With economies going through a rough patch and startup facing a tough time, 2018 was not a good year for businesses. All these reasons have forced companies to let go off some of its employees. The list of companies that laid off employees in 2018 is long, so we decided to name the top players in the market that are having a difficult time maintaining their bottom line.
1. Jabong:
Jabong and Myntra are two popular e-commerce portals that are owned by the single entity Walmart. The company announced 200 job cuts in 2018. If reports are to be believed, the layoffs were the result of the internal restructuring. This might be good for the company, but employees had to bear the brunt.
2. Cognizant:
IT industry saw a significant setback in 2018, and Cognizant was one of the most affected ones. The company announced that it would be laying off around 200 employees. That’s not the end. The news is around that it might cut some senior-level jobs as well.
3. Aircel:
Aircel was struggling hard to survive in the telecom industry for a few years. The company has finally filed for bankruptcy. Also, it had to bid adieu to around 5000 people because there was no fund to sustain.
4. Huawei:
Huawei that had the workforce of approximately 8,000 let go off 30 percent of its people across different departments. It is assumed that market disruption caused by Jio and other competitors was the primary reason for layoffs.
5. YepMe:
YepMe, which was one of the fastest growing fashion portals, is struggling hard to survive. It is reduced the headcount by a minimum of 80 percent. While employees are complaining about delayed salaries, customers report of not getting a refund on order returns. This is an alarming situation for YepMe.
Final Words
It is true that of all the businesses, it is the startups that are facing the most challenging time. The current scenario is making it even more difficult to rope in new investors. Employees are getting nightmares as they are worried about getting pink slips, which will affect their career graph.
