layoffs
Layoff is a process of permanent termination or temporary suspension of a job profile or employee(s). This activity might because of a business call, further described as personnel management or downsizing an organization.
The trend of laying off manpower in companies became popular in the 1980s and early 1990s as it was the company’s way of delivering better shareholder value, which further helped in reduction of the costs of employers. Usually a layoff is considered as a cost-cutting measure.
As per a report released in the early 2017, the top seven IT firms of India, such as Infosys, Wipro and Cognizant will lay off at least 56,000 employees within the year. Apart from this, major companies like Tech Mahindra and Wipro have reportedly fired 1,000 and 600 employees respectively.
In June 2017, Associated Chambers of Commerce of India (ASSOCHAM), which is the apex trade body, released a document warning of severe impact on the jobs in the country. It became a problem after American president Donald Trump on April 18, ordered a thorough review of the H-1B visa programme, which is the way by which American companies hire high-skilled foreign workers. The aim of this review was Trump’s protectionist policy ‘to buy American and hire American’.
It said that the new norms will affect nearly 86 percent of the H-1B visas that are issued to Indian workers in the IT, scaling down the figure in the ‘computer space’ to ‘about 60 percent or even less’.
The trend of laying off manpower in companies became popular in the 1980s and early 1990s as it was the company’s way of delivering better shareholder value, which further helped in reduction of the costs of employers. Usually a layoff is considered as a cost-cutting measure.
As per a report released in the early 2017, the top seven IT firms of India, such as Infosys, Wipro and Cognizant will lay off at least 56,000 employees within the year. Apart from this, major companies like Tech Mahindra and Wipro have reportedly fired 1,000 and 600 employees respectively.
In June 2017, Associated Chambers of Commerce of India (ASSOCHAM), which is the apex trade body, released a document warning of severe impact on the jobs in the country. It became a problem after American president Donald Trump on April 18, ordered a thorough review of the H-1B visa programme, which is the way by which American companies hire high-skilled foreign workers. The aim of this review was Trump’s protectionist policy ‘to buy American and hire American’.
It said that the new norms will affect nearly 86 percent of the H-1B visas that are issued to Indian workers in the IT, scaling down the figure in the ‘computer space’ to ‘about 60 percent or even less’.
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