{"id":10613,"date":"2022-12-29T11:49:14","date_gmt":"2022-12-29T06:19:14","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=10613"},"modified":"2022-12-29T11:49:14","modified_gmt":"2022-12-29T06:19:14","slug":"layoffs-in-india-2023","status":"publish","type":"post","link":"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/","title":{"rendered":"Layoffs in India: 7 Positive Lessons for Founders, HR, and Employees to Carry Forward in 2023"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Someone once said, <\/span><em>\u201cI\u2019m thankful for my struggles because without them I wouldn\u2019t have stumbled upon my strengths.\u201d<\/em><\/p>\n<p><span style=\"font-weight: 400;\">In the spirit of New Year and sudden surge of year-end optimism, we\u2019ve compiled a powerful list of reasons around why the ongoing clouds of layoffs in India and hiring freeze have a silver lining. For everyone, employees, HR professionals, and founders.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">First, let\u2019s talk about employees.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d4c775bf52b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d4c775bf52b\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/#How_employees_should_look_at_layoffs_in_India\" >How employees should look at layoffs in India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/#A_catalyst_to_assess_your_career_path\" >A catalyst to assess your career path\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/#A_time_to_learn_and_grow\" >A time to learn and grow<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/#Network_and_make_connections\" >Network and make connections<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/#How_founders_and_HR_professionals_should_deal_with_layoffs_in_India_in_2023\" >How founders and HR professionals should deal with layoffs in India in 2023\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/#Focus_on_cross-training_multiple_roles\" >Focus on cross-training &amp; multiple roles<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/#Introducing_the_right_tech_that_lowers_manual_tasks_costs\" >Introducing the right tech that lowers manual tasks &amp; costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/#Prioritise_retention_of_your_best_employees\" >Prioritise retention of your best employees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/#Support_your_employees_emotionally_and_financially_as_much_as_you_can\" >Support your employees emotionally and financially as much as you can<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/#Above_all_stay_positive_and_focused\" >Above all, stay positive and focused<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/razorpay.com\/payroll\/layoffs-in-india-2023\/#Stay_focused_with_RazorpayX_Payroll\" >Stay focused with RazorpayX Payroll<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_employees_should_look_at_layoffs_in_India\"><\/span><b>How employees should look at layoffs in India<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"A_catalyst_to_assess_your_career_path\"><\/span><b>A catalyst to assess your career path\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Do you know that MS Dhoni, one of the most beloved Indian cricketers, had originally started as a goalkeeper in football before a coach turned his attention to cricket? Imagine if he never gave up football!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The predicament of changing a career path can be a difficult and emotional experience, but it can also be a chance for individuals to reassess their goals and consider new opportunities that may not have been available to them before. This can be especially true for employees involved in a particular role or industry for a long period.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Lesson learnt: Take a long hard look at your career path and where you want to go in the long term. Assess your strengths, competencies, passion as well as growth prospects of various career opportunities available.<\/span><\/i><\/p>\n<h3><span class=\"ez-toc-section\" id=\"A_time_to_learn_and_grow\"><\/span><b>A time to learn and grow<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Once you assess your career path and if it involves learning and acquiring new skills, make small investments in the form of short-term courses or online training to get skilled in that area. There are a lot of fields such as artificial intelligence, machine learning, network security and more that are ripe with opportunities and will always be relevant. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of course, the first step towards something completely new is always the hardest. But with determination and strong will, you will be able to start a career in a new field and this in the hindsight might turn out to be the best thing that ever happened to you.\u00a0 <\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Lesson learnt: it\u2019s time to adapt and acquire new skills.<\/span><\/i><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Network_and_make_connections\"><\/span><b>Network and make connections<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It can be a good time to build relationships with colleagues and other professionals in your industry. This can help you stay informed about potential job openings and opportunities internally and externally. You can also take the help of job coaches to crack interviews and figure out how to have a systematic approach to achieving your goals.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Lesson learnt: Stay abreast of what\u2019s happening around you by networking with people around you and ask for help.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Now, let\u2019s talk about founders and HR professionals.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Layoffs are hard for founders and HR too. Not only do they go through the emotional strain of telling someone to go home forever but also once the employees are fired, there is a gap that\u2019s created in whatever responsibilities they undertook and an urgent need to fill that gap. Below mentioned are some silver linings for founders and HR departments.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_founders_and_HR_professionals_should_deal_with_layoffs_in_India_in_2023\"><\/span><b>How founders and HR professionals should deal with layoffs in India in 2023\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Focus_on_cross-training_multiple_roles\"><\/span><b>Focus on cross-training &amp; multiple roles<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Every employee wants growth and learning on the job and this situation could be a golden opportunity for both employers and employees. For instance, if there is a hiring freeze, examine if someone working in the finance department wants to acquire training and skillset to also take care of certain administrative work of the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">See if one of your employees can be an \u2018SEO and growth specialist\u2019 rather than only an SEO expert. The goal is to create a strong workforce whose output becomes greater than the hiring cost so that you can avoid layoffs altogether.\u00a0\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Lesson learnt: you might not require two resources for a job in the first place.<\/span><\/i> <i><span style=\"font-weight: 400;\">In case, it doesn\u2019t work out long-term, you can always hire later.<\/span><\/i><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Introducing_the_right_tech_that_lowers_manual_tasks_costs\"><\/span><b>Introducing the right tech that lowers manual tasks &amp; costs<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There is a lot of work that can be easily automated with the right tech in your company. If you are spending heaps of money on outsourcing manual work to external agencies, replace it with affordable software. This way even employees can focus on more strategic work that directly contributes to business growth.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One such software for startup founders and HR is <\/span><a href=\"https:\/\/razorpay.com\/payroll\/?r=blog_cta_LayoffsInIndia\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\"><span style=\"font-weight: 400;\">RazorpayX Payroll<\/span><\/a><span style=\"font-weight: 400;\">. It automates <\/span><a href=\"https:\/\/razorpay.com\/payroll\/what-is-payroll-definition-process-complete-guide\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\"><span style=\"font-weight: 400;\">payroll<\/span><\/a><span style=\"font-weight: 400;\">, salary distribution, and compliance filings such as PF, PT, TDS, <\/span><a href=\"https:\/\/razorpay.com\/payroll\/learn\/flexible-benefit-plan-fbp-component\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\"><span style=\"font-weight: 400;\">Flexi benefit plans<\/span><\/a><span style=\"font-weight: 400;\">, and other administrative tasks in just a few clicks.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/payroll\/?r=blog_cta_LayoffsInIndia\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Explore RazorpayX Payroll&#8217;s forever free plan<\/a><\/p>\n<p><i><span style=\"font-weight: 400;\">Lesson learnt: you should implement the right tech to reduce outsourcing costs.\u00a0<\/span><\/i><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Prioritise_retention_of_your_best_employees\"><\/span><b>Prioritise retention of your best employees<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Believe it or not\u2013even during times of economic downturn and layoffs in India, your best employees are going to have choices. If you are going to give them additional responsibilities, ensure that you have a <\/span><a href=\"https:\/\/razorpay.com\/payroll\/learn\/employee-retention-strategies\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\"><span style=\"font-weight: 400;\">solid retention strategy<\/span><\/a><span style=\"font-weight: 400;\"> in place so that they choose you over anyone else. Acknowledge and appreciate them for the extra mile they are going for you because loyalty is a two-way street!<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Lesson learnt: retain your best players!<\/span><\/i><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Support_your_employees_emotionally_and_financially_as_much_as_you_can\"><\/span><b>Support your employees emotionally and financially as much as you can<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Rough times don\u2019t last forever. As an employer, you should always try to look after the mental and financial well-being of your employees. If you are a founder, maybe taking less salary home during tough times and ensuring there are no pay cuts or pink slips will build respect and loyalty for your brand in the longer run. <\/span><i><span style=\"font-weight: 400;\">Who doesn\u2019t like and advocate a hero?<\/span><\/i><i><span style=\"font-weight: 400;\">\u00a0<\/span><\/i><\/p>\n<p><b>Pro tip: <\/b><span style=\"font-weight: 400;\">If you are a small business and you don\u2019t know where you can get group employee insurance plans, <\/span><a href=\"https:\/\/razorpay.com\/payroll\/?r=blog_cta_LayoffsInIndia\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\"><span style=\"font-weight: 400;\">RazorpayX Payroll<\/span><\/a><span style=\"font-weight: 400;\"> provides employee insurance to teams as small as 2!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Try everything in your power to avoid layoffs and even if you have to let go of your employees, do it in a manner as graceful as possible. As a founder, you can check within your circle if the laid-off employees can go join other companies. You can also take help from outplacement services. These are professional services that help employees who have been laid off in their transition to new employment. Whatever you do, do it with honesty and transparency\u2013right from the start.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Lesson learnt: Provide emotional and financial support to your employees in times of need and have honest communications.\u00a0<\/span><\/i><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Above_all_stay_positive_and_focused\"><\/span><b>Above all, stay positive and focused<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It can be easy to get discouraged during layoffs or times of economic downturn but try to stay positive and keep a long-term perspective. Focus on what you can control, and try to stay motivated and engaged in your work.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stay_focused_with_RazorpayX_Payroll\"><\/span><b>Stay focused with RazorpayX Payroll<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">RazorpayX Payroll is an award-winning payroll software that automates tedious administrative HR work of four days\u2019 to barely 3 clicks. It has helped save over 150,000 hours on payroll processing which translates to ~ 6000+ days or 16 years of combined effort across organisations (in just the past year alone!)<\/span><\/p>\n<p style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/payroll\/?r=blog_cta_LayoffsInIndia\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Tell me more<\/a><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">India\u2019s fastest salary disbursals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">India\u2019s only TDS, PF, PT, and other compliance built into the product, complete with TDS filing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">India\u2019s only integrated employee insurance offering<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is Slack, Whatsapp, Freshteam and other software integrated<\/span><\/li>\n<li aria-level=\"1\">Interface so easy that a 7-year-old could process payroll<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Don\u2019t believe us? Check out our <\/span><a href=\"https:\/\/razorpay.com\/payroll\/wall-of-love\/?r=blog_cta_LayoffsinIndia\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\"><span style=\"font-weight: 400;\">wall of love<\/span><\/a><span style=\"font-weight: 400;\"> and come back to this blog to give it a free test drive by signing up!<\/span><\/p>\n<p style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/payroll.razorpay.com\/signup?r=blog_cta_LayoffsinIndia\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Start free trial now!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this blog post, we\u2019ve compiled a powerful list of reasons around why the ongoing clouds of layoffs in India and hiring freeze have a silver lining. For employees, HR professionals, and founders. <\/p>\n","protected":false},"author":79,"featured_media":10641,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[66],"tags":[],"class_list":{"0":"post-10613","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-payroll"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/10613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/79"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=10613"}],"version-history":[{"count":0,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/10613\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/10641"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=10613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=10613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=10613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}