“I have some difficult news”: 2024 starts with Severe Layoffs

2024 has just begun, and everyone has entered the New Year with the hopes of achieving goals and growing, whether in their personal lives or concerning their careers. However, the job market has had other plans for employees. Many big companies such as Google and Amazon have laid off multiple people in a very short span. This change was unexpected, leaving many people unemployed, hence increasing the feelings of uncertainty and anxiety. But why was this decision made all of a sudden? What will the workspace look like in the future? How can people take comfort in job security in such cases? Most of all how will this drastic measure affect the mental health of the population? This article aims to address all these concerns, helping you understand the current job market, and how to cope with changes made in it.

Why are Companies Taking Such a Step?

While observing closely, it is seen that most of these layoffs are being initiated by tech companies. This suggests that a leading reason for layoffs is the advancements in technology and the availability of developed automation and artificial intelligence. Layoffs at Google justified their action by saying that it was a part of the restructuring plan, aiming to simplify execution. The CEO of the company, Sundar Pichai, further warned employees through an official mail that the year ahead will see more job cuts.

The money saved by layoffs is redirected to key areas for the company’s growth. During the COVID-19 pandemic, tech companies over-hired workforce to meet the requirements then. This gives them another reason to opt for job cuts, as the huge employee base could be seen as a liability to the companies. Many organizations have also taken this step just to stay afloat. With declining profits and revenue, cost-cutting became necessary to survive the business slowdown.

Effects on Mental Health:

While job cuts are an efficient method for company growth, they take a toll on people. It doesn’t just affect those people who were let go, but also those who continue to work as a part of the company. Employees are instilled with the fear of being next to lose their jobs. This can even result in decreased job productivity. Those who are laid off find themselves under the stress of finding a new job. Due to being let go, these people might also experience a sense of inadequacy, losing faith in their abilities.

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Mass layoffs, on a large scale, are decreasing the quality of the workforce as the population is constantly worried about their self-worth, and also experiencing financial strain. Further, the chances of experiencing anxiety or depression grow higher, especially living in a society where unemployment is looked down upon by many.

Coping Strategies:

While organizations are required to keep in mind their growth, it is also necessary to go about layoffs mindfully. Some companies, such as Amazon, have taken into consideration the employees’ perspective and offered severance pay or opportunities to move to other roles within the company. While such steps soften the blow, employees are still affected by the change that they are forced to undergo.

An employee needs to recognize their feelings about the change and address the same to be able to deal with it effectively. Acknowledge that job cuts are not the end of the world. While it might be difficult to get on track again, it is only resilience that can help you get back on your feet. Set a schedule for yourself, even when at home. This can include waking up early, practising relaxation techniques such as meditation or yoga, or having an assigned time for job hunting. Instead of stressing about the situation, make the most of it and spend time with your loved ones. This helps stay connected, as well as avoid self-doubt, as you will be able to surround yourself with support.

Further, you can invest time in personal growth. This might be the best opportunity for you to take up courses that will help in enhancing your skills related to your job. This will give you an upper hand when you are back on the field. You can also attend events that will help you socialize and increase your network.

Conclusion:

In case you find it difficult to cope with unemployment on your own, remember that there are mental health professionals available for you to contact. Job cuts can be extremely painful, but it is just a hiccup in your career. Companies make decisions to lay off their employees for the sake of the company. However, in case of mass layoffs, it has hardly to do anything with your potential. Don’t let yourself be consumed by it. Exercise coping strategies, as it will also help in a smooth and effective transition into a new job environment. As the job market grows, uncertainty will always stay a factor. However, by prioritizing your mental health, you will be helping yourself better navigate your professional life, no matter what you have to face.

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