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Business News/ Companies / News/  Layoff Drive: Experts suggest these proactive measures for companies to retain talent
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Layoff Drive: Experts suggest these proactive measures for companies to retain talent

Layoffs rising in tech industry, presents opportunity for companies to recruit and retain top talent.

Rising layoffs in tech industry create opportunities for companies to retain top talent. Premium
Rising layoffs in tech industry create opportunities for companies to retain top talent.

Layoffs are rising across the world, especially in the tech industry. This year, more than two lakh employees have been laid off so far, almost 40% higher than the number of layoffs in 2022, according to data from AltIndex.com. However, it also creates an opportunity for companies with long-term plans to recruit and retain top talent. 

Tushar Dhawan, Partner, Plus91labs believes that it's crucial for corporations to adopt proactive measures in retaining talent during the challenging scenario of layoffs across the world. 

According to Dhawan, transparent and empathetic communication about the situation can help build trust and alleviate anxieties. In addition, offering reskilling and upskilling opportunities not only equips employees for evolving roles but also demonstrates the company's commitment to their growth, he told Livemint. 

“Creating a supportive environment through counseling, networking, and mentorship programs can enhance morale and foster a sense of belonging. Moreover, recognizing and rewarding employees' contributions, even in difficult times, boosts motivation," Dhawan said. 

Nowadays, companies are using proactive techniques to retain employees and unpredictable times like layoffs, said Bhaskar Ganguli, Director of Marketing and Sales at Mass Software Solutions Pvt. Ltd.

Ganguli said, “Companies must go beyond traditional techniques, recognizing that retention is about more than just money. Organizations create an atmosphere where employees feel valued and driven by cultivating an inclusive culture, honoring individual and collective achievements, and giving opportunities for innovation."

He asserted that digital technologies can improve operational efficiency while also allowing seamless remote communication, demonstrating an organization's agility. 

“It is a commitment to the individuals that propel the organization forward. Corporations strengthen their foundation for future success by investing in employees' personal and professional growth, providing customized support, and developing a culture of resilience," Ganguli told us. 

On the other hand, Dr. Rashi Gupta, Co-Founder and Chief Growth Officer of Rezo.ai said the company has always emphasized controlled and responsible hiring practices that align with actual business needs. 

“Hiring the right number of people as mandated by talent requirements is as important as hiring the right talent. The responsible hiring practice helps build a more secure work environment, maintain stability, and prevent disruptions. The layoffs that we see aren't solely a consequence of financial constraints but fundamentally emanate from over-hiring," Dr. Gupta said. 

However, retaining talent, especially during layoffs also requires companies to maintain a positive and inclusive company culture and provide employees with internal career advancement opportunities so that employees have a sense of community and belonging, she added. 

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Published: 28 Aug 2023, 01:44 PM IST
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