Many businesses have announced layoffs and employment cuts in recent months as they prepare for a possible recession. To reduce costs, leading tech businesses like Twitter recently let go of almost 3,800 workers. Just a few days ago, Meta, the parent company of Facebook, also let go of 11,000 employees. Major tech corporations announce layoffs almost every week. While many people are finding it difficult to find work, H1B visa holders—among whom are many Indians—are the ones who are most negatively affected.
To stay in the US, they must obtain a work within 60 days; if they are unable to do so, they will be required to return to India. Harsh Jain, the CEO and co-founder of Dream11, has openly stated that given the current circumstances, Indians should return to their native country and assist Indian tech companies in expanding.
Jain wrote on Twitter, ‘With all the 2022 tech layoffs (52,000+!) in the US, please spread the word to remind Indians to return home (especially those with visa issues) to help Indian Tech realise our hyper-growth potential in the next ten years.’
He says that his company is always looking for ‘excellent people, especially with leadership experience in Design, Product, & Tech,’ and he is openly making employment offers to those affected. Jain also boasted about the business’s sound financial standing to reassure employees and possibly even attract new hires.
Jain boasted about the prosperous business by adding, ‘We at Dream Sports are a profitable, $8 Billion Co with 150 Million+ members and 10 kickass portfolio companies in,’ while many IT companies struggle to manage cash for the future and lay off many staff to reduce costs.
Layoffs have been attributed by some major tech companies, like Meta, to the macroeconomic climate and a decline in ad revenue. Overhiring has also been cited by the company as a justification for cutting headcount. In the name of restructuring teams, some people have done the same thing.
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