" keywordseo="gurnani" source="Orion">Gurnani</keyword> wants to transition from being a long serving captain in the IT industry to a "coach" after he retires from the company in December this year. The nomination and remuneration committee has extended the tenure of Gurnani till December 19, 2023 as it looks to work on the succession plan of Gurnani. While he did not divulge any further details on the succession plan, sources have indicated that internal candidates -- <keyword id="2493116" type="General" weightage="50" keywordseo="jagdish-mitra" source="Orion">Jagdish Mitra</keyword>, Manish <keyword id="30343" type="General" weightage="50" keywordseo="vyas" source="Orion">Vyas</keyword>, <keyword id="2173310" type="General" weightage="50" keywordseo="lakshmanan-chidambaram" source="Orion">Lakshmanan Chidambaram</keyword> are among top contenders for the post. Jagdish Mitra is currently serving as Chief Strategy Officer and Head of Growth, who has been with the group for last 30 years; Vyas is serving as President, Communications, Media and Entertainment Business, and CEO, Network Services and been with the company for last 23 years and <keyword id="6362104" type="General" weightage="50" keywordseo="chidambaram" source="Orion">Chidambaram</keyword>, currently serving as President for <keyword id="16133454" type="General" weightage="50" keywordseo="tech-mahindra-americas" source="Orion">Tech Mahindra Americas</keyword> and been with company since December 2012. Gurnani said that the succession plan will be finalised by the committee as per the corporate governance norms of the company. "I've done the same business for a very long time. I became a CXO at the age of 38 and am now stepping down at the age of 65. All I'm trying to say is that I've been a playing captain for a very long time. I will become a coach. I will no longer be a playing captain," Gurnani said. One of the longest serving CEOs in the technology sector, Gurnani told PTI that would like to see the other side of the world and pursue things that are close to his heart. "I have been one of the longest serving CEOs of the technology sector. I think it is fair that I get to see what the other side of the world looks like and I'm not talking about travel. I'm talking about a few things that I've always wanted to do in life. It is also good for the corporation that we get a new leader because a bit of rotation is like getting more oxygen into the system," Gurnani said. While talking about business, Gurnani said Tech Mahindra will continue to deepen its presence in Japan and Europe and look at opening delivery centres closer to the home of its employees. "I have always been a very big admirer of Japan, I will continue to create much deeper business interest in Japan. Frankly, I think Europe is a big opportunity now. Because overall Europe has felt the impact of the war. "The war has been closest to them. Every individual in Europe has paid a price by inflation and higher energy bills. I believe that some of our cost transformation initiatives would be very helpful to European clients. So, my focus will be Japan and Europe," he said. Gurnani said that the technology sector has matured and they have continued to serve their consumers, businesses, enterprises and corporates around the world by not taking a position. "The only area where there has been some conversations is there organizations which are using cyber attacks as a weapon," Gurnani said but declined to reveal further details. When asked about a broad strategic action plan that the company is planning to put in place this year, Gurani said that Tech Mahindra will look at distributing delivery centres across the country and near to the homes of its employees. "We continue to make technological investments in the future of technology. Right now it is AI, cloud, metaverse and we have already started investing in quantum computing. We want to be ahead of the curve. There are some of our products which I think will be able to commercialize them a lot better," Gurnani said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/ril-q3-to-be-a-mixed-bag-muted-growth-in-o2c-robust-retail-and-jio-performance/articleshow/97094061.cms">RIL’s Q3 to be a mixed bag: Muted growth seen in O2C, robust performance projected for retail and Jio</a> <a href="https://www.businessinsider.in/finance/banks/news/indusind-bank-q3-net-profit-grows-69-yoy-to-1959-crore-margin-and-asset-quality-see-improvements/articleshow/97093861.cms">IndusInd Bank Q3 net profit grows 69% YoY to ₹1,959 crore, margin and asset quality see improvements</a> <a href="https://www.businessinsider.in/business/startups/news/udaan-shipped-over-1-7-billion-products-across-1200-cities-in-2022/articleshow/97086070.cms">Udaan shipped over 1.7 billion products across 1,200 cities in 2022</a>

Tech Mahindra CEO CP Gurnani looks to transition from captain to coach post retirement

<ul><li>The tech industry has seen more than 200,000 <keyword id="6357067" type="General" weightage="100" keywordseo="layoffs" source="Orion">layoffs</keyword> since the start of 2022.</li><li>Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add a major value to the organization.</li><li>Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management.</li></ul>Bipin Singh, a business development manager at Byju’s with over 11 years experience in the EdTech industry was laid off last month after a stint of 1.5 years at the company. In his LinkedIn post he mentioned about the layoff and urged everyone to reach out to him with job offers or if not, like share and comment on his post to increase reach. Anil <keyword id="906861" type="General" weightage="50" keywordseo="sahani" source="Orion">Sahani</keyword>, a software engineer, lost his job in Accenture recently .“I was one of the first ones to let go as I was a contract employee and also did not have any notice period. The layoffs are still on.” Singh and Sahani are among the thousands of employees who have been affected by tech layoffs in India. Google trend data, which reflects what people search for, shows that between January 22-28 this year, the term ‘layoff’ was at its peak popularity of 100, while between January 23 to January 29 last year, it was just at five. This is not surprising because layoffs are being reported majorly in the media and almost every other post on Linkedin is talking about layoffs. It all started with the news that the big tech giants like Amazon and Google parent Alphabet were laying off in large numbers. While Alphabet laid off 12,000 people, the Amazon layoffs affected more than 18,000 people. Microsoft said it will lay off 10,000 people by the end of the third quarter of 2023 and even SAP and IBM have started laying off employees. It seems it is almost like a contagion that is spreading rapidly like wildfire. The Indian situation: Which brings us to the question: Is the situation as bad in India? Layoffs are now a reality in India too. Reports suggest that around 21,000 techies have lost their jobs in the last three to four months. In the third week of January, Wipro fired more than 400 freshers for failing performance tests. While Amazon has laid off 1,000 of its employees in India, IBM and SAP are also laying off employees, affecting their employees in India as well. Very recently, Byju’s laid off 1,000 people, in a second round of layoffs in February. Sivaprasad N, vice president &amp; business head, TeamLease Digital, a staffing solutions company, puts the number of layoffs in the tech industry at more than 2,00,000 since 2022. Over 21,000 employees <a href="https://www.businessinsider.in/business/news/70-plus-indian-startups-show-exit-door-to-21k-techies-more-pink-slips-coming/articleshow/97411761.cms?">have been laid off </a>by 70 startups in the past 3-4 months including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="50" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more. Anuj Gupta, who has over 10 years of experience in SEO, has lost his job in edtech company upGrad and is a part of the current tech and marketing layoff wave. The layoff situation in India is currently more of a spill-over effect of shake-ups in the West. Unlike the funding winter that hit the Indian funded tech startups cohort in 2022, the current layoffs by big labels are largely corrective talent adjustments. “Despite potential opportunities coming our way due to global shakeups, it is prudent for India Inc. to treat the current layoffs as a tip of the iceberg,” says <keyword id="138078" type="General" weightage="50" keywordseo="kamal-karanth" source="Orion">Kamal Karanth</keyword>, CoFounder, Xpheno, a specialist staffing company. He adds that enterprises, especially in tech, will benefit from remaining alert and conservative on costs for at least two quarters. Agrees Sivaprasad, “Companies are battling a slowdown in demand after a hiring frenzy. No company is certain to avoid significant cutbacks in such an economic environment. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. It looks like the trend will continue for some time.” Many IT majors have announced mass layoffs in the last couple of months, quoting factors like overhiring, an impending recession and geopolitical conflicts. “We expect businesses to exhibit caution in hiring and workforce management through a major part of 2023,” <keyword id="13896318" type="General" weightage="50" keywordseo="sachin-alug" source="Orion">Sachin Alug</keyword>, CEO, NLB Services - a global technology &amp; digital talent solutions company. Delhi-based Pankaj Kumar, laid off from a software company this month, says that one day he got a message saying that the company was restructuring and that it was his last day. “However, we were forced to resign and also we received very little in the name of assistance as promised.” Kumar feels that most startups today have no clue about manpower requirements and just hire to show their investors that they are doing well without having an idea of how they can sustain themselves in crucial times. Tech jobs have been the most affected: As discussed, tech companies, especially IT firms, are very vulnerable to an impending recession in the US. “The tech sector has always been highly sensitive to economic cycles, and the current economic downturn could have a significant impact on these companies. A recession could lead to decreased consumer spending, reduced corporate investment, and layoffs, which could all hit tech companies hard,” says <keyword id="328697" type="General" weightage="50" keywordseo="sandeep-budhiraja" source="Orion">Sandeep Budhiraja</keyword>, Co-founder, Executive Director and Chief People Officer - BYLD Group which provides HR and Business productivity solutions, Additionally, the US market is a major source of revenue for many tech companies, so a recession here could have a widespread impact on global operations. Finally, any disruption to the global supply chain could further disrupt tech companies, as many rely on components and materials sourced from around the world. “The sectors that may be most affected, other than the technology, are telecommunications, financial services and retail. The telecommunications sector could be hit by reduced investment in infrastructure and lower customer demand. The financial services sector could be adversely affected by a decrease in credit availability and tightened lending standards, while the retail sector could suffer from decreased consumer spending,” adds Budhiraja. Everyone is vulnerable: “Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add major value to the organization. Usually, mass layoffs affect employees invariably regardless of their performance but in organizations that choose to let go of a selected few, performers at a certain level tend to be the target,” says Alug. The primary causes of layoffs are the foreseeable recession and the geopolitical scenario which have led to inflation, impacting many industries. Prominent players in the IT and Technology domain are being cautious to ensure profitability and better predictability of business. Agrees Karanth, “The larger layoffs related to enterprise strategy and austerity are mostly across the ranks and ratings of performance. Such layoffs related to macroeconomic movements are typically steamrollers on entire divisions, geographies and business units. While each enterprise has their own pattern of priority on the layoffs, the high cost and high volume headcounts typically come under the lens faster.” Look out for red flags: “Layoffs in a situation like now are largely written on the wall. It is often the speed and style of a layoff that's a surprise to talent, and not the layoff by itself,” says Karanth. Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management. “Additionally, if a company is reducing or eliminating certain departments or projects, it may be a sign that layoffs are coming. If there are rumours of layoffs or if employees are being asked to take unpaid leave, this could also be a sign that layoffs are imminent. Finally, if the company is not meeting its financial goals or is experiencing a downturn in business, layoffs may be a possibility,” says Alug. Hiring remains slow: “Many of those who lost their jobs are still looking for work, as nearly every major corporation has put a freeze on new hiring due to global macroeconomic conditions and recession fears. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. Looks like the trend would continue for some time,” says Sivaprasad. However Karanth feels that while tech hiring has slowed down, there are opportunities for talent who are flexible and agile to look beyond their domain. The non-tech sector's talent demand has been compensating well for tech's hiring slowdown. <keyword id="2838370" type="General" weightage="50" keywordseo="shraddha-jain" source="Orion">Shraddha Jain</keyword>, who is also known as 'Aiyyo Shraddha' on social media, posted a hilarious video on Instagram, where she slammed companies for laying off employees despite making a profit. "At the company offsite, we celebrated the company tripling its profit in a year. What happened? A month later we are so poor. Who robbed us?" she asked. While these are questions that reflect the grim reality of large scale layoffs, employees should brace themselves for tough times ahead. 2023 will be a turbulent ride.

Tech layoffs to continue for sometime thanks to a slowdown in demand and an uncertain economic environment

<ul><li>The IPO was fully subscribed within 4 hours of opening. Whereas, its IPO peers UTI AMC was subscribed 24%, and Likhitha Infrastructure was subscribed 75% in the same period. </li><li>On the first day, it received bids for 4.8 crore equity shares against the offered size of 3.05 crore shares, according to the <a href="https://www.chittorgarh.com/ipo/mazagon-dock-ipo/1064/">stock-exchanges data</a>.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>The state-owned Indian Naval shipbuilding firm Mazagon Dock Shipbuilders witnessed a stellar response from investors on the first day of subscription. The IPO was fully subscribed within 4 hours of opening, and by the end of the trading today, the offer was subscribed 159%. Whereas, UTI AMC was subscribed 24% and Likhitha Infrastructure was subscribed 75% in the same period. <div type="Article" hostid="261" msid="78360565" title="Indian Naval Shipmaker Mazagon Dock’s ₹444 crore IPO opens today— Here’s what works for it and what doesn’t" mstype="2" mssubtype="0"></div> On the first day, it received bids for 4.8 crore equity shares against the offered size of 3.05 crore shares, according to the <a href="https://www.chittorgarh.com/ipo/mazagon-dock-ipo/1064/">stock-exchanges data</a>. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mazagon Dock IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyer </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offer size </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,126,750 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,538,025 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10,588,725 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">345,517 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30,599,017 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times issue subscribed </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.00x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.62x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.30x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.21x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.59x </td></tr></tbody></table>*Data as of Sept. 29 3:30pm The qualified institutional buyers have yet not started bidding for the IPO. However, the retail investors' portion saw a strong response and was subscribed 4.30 times by the end of the day itself. The employees' portion was subscribed 21%, and the non-institutional investors saw a 32% subscription. What does the grey market premium entail? <a href="https://www.ipowatch.in/2020/09/mazagon-dock-ipo-gmp-grey-market-premium.html">Mazagon Dock grey market premium</a> was trading at ₹140-₹150 apiece, which is the highest among other IPOs that are currently open for subscription. UTI AMC and Likhitha Infrastructure were trading at a premium of ₹60 and ₹10, respectively, as of September 29. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/byju-raveendran-vijay-shekhar-sharma-nithin-kamath-and-udaan-co-founders-are-in-the-list-of-richest-entrepreneurs-of-india/articleshow/78380782.cms">From Byju Raveendran, Vijay Shekhar Sharma to Nithin Kamath and Udaan co-founders – Here are the richest entrepreneurs of India</a> <a href="https://www.businessinsider.in/india/news/list-of-top-ten-richest-people-in-india-according-to-hurun-rich-list-2020/slidelist/78380656.cms">These are the top ten billionaires in India, according to Hurun Rich List 2020</a>

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