Recession Looming Anxiety & Mass Layoffs! How to survive during a global economic downturn?

The economic slowdown is a part of the game & every business individual knows it very well. But the time comes when there arrive massive financial downturns & market collapses due to global recession! The recent covid era has shown us the ugliest side of a recession! There were mass layoffs, business shut down & financial insecurity everywhere! According to Crunchbase, 72000+ U.S. tech workers have been laid off! It’s true that the layoff percentage of a service-based company is lesser than a product-based company but still, the IT service is facing huge trouble & many companies are going towards employee size cut-off as a part of their ‘restructuring’ plan. Several reports say that Cisco fired 4,000+ workers & Amazon is planning to sack nearly 10000 employees this time! Meta is possibly removing 13% of its workforce to make its services more efficient! Zuckerberg said, “We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint. We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go!”

So, what are the possible way-outs? It’s obvious that some inevitable conditions hamper the global economy, yet if the roots of a business stay stronger, I believe no difficulties can harm us!

?Ways to remain stable during the recession & hiring-firing chaos!

In 2022, 1,37,492 workers were laid off worldwide by 859 tech companies! Many tech giants are showing clear signs of cutting off their costs by minimizing their employee capacity due to the global downturns. During this uncertain scenario, Techno Exponent is keeping its head high & going without any low attrition fears! You must be wondering what’s the base behind our stability. What factors help a service-based organization like ours to keep rolling even in the crisis of global recessions? Well, several strong reasons are backing us to survive during this time when many IT companies are struggling.

• Strong client base- We are blessed to have an esteemed client base that has always backed us in many ups & downs. The key to any successful business relationship is to know how to make your clients happy! Throughout the years, we are fortunate to build a global client chain with deep faith & gratitude from both ends. Our hard work, dedication & problem-solving approaches make them keep believing in Techno Exponent. These trusts have worked as a strong support for us & we are not been affected a bit due by the recession because our financial circle is always on move!
• Excellent teamwork & dedicated participation- We have an excellent team of 250+ IT professionals who are always ready to give their 100% for the organization. Just like a ship with an expert crew team has the potential to survive dangerous storms in the ocean, a company can overcome global recessions if it has a highly skilled & experienced squad! From the initial pitching to the final project submission & after delivery assistance, all our concerned team members are devoted to making the client happy by delivering the required solutions with the utmost quality. Having such an awesome team has made it so easy to bring new clients on board & serve existing clients efficiently!
• Smart resource management- Focusing on quality over quantity, Techno Exponent concentrates on these mostly-said words & proceeds accordingly. I personally believe that keeping a large number of bench resources will not going to help you in the long run unless you engage them. This is one of the main reasons why the recession has a high impact on the IT industry! Many organizations invite new clients by showing their bench support & this turns into a boomerang! It’s crucial to keep the balance between the service need & the resource capacity. Idle resources are nothing but just a burden for an organization and when a recession comes & the company looks to reduce costs, the unused resources are in the first row to get victimized! This should not be the right way & we must keep a regular eye on this. We must hire permanent employees based on our project needs & make sure that they don’t just sit as bench resources but get the chance to show their expertise.????
• Problem-solving approaches & quality solutions- Providing the best quality solutions at a fair price within the deadline & ensuring that it will add value to their businesses, this is the basic thought process behind each & every client relationship of Techno Exponent. Clients only want nothing but positive data, data that shows the constant improvement of their company! Quality service empowers the client’s business & makes our business relations more condensed! And, as long as your services are satisfying this proportional equation, the clients will never gonna leave you! You will be amazed to know that during the pandemic period also, our business not only ran smoothly but got new projects on a regular basis! Because the clients have faith in our proposals. They trust that when Techno Exponent takes the charge, there will be no compromise on quality.
• Employee stability & job security assurance- Switching jobs & get a good hike was considered a smart move earlier. But, the consecutive recessions break the myth completely! A surprising survey report came out which was performed among 2,458 U.S. workers in August by Bankrate that nearly 55% of the people who recently changed jobs for a better-paying profile are suffering from layoff anxiety! Indeed, persons who are more dedicated to being stable & continuously enhancing their working efficiency within an organization rather than running behind payment raises & switching jobs frequently are affected much lesser during the unprecedented recession challenges. Also, organizations should give them job security assurance & make sure that the potential workforce gets the proper environment & facilities to stay in.??

?On an ending note, I want to convey a collaborative approach between a service provider & a client. As an IT service-providing organization, we not only just do business but consider all our clients as our extended family! Techno Exponent believes in growing together. The basic thought of a successful & stable business is how you help your clients to reach their goals by providing quality services in a cost-effective way. Whenever any project comes to the table, we analyze the requirements & offer only what is really needed to fulfill the project demands. We value your money. Our resource management experts are there to guide our clients in generating maximum output through the proper number of resource engagements. Service-based companies must know that this is not just a one-match series. If you need to sustain in the market & rise, you must gain the trust of your clients. Not to push them to hire unnecessary resources but aim to provide transparent solutions at a fair price & build a long-term relationship. This collaborative approach & mutual bondings help in overcoming critical situations easily.