#techlayoff

[infinity-compliance]

money management tips: 5 useful tips to manage your money after a job loss

Thousands of job cuts have been announced in the first one-and-half months of 2023. The layoff wave has impacted not only startups but also big tech companies such as Amazon, Microsoft, Google, and Twitter. As many as 380 tech companies have axed 1,08,246 employees across the world this year, according to Layoffs.fyi, a tracking website.Being laid off can be devastating. But don't panic. You need to sketch a plan for how to pay your bills, and EMIs and manage your finances till you get a new job. Here are some useful tips to manage your money after a job loss.1) Cut your expenses If you just got a pink slip, your monthly cash inflow will be reduced significantly. So, the first thing you need to do is slash your miscellaneous expenses. Stop ordering food frequently, cut down on going out every weekend and eating outside, and cancel the gym membership or OTT subscription that you hardly use, said experts. Eliminating all discretionary expenses in one go can be difficult, so try to reduce them to the bare minimum. For instance, plan a family movie night at home instead of a luxury meal outside. 2) Prepare a monthly balance sheet Make sure that you prioritise your fixed expenses such as insurance premiums, loan EMIs, credit card repayments, and monthly instalments for mutual fund SIPs. First, take stock of the savings you have. Then, you need to calculate your monthly financial commitments and liabilities. "Check and budget your savings in such a way as to have at least six months of survival money. After being fired, in all probability, it will take time to get hired," said Ankit Mehra, CEO and Co-founder of GyanDhan, an NBFC. If you don't have enough savings, then you need to prioritise your investments. Stop your monthly SIP if the finances are too constrained. For home or vehicle loans, you can request the bank to reduce the EMI amount by increasing the loan tenure. You can also inform your insurance company about your situation. Check whether they can alter the periodicity of payment of the premium or reduce the cover amount temporarily, suggested experts.3) Review your investment portfolio with a long-term perspective You need to cut down on your expenses. However, do not dig into your retirement corpus or long-term investment goals. "Look at how much you spend each month and see where you can save. Review your investment portfolio to ensure that it aligns with your current financial goals and risk tolerance. Make changes to your investment portfolio gradually and with a long-term perspective in mind and not make any drastic changes based on short-term market events or emotions," said Kartik Narayan, Chief Executive Officer - Staffing, TeamLease Services. 4) Money crunch? Go for loan against your investments, borrow from friends and family If you don't have an emergency corpus, use your bank savings to go through this period. If it is insufficient, you can start withdrawing from your existing investments. The interest on a loan against assets such as fixed deposit, PPF, insurance, gold, or property is usually cheaper than personal loans. For example, the loan from the PPF account has an interest rate that is 1 per cent higher than the current effective interest rate. So, if you request a loan against your PPF, the interest rate could be 8.1 per cent. Do note that other terms and conditions will be applicable to be eligible for a loan against PPF. At present, the interest rate on personal loans in any public or private sector bank usually starts from 10.5 per cent, depending on your income and assets. If you have invested in a mutual fund, you can also consider redeeming your investments. So, choose wisely in case you need some urgent cash flow."Ensure you don’t borrow money at high-interest rates thus getting into a debt trap," Sudhakar Raja, Founder, and CEO of TRST Score, a human risk mitigation platform.You can also reach out to friends and family to borrow some money to survive this period. You can always repay it later when you get a job again.5) Take care of your mental health "Layoffs are brutal. They bring with them a range of negative emotions that will derail you. Take one day at a time. If you are feeling overwhelmed, get in touch with your friends, family, or even a therapist (free resources are available)," said Mehra. Don't be discouraged by job loss Finally, do remember that being laid off is not necessarily a reflection of your performance. "Don't be discouraged by the job loss. Know that this is just one of the phases of an economic cycle. Apply for jobs in the sectors that are currently performing well. Hone your skills for higher job security," said Sumit Sabharwal, CEO, TeamLease HR Tech. Source link Read the full article

[theencrypt]

How to Bounce Back After Getting Laid Off

Getting laid off is a cumbersome situation. It not only hammers financial stability but leaves a dent in self-esteem too. So, getting your engine back on track and finding a new job is necessary. However, there are a few things you need to take care of. You must give yourself time and think about setting up your professional life. How can you get your confidence back? And, what should you say to potential employers about the layoff?#employment #layoff2022 #techlayoff #technologicallayoff #Technology Read the full article

[usnewsper-business]

Student Debt Relief, Job Losses, and Money in Politics: How 2023 Shook Our Finances #bigmoneyinpolitics #consumerspendingdecline #corporations #corruptinginfluenceofmoney #COVID19pandemic #darkmoney #economicuncertainty #highereducationcost #jobcuts #majortechnologycompanies #MichaelBloomberg #politicaladvertising #studentloanforgiveness #techlayoffs #wealthydonors

[techxoner]

2024 opens with a tech industry bloodbath, as companies like Google, Microsoft, and Amazon slash jobs. Explore the prominent cases, understand the driving factors, and get insights into the uncertain future of tech employment.

[timesnew7]

Google Parent Alphabet Lays Off Hundreds From Global Recruitment Team

California-based Alphabet cut about 12,000 jobs in January California: Google parent Alphabet is laying off employees from its global recruiting team as the tech giant continues to slow hiring, it said on Wednesday. The company's decision to let go of a few hundred employees is not part of a wide-scale layoff and will retain a significant majority of the team for hiring critical roles. It will also help the workers search for roles within the company and elsewhere. Alphabet is the first "Big Tech" company to lay off employees this quarter, after peers like Meta, Microsoft and Amazon downsized aggressively earlier in 2023 as a weak economy put an end to their pandemic-led hiring sprees.

GOOGLE PARENT ALPHABET CUT 12,000 JOBS IN JANUARY

California-based Alphabet cut about 12,000 jobs in January, reducing its workforce by 6%.

Layoffs in the U.S. rose more than threefold in August from July and nearly fourfold compared with a year ago, according to a report by employment firm Challenger, Gray & Christmas. Economists polled by Reuters had forecast that new claims for state unemployment benefits would rise by about 8% in the week ended Sept. 9, after having fallen 13,000 to 216,000 in the prior seven-day period. Google Parent Alphabet Lays Off Hundreds From Global Recruitment Team Read the full article

[exploreworldwithme]

How to get a job in recession in 2023

In this video, we're going to talk about how to land a job in a recession, when it seems like all the big tech companies are letting people go left and right. I know, it's a scary time to be job hunting, whether you're a fresh grad, unemployed, or just looking for a change. But don't worry, you can still stand out from the crowd. Let's dive into some tips on how to make that happen.

[thesituationroom]

this is insane

[nerdjourney]

Reduction in Force: Navigating Layoff Trends in Tech with Real Job Talk (1/2)

The hosts of Real Job Talk join us for a focused discussion on #layoffs in tech with practical advice for those impacted and those who have lost colleagues. #rif #laidoff #career #techlayoffs #jobsearch

Are layoffs in the tech industry a trend that will continue? What can IT workers do about it? Whether you’ve been impacted by a layoff event, lost colleagues in a layoff, or have just been watching from afar…this episode is part of a focused discussion on layoffs meant to encourage and advise all of us. This week in episode 290 we’re joined by Kat Nelson Troyer and Liz Bronson, the hosts of Real…

[ittvglobal]

Layoffs in America | Layoff News Today #layoffs #layoff #techlayoffs #te...

[mymetric360]

"Which mid/senior level IT jobs are oversaturated?" #ITJobs #OversaturatedITRoles #TechLayoffs Are you a mid or senior level IT professional looking for new job opportunities in the ever-evolving tech industry? In today's competitive job market, it's important to be aware of which IT jobs are most oversaturated. Let's dive into the top oversaturated IT roles and what you can do to stand out in the crowd. Frontend Developers: - With the increasi... Read more: https://mymetric360.com/question/which-mid-senior-level-it-jobs-are-oversaturated/?feed_id=35259

[h1bvisatransferus-blog]

https://www.h1btransfersusa.com/blog/uscis-extends-the-h-1b-registration-deadline-till-20thmarch-2023/ The USCIS has extended the deadline to submit registrations for the FY24 H1B lottery through 5:00 pm on March 20, 2023. It was implemented due to technical difficulties that arose with the H1B registration system. #fy24h1blottery #h1bregistrationdeadline #h1bvisa #h1bpetiion #h1bcapsubjectpetition #techlayoffs #USimmigrationagency

[markedwardsworldwide]

#WSJ News Exclusive | #Facebook Parent #Meta Is Preparing to Notify #Employees of Large-Scale #Layoffs This Week https://marke.news/3hgUz15 #work #business #economy #recession #techlayoffs #techb

[h1bvisatransferus-blog]

https://www.h1btransfersusa.com/blog/united-states-to-extend-h-1b-registration-deadline/ As applicants around the world face difficulties completing the application process, the United States may extend its H-1B registration deadline. #USextendsh1bregistrationdeadline #2024h1bcap #h1bvisa #h1bcapsubjectpetition #techlayoffs #highskilledtechworkers #USimmigrationagency

[h1bvisatransferus-blog]

https://www.h1btransfersusa.com/blog/will-the-layoff-spree-continue-in-2023/ Nearly 16,000 employees have been laid off by 44 startups. It’s not just startups that are laying off people, but also IT services companies. #H1Blayoff #techlayoffs #metalayoffs #layoffspree #layoffforh1bemployees #faqsonh1blayoff

[h1bvisatransferus-blog]

https://www.h1btransfersusa.com/blog/google-layoffs-existing-employee-discusses-the-effect-on-morale-after-12000-job-cuts/

A Google employee provided insight into the search giant's current morale, ten days after the company laid off 12,000 employees.

#clouddivision #googlelayoffs #techlayoffs #h1bvisa #h1bvisaholders #temporaryworkvisas #jobcuts #h1blayoffs #layoffforh1bemployees

[h1bvisatransferus-blog]

https://www.h1btransfersusa.com/blog/fy-2024-h-1b-registrations-to-be-open-from-1st-march-to-17th-march-2023/ The USCIS announced that the H1B registration period for fiscal year 2024 (FY24) will start at noon Eastern Time (ET) on March 1, 2023, and end at noon ET on March 17, 2023. #fy2024h1bregistrations #h1bcapseason #fy24h1bcapregistration #h1bvisas #intialregistrationperiod #h1bcapsubjectpetition #h1bpetitions #h1bregistrationprocess #h1bregistrationprocess #techlayoffs