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BW Businessworld

Layoffs: Industries that are proving to be risky place for jobs

The year 2015 wasn’t as glorious as many thought it would be and the global financial crisis which began during its second half, seems to further threaten the world as we entered 2016. Multiple industries are seeing the domino effect due to the market downfall and sinking oil prices.

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Ecommerce/Online Startups are proving to be most risky place to work

Flipkart delayed joining of IIT and IIM new recruits

The latest controversy being the IIT and IIM-A recruits being turned down to join in immediately by e-retailer ‘Flipkart’. The candidates are forced to wait another six-months till December 2016 for the actual joining. The company has seen exit of many top level executives in the recent days. Reportedly, Flipkart’s salary bills sums up around 35-50 percent of overall costs.

Snapdeal toughened performance review process thereby forcing people to leave

Though Snapdeal official statement says nobody has been asked to leave yet, company sources say that the performance review process has been toughened up unexpectedly this year resulting most employees to get a low score. Though the company gave a period of 30 days for the low performers to improve, many saw it as a ploy and decided to resign on their own. The incident reportedly saw exit of 200 employees.

Foodpanda, Zomato, Ebay, Common Floor, Tiny Owl….. And the list continues

Online food delivery company, foodpanda, had let go 300 employees in December 2015. Ebay fired 2500 people. Zomato lays off 300 people thereby decreasing its workforce by 10% and Common Floor asked over 150 people to leave in March 2016. 

The list continues to grow as investors shy away from startups and loss making online companies thereby pushing them towards even bigger crisis.

IT and Telecom Industry in bad shape too

The TCS lay off drive, has capped down techies to hit the streets to protest and forums to deal with massive job cuts. It fired as many as 3,000 Indian employees at the end of 2014 and early 2015. 

Samsung has asked 1500 people to leave in the last quarter.

L&T Infotech has delayed joining of candidates that it hired from multiple engineering colleges across the country. The same students are sitting jobless.

It is no secret that Yahoo, the online giant, is in a bad shape financially. The company has announced plans to cut 1700 jobs worldwide. In india the layoffs have started with 107 people asked to leave in the first round.

Wipro, Infosys, IBM have reportedly reduced hiring this year. In fact,an official statement from Wipro two years ago had given clear indication of the scenario where the company’s work force is set to reduce by 47,000 in a period of 3 years.

Career in Banking industry is not safe too

Banks have started moving towards automation while even the nationalized banks have started experimenting with human less branches. International banks having their back office operations in India are worst hit by slowdown.

Standard Chartered  Bank have decided to layoff over 100 employees worldwide. Many fears that Indian operations will see exit of many top level executives from the bank.

HSBC is also reducing its number of branches in India which predictably will see a loss of over 300 jobs in India.

Lloyds Banking Group, Britain's biggest high street bank, is set to cut approximately 600 jobs across a number of divisions as it plans to offshore its IT operations to India.

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