The IT industry is seeing a surge in high-skill gig workers amid cost-cutting and layoffs, driving the gig economy’s expansion and providing chances for experts.
After posting a critical tweet on the state of the tech business on Twitter, a programmer from Bengaluru was quickly fired the next day. Just one day after voicing his worries about his future on social media, Jishnu Mohan, a software developer at Forma (previously Twic), was laid off on February 8. According to Money Control, he lost his job for merely publishing thoughts on X.
After working remotely from Kochi, Kerala, for four years, Mohan was let go by Forma due to a broader corporate reorganization. “The whole recession situation in tech is making me uneasy,” he tweeted on February 7, expressing his concern about the recessionary trends in the industry. Perhaps I’m as confident as I’ve ever been in my career.”
Mohan returned to Twitter after receiving an unexpected firing, where he announced his layoff and sought job offers. After that, he received some quick answers, with many users providing connections to available jobs and indicating their desire to help forward his resume.
The case demonstrates how the challenging times that began in the tech sector last year are still having an impact on it in 2024. This year, several major corporations have already reduced their workforces: Meta, Google, Microsoft, and Snap, the parent company of Snapchat, recently announced a 10% reduction in its global employment.
The story of Mohan serves as a reminder of how swiftly things can change in the tech industry. People’s careers might be suddenly impacted by company changes and economic issues. According to reports, Google recently let go of up to 1,000 workers in an effort to reduce expenses and support the company’s expansion. According to reports, Wipro is also in the process of terminating hundreds of mid-level staff members in order to increase its profit margins.
This indicates that tech corporations are increasingly using employee layoffs as a cost-saving and profit-enhancing tactic. It is reported that mid-level executives, particularly those who work onsite, will be the primary focus of the job losses. Amazon is also proceeding with its reorganization and cost-cutting measures by laying off more employees, primarily in its health divisions. Amazon Pharmacy and One Medical are a couple of these.