Swiggy Layoffs Expose Overexpansion Pitfall: Companies Reflect On Hiring Strategies
New Delhi, 30th June 2023: In recent times, a wave of job cuts has struck both Indian and multinational companies, leaving numerous employees in a state of uncertainty. Prominent corporations like Meta (formerly Facebook), Amazon, and Microsoft have also been affected by these reductions in their workforce. Indian companies have not been exempt from these layoffs either, with notable names such as Swiggy, Cred, Dunzo, and Meesho having to release a significant number of employees. These job losses across different sectors have raised concerns about job security and the overall economic situation. As individuals facing the impact of these difficult times strive to find their way forward, the pressing requirement for assistance and remedies to uphold their livelihoods has become increasingly evident.
Even in cases where companies are hiring, the benefits offered often fall short of what employees had in their previous positions. One Swiggy employee took to LinkedIn to express their frustration, revealing that they had been diligently applying for hundreds of job positions every day for the past three months, but had received a minimal response. Despite their efforts to secure interviews, job offers continued to elude them.
The plea for assistance from the LinkedIn user was heartfelt: “I have been unemployed for three months. Every day, I apply for over 100 jobs. Only 4-5 positions have called me for interviews, but I have not received any response. It has become difficult for me to survive because I am the sole breadwinner for my family.”
They went on to describe the dire circumstances, saying, “My family relies entirely on me. Things are becoming increasingly difficult. I am putting forth my utmost effort, but presently my hope is dwindling. If there is anyone within my network or anyone within your network who can offer guidance, assistance, or valuable suggestions, I kindly request that you send me a personal message.
On January 20, Swiggy made a distressing announcement regarding layoffs, impacting 380 employees and resulting in a reduction of approximately 6% in the company’s workforce. Swiggy admitted to its flawed hiring practices, acknowledging that it had recruited more individuals than required. The consequences of this overexpansion were evident as the company experienced a decline in its growth rate, leading to diminished profitability and income.
These personal accounts shed light on the challenges faced by laid-off employees in the current job market as they strive to secure stable employment and support their families. As the impact of layoffs continues to ripple through various sectors, finding solutions and extending support to those affected becomes increasingly crucial.
