Big Tech and MNCS offer some lucrative and sought-after jobs to the talented candidates. The perks are attractive — work from anywhere, liberal vacations, employee stock options, ultra-modern offices, trips to exotic places, pets to work offices and so on. However, good times do not last for ever. Business cycles change. Employees are given pink slips. They are asked to leave. It is a reality the employees face in a free market economy. Private sector works for profits and maximisation of shareholders’ wealth. Private sector appears to be caring and compassionate in good times. When it faces rough times, the first axe falls on the jobs. They fire people to save costs.

In good times, the companies hire more. The startups too focus on revenues and growth. Ultimately, for startups what matters are profits and cash flows. Startups hire more and more during a boom. However, when facing troubled times with high interest rates, there are cost cuts and ultimately layoffs.

The laidoff find it difficult to cope with this emotionally and financially. They feel they were so involved with their company, and yet the company ditched them. Employees should learn to save money while the going is good. That will stand them in good stead in the long run.

The employees should upskill themselves continuously. If it is necessary, they can think of changing the sector, say move from IT to finance to data science.

It is a heartless private sector that has to serve its shareholders. When job cuts are announced, the share prices go up. Employees could apply for the new jobs. They must have patience and wherewithal to face the times.