â€œThe impact on H-1B holders is the most. Life does change drastically for themâ€
The job onslaught continues relentlessly. The latest in the series of announcements is Irish-American giant Accenture announcing a cutting down of 19,000 jobs worldwide.
In what may serve as little or no consolation to those who would be affected by this job slash is that the professional service company also announced that over a period of next 18 months they would also be spending $1.2 billion in severance pay when they cut 2.5% of its existing workforce spread over a year and a half.
Read: Technology sector cut most jobs in January: Report (February 3, 2023)
The company said that it would spend another $300 million to consolidate its office space. Accenture also clarified that most or more than half of the slashed roles would be those among the back-office staff.
Despite a slightly more clear update on what lay-offs at Accenture may look like, the news once again sent across some panic especially to the work based visa holders in the US, many of whom happen to be Indians.
Poonam Patel an IT professional says, â€œItâ€™s (the job slash) is less that 3% and is also over a period of time. It looks like a regular attrition as we all know that currently, consulting firms are undergoing a struggle. I donâ€™t think in the current market scene it is coming as a shocker to anyone.â€
Read: Google parent company laying off 12,000 workers globally (January 20, 2023)
However, for some others the news is anxiety inducing. Akash Sharma based in Illinois, who also works for another consulting firm says, â€œWell itâ€™s an unsettling time for employees. I mean who knows if they will be the first to be laid-off or the last? Also, who knows if they will be amongst the 50% of back-office staff or the unlucky others.â€
Many Indians on visa are also considering upgrading skills or even considering entrepreneurship. Ramesh Raj says, â€œIf you are a citizen or your work visa is the type that allows, starting a small business is more beneficial in the coming times. With regular technology updates as it is jobs are getting scarcer.â€
Read: Microsoft laying off 10,000 employeesÂ (January 19, 2023)
Some others are hopeful that the tide will pass and if one is able to stay afloat during the market crisis moments such as these, service-based companies such as Accenture would be back to hiring.
But Srishti Singh of Seattle doesnâ€™t seem that optimistic. She says, â€œEach and every mega company be it Microsoft, Google, Amazon, Facebook has laid-off employees. The market would continue to be on shaky grounds for some time to come.â€
â€œItâ€™s a cycle â€“ finance, information technology, banking and product based sectors go down and the lay-offs begin. It takes some time for interest rates to rise and the market to stabilize once again.â€
Read: Accenture to cut 19,000 jobs (March 23, 2023)
Sumit Kumar says, â€œThe 2.5% is not a big number. It is the attrition rate which is normal in a company like Accenture. They have also announced that the cuts are across segments such as non-billable strategy functions and corporate functions, both of which do not generate direct revenue. I do not see the impact on core business. But of course the one who loses the job, will have to go through the grind.â€
Nitin Jain, who works in one of Meta companies says, â€œWhatever happens, the impact on H-1B holders is the most. Whether they have to scurry for another job or start packing their bags, life does change drastically for them.â€
Read: Indian government asked to help laid off IndiansÂ (January 24, 2023)
Read: Laid-off employees on H-1B visas share their storiesÂ (January 27, 2023)
Read: Indian techies prepare for worst amid lay-off spreeÂ (January 10, 2023)
Read: How workers can stay in the US after losing jobsÂ (December 20, 2022)