Meta, Twitter, Microsoft, Snap: Job cuts galore at the biggest US companies. This news came like a tsunami in the ocean of so-called safe and secure MNC jobs.
According to a report, job layoffs announced by US-based employers have jumped 13% to 33,843 in October 2022, the highest since February 2021. The lawsuits were filed after Musk laid off around half of Twitter’s staff in the month of November 2022, in an effort to slash costs following his $44 billion acquisition of the social media company.
Musk has fired about half of Twitter’s roughly 7,500 employees worldwide. He said cutbacks were needed because the company loses millions of dollars every day.
Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.
Downsizing or employee layoffs can have devastating effects on both suspended or terminated employees as well as those who survived. Laid-off employees may exhibit shock, anger, distrust, doubt, frustration, and escapism.
In fact, studies show that 74% of employees retained after a layoff have a decrease in productivity, 64% of surviving workers say the productivity of their colleagues has also declined, while 69% said that the quality of their company’s product or service deteriorated.
According to one study, workers experiencing a recent change were more than two times as likely to report feeling chronic stress than those who had no current or anticipated changes on the horizon. They were also four times as likely to experience physical stress symptoms while at work.
Does the question arise that what effect might the dismissal have on the remaining employees?
Emotional Distress. The person who is laid off suffers the most distress, but the remaining employees suffer emotionally as well. Because the layoff disrupts the status quo, employees have to pick up extra responsibilities and form new work relationships, which can cause stress.
They might begin to overthink everything they do at work as they don’t know whether it will be considered fireable. This is likely to increase stress and burnout, and may even reduce productivity. All-in-all, it could lead to the person seeking employment elsewhere.
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