Nationwide, COVID19 cases are all-time high and many states have announced lockdowns. So will there be layoffs of employees again in India?
Last year, when the whole world was under lockdown among those crores of people globally who lost their job suddenly, most of them were Indians who got laid off by employers. More than 12.5 crore Indians were jobless and stats say that only 60% of them were rehired by the companies.
Being a background verification company, we always keep a watch on hiring and firing stats and what we found is how some of the companies took the advantage of downsizing and removed employees but most of them, even after getting back to business, weren’t hired back.
Instead, the work was divided (or we must say burdened) on the limited employees. With the 2nd wave of COVID19 bringing a similar situation to the memorable 2020. So the question is…
Will COVID19 2nd Wave Increase Employee layoffs in India?
On one hand the shrunken scope of business of almost all the industries are never recovered. Though most of the businesses are up and running the wholesome scope of which is not yet to normalcy.
As mentioned above, more than 40 – 50% companies are still working with lesser staff, there is a very little chance that the companies get laid off.
Certain businesses like movie theatre and malls will be definitely downsizing, again… and in the states where complete lockdown is declared, (which is predicted to last for a month) won’t evidently downsize.
Those employees might stay employed with pay till the lockdown lifts. (Let’s just hope that cases go down). No matter how bad we feel about employee layoffs in India, the situation of the cases are to be controlled… With a new vaccine for everyone, who knows, the situation might be different in a couple of months