After Amazon & Twitter, ShareChat, a social media platform backed by tech giants such as Google and Temasek and the parent company of ShareChat and Moj, recently announced a downsizing of their workforce due to high valuations in an uncertain stock market. The company will be cutting 20 percent of its staff, which amounts to over 500 employees, as a way to prepare for potential external factors that could impact the availability of capital.
100 jobs were cut in December 2022 and employees were informed of the layoffs via email. CEO Ankush Sachdeva wrote to the employees and stated that they would be sending additional details regarding their termination to their personal email accounts, as their access to the company’s Slack channels and official email ID will be revoked. Those laid off will be entitled to their work assets such as laptops and mobile phones, as well as their unused leaves and stock options that vest on or before April 30, 2023. A severance package was also given, which includes the total salary for the notice period, two weeks’ pay for every year served at the company, full variable pay until December 2022, and health insurance cover until June 2023.
What are the after effects of Layoffs?
For an employee, the after effects of layoffs can include feelings of shock, anger, sadness, guilt, shame, and depression. Some may experience financial difficulties, relationship issues, isolation, and a lack of purpose. And for the company, the after effects can vary depending on the context and situation. Generally, it can include a decrease in morale, increased stress levels among remaining employees, a decrease in productivity, a decline in customer service and satisfaction, and a negative public perception. In some cases, layoffs can also lead to a decrease in overall profits.
Here are a few tips to overcome layoff depression–
- Acknowledge and Accept Your Feelings: It is important to acknowledge and accept the emotional roller coaster that comes with a layoff. It is natural to feel angry, anxious, and scared, but allow yourself to experience these feelings without judgement.
- Create a Financial Plan: Once you have accepted that you have been laid off, start creating a financial plan. List your expenses and income and make adjustments accordingly.
- Explore your options & stay Open to New Opportunities: Don’t be afraid to reach out to your network and explore other job opportunities. A layoff can be a time for personal and professional growth. Take the time to update your resume, and practice interview skills. Even if you don’t find immediate success, the process of looking can provide you with a sense of purpose and direction.
- Stay connected: Reach out to your friends and family and make sure you maintain contact with your former colleagues and supervisors. Staying connected will help you to maintain a strong support network and provide you with a sounding board for your thoughts and feelings.
- Find a new hobby: Finding a new hobby or activity can also help distract you from your worries and provide you with a sense of accomplishment.
- Take care of yourself: Make sure you are eating healthy, exercising regularly and getting enough sleep. Taking care of your body will help to keep your mind and emotions in check.
Layoffs can be difficult to cope with, but there are strategies that can help. Staying positive and resilient can also help you stay motivated to find a new job or even better to start something of your own. With the right attitude and strategies in place, it’s possible to move through this difficult time and come out stronger on the other side.
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