Optimising Layoff Transitions

Layoffs have been the talk of the town since the beginning of 2023 with companies across sectors rationalising the workforce for multitude of reasons. India has also witnessed sharp rise in layoff close to 5% of the overall organised workforce with IT/ITes and Edtech leading the pack followed by Financial Services, Health care.

As we see the business outlook gaining momentum in India with the projected GDP growth of close to 8 for the next decade, it is eventual that organisations would look to be more efficient as well as many new organisations would contribute to this growth plan.

In addition to that, the global economy will also go through its fair share of transformation with the advent of newer technology and employee roles moving up in the value chain in terms of productivity.

While this points towards the brighter side of the economy, in its contrast; we believe that layoffs would also increase with change in macro economic scenarios, technology disruption, etc.

In the current context, the health insurance penetration in India is around 5% (excluding the government schemes) and the life insurance penetration is at 3%. Around 85% of India's working population donot not maintain emergency savings of 3 months. In such a scenario, in case of layoff ; it poses serious concern towards financial stability, mental well being. This is also reflected in the rising trend of layoff in the country.

In order to support an individual in such situation, organisations which go the extra mile of supporting financially as well as mentally would be the preferred choice of employer in future.

 We at SeverEase are working towards this mission to create an ecosystem where organisations will be able to support the impacted professionals financially as well as we would assist in aligning the career trajectory through exclusive job opportunities, career guidance and mental wellbeing.