27000 employees laid off in August 2024 | Layoffs vs Hiring in TCS Infosys Wipro Amazon Google

Manohar Batra - College to Corporate

15 Sept 202409:39

Summary

TLDRThe video discusses the current job market, highlighting the contrast between job additions and layoffs. It explains the varied business models and hiring practices across companies, emphasizing that one's success is often influenced by factors like luck and timing. The speaker offers advice on switching careers, especially in data science, and introduces a data science course. The video also provides strategies for navigating toxic work environments, notice periods, and dual employment situations, concluding with motivational insights on career transitions.

Takeaways

😀 The video discusses the recent job market data, including the addition of 142,000 jobs in July but also mentions an increase in layoffs.
🤔 The video explains how not all companies in the same industry perform or hire the same, using a comparison of sweet shops in a city.
💼 The speaker emphasizes not judging the overall job market based on a few layoffs in a friend circle, highlighting the varying conditions across industries.
📉 The importance of luck when applying for jobs is highlighted, as different companies have different hiring needs and expectations.
🐍 Python is described as an evergreen and highly in-demand programming language in 2024, particularly in fields related to data science.
📊 The video recommends transitioning into data science through platforms like Boss Coder, which offers advanced training and placement support.
🏢 The speaker shares personal stories of career transitions, such as switching jobs and dealing with toxic work environments.
🎓 They also cover the complexities of handling notice periods and resignation strategies, especially when dealing with multiple job offers.
🔍 A section discusses how startups sometimes exploit candidates by creating unrealistic job conditions, emphasizing caution and preparation.
💡 The video concludes by advising viewers to be mentally prepared and confident when switching jobs, turning fear into motivation.

Q & A

What is the key message of the video transcript?
-The key message of the video is to encourage viewers not to judge the job market based on layoffs they hear from friends, as hiring is still happening in companies like TCS. It emphasizes the role of luck, timing, and company-specific circumstances in the hiring process.
How does the speaker explain the job market situation with the example of sweet shops?
-The speaker compares IT companies to sweet shops, explaining that although all shops may sell sweets, they don’t all have the same business model, income, or employee requirements. Similarly, not all IT companies have the same hiring and layoff situations, even if they are in the same industry.
What does the speaker suggest about judging the job market based on personal experiences?
-The speaker advises not to judge the entire job market based on personal experiences or the experiences of friends. Layoffs in some companies don’t mean every company is laying off employees, and there are still companies hiring.
What are some common reasons companies give for rejecting job applicants, according to the speaker?
-Companies often reject applicants due to various reasons, such as having too much or too little experience, high salary expectations, or a long notice period (e.g., 90 days), when they prefer immediate joiners.
Why does the speaker believe luck plays a significant role in getting hired?
-The speaker believes luck plays a significant role in getting hired because it depends on whether you apply to a company that has immediate requirements and whether the timing aligns with their needs.
Which programming language does the speaker mention as evergreen and in demand for 2024?
-The speaker mentions Python as an evergreen programming language, and highlights its growing demand due to its relevance in data science, often saying 'data is the new oil.'
What advice does the speaker give about changing technologies within a company?
-The speaker suggests that if you have good relationships with your manager and prove your skills, you can transition to different roles or technologies within the same company, as demonstrated by the example of someone moving from AWS support to backend development with Python, Django, and PostgreSQL.
What is the concern about dual employment discussed in the video?
-The speaker warns about the issue of dual employment, where overlapping employment periods in two companies can cause problems during background verification. The person in the example must handle their resignation and joining dates carefully to avoid this.
What is the importance of handling notice periods and offer letters carefully?
-The speaker stresses the importance of handling notice periods and offer letters carefully to avoid complications like dual employment. For instance, you should clarify with the new company about your joining date and avoid overlapping it with the current employer.
How does the speaker describe the fear of making a first job switch?
-The speaker acknowledges that everyone feels scared during their first job switch but assures that once it’s done, the fear turns into confidence. This confidence helps individuals in their future career transitions.

Outlines

00:00

💼 Job Market Overview and Hiring Trends

The speaker begins by addressing confusion about the job market, explaining how 142,000 jobs were added in July despite increasing layoffs. They draw an analogy to sweet shops, where businesses vary despite selling similar products, much like IT companies. The speaker advises against generalizing based on friends' experiences with layoffs. They introduce their 'Corporate Kit' and share personal experiences with company rejections, highlighting how factors like experience, salary expectations, and notice periods affect job prospects. Luck plays a significant role in job search success, much like choosing the right shop at the right time.

05:01

🚀 Career Shifts and Overcoming Challenges

The second paragraph narrates a personal success story of a career shift, where a worker transitions from a support role to a developer position within the same company through good relationships with management. The speaker emphasizes the importance of internal networking for growth. The paragraph also covers strategies for handling dual employment and managing job offers when faced with conflicting start dates. The speaker advises being proactive with resignations, careful about background verifications, and how startups often exploit resignation notice periods. In conclusion, they stress the importance of timing and confidence in navigating job switches.

Mindmap

Keywords

💡Layoffs

Layoffs refer to the termination of employees by companies, often due to financial constraints or restructuring. In the video, the speaker discusses how despite news of 142,000 jobs being added, layoffs are still increasing, highlighting the unstable job market. This sets the context for the discussion on job security and how layoffs are perceived across industries.

💡Hiring Trends

Hiring trends refer to the patterns in which companies recruit employees, often influenced by market demands and industry conditions. The speaker compares different industries, particularly IT companies, and explains that just because companies like TCS are hiring doesn't mean everyone is safe from layoffs. He emphasizes that each company has different needs, just as different sweet shops in a city don't operate the same way.

💡Luck

The concept of luck in the video is tied to job success and hiring, where the speaker highlights that sometimes getting hired depends more on luck than skills. He uses an analogy of sweet shops to illustrate how the specific company's needs, rather than just individual qualifications, play a crucial role in employment opportunities.

💡Experience Mismatch

Experience mismatch refers to when an individual's experience level does not align with a company's hiring requirements. The speaker mentions how companies often reject candidates for having too much or too little experience, and sometimes even over salary expectations. This is a key theme in the video, showing how job applicants need to carefully align their experience with market demands.

💡Python

Python is a popular programming language often associated with data science and machine learning. The speaker refers to it as an 'evergreen' language, essential in the modern job market, especially in data science fields. This ties into his discussion on transitioning into tech and how learning Python can enhance job prospects.

💡Notice Period

The notice period refers to the time an employee must work after resigning before officially leaving the company. In the video, the speaker talks about how some companies prefer candidates who can join immediately and may reject those with long notice periods, illustrating one of the many challenges faced by job seekers.

💡Toxic Work Environment

A toxic work environment is a workplace where negative behaviors, such as poor management or unhealthy competition, create stress for employees. The speaker discusses how the protagonist left their current job due to a toxic team, which reflects a common reason for switching jobs in the industry.

💡Internal Transfer

Internal transfer refers to moving from one department or role within a company to another. The speaker explains how the protagonist improved their relationship with their manager and secured an internal transfer to a better role (AWS developer), showing that networking and performance can open new career opportunities.

💡Dual Employment

Dual employment is when an individual holds two jobs at the same time, which can cause conflicts, especially in full-time positions. The video highlights the complications around dual employment when the protagonist is faced with overlapping job offers, and how it could potentially create legal or ethical issues.

💡Retention

Retention refers to a company's efforts to keep employees from leaving, especially by offering incentives or negotiating terms. In the video, the speaker discusses how companies may attempt to retain employees during the exit interview by matching offers from other companies. However, he notes that this is less common today, especially in startups.

Highlights

142,000 jobs were added from July, but layoffs are also increasing.

Not all sweet shops in the city earn the same despite selling the same product. This analogy is used to explain how different companies, even within the same industry, perform differently.

Don’t judge the entire job market based on a few friends' experiences; market trends are varied.

Luck plays a big role in which company hires you, similar to how sweet shops attract customers.

In 2024, Python remains one of the most in-demand programming languages, especially in data science.

The speaker recommends 'Boss Coder' for data science training, noting a 14-day refund policy and advanced curriculum for both beginners and advanced learners.

Learning data science from 'Boss Coder' can lead to placements in top companies like Google.

A candidate managed a difficult situation by lying about their notice period to get an offer from another company.

Toxic work environments can push employees to look for better opportunities, even if it means taking risks.

Planning around dual employment and aligning notice periods is essential to avoid problems with background verification.

Startups can exploit employees by manipulating employment dates, making careful planning crucial.

Exit interviews rarely lead to changes, and companies often don’t negotiate salary or retention offers.

It's essential to be mentally strong when switching jobs, as it can be a confidence booster for future transitions.

Switching from a toxic work culture is often necessary to grow and improve professionally.

Trusting in one’s abilities and preparing for job switches is key to overcoming fear and uncertainty.