Last update:
Tech Sorting: PG’s low demand is affecting landlords and operators and they face financial stress between falling in falling rates and reducing property values, reports.
So far in the current financial year, 87 tech companies have hired a total of 23,054 employees.
Even when Tech Job Crisis holds one, the real estate market of Bangalore is still taking a big hit with a decline in market fall rates and property values. In the latest trim, e-commerce giant Amazon is allegedly shutting around 14,000 employees.
according to a Financial express Citing reports in shortsTech trimming has an immediate effect on PG demand and rental market in Bengaluru. PG Junior is the cheapest option for IT employees. PG’s low demand is affecting landlords and operators and they face financial stress between falling out -of -fall rates and property values.
According to reports, Amazon has been scheduled to cut 14,000 jobs as part of its major restructuring plan to save cost. It was cut in 18,000 jobs in November after e-commerce giants.
“The impact on Bangalore’s fare market is already evident. PG facilities, once stirring with junior IT workers, are looking after demanding demand. Many landlords and property investors, especially in the tech hubs like the external ring road (OR), are now facing a decline in the report of Newskarnatakakom.
Amazon trimming will mainly hit engineering, marketing and product management job roles.
Earlier in the month of October 2024, CEO Andy Jassi revealed that the company would reduce its managerial employees to increase the ratio of individual contributors to managers by 15% by the end of Q1 2025. The reorganization is designed to help save Amazon up to $ 3 billion annually, as noted by an analysis from Morgan Stanley.
Sorting in 2024, so far this year
In the current year, 87 tech companies have placed a total of 23,054 employees, according to the trimming. This excludes the data of Amazon.
In 2024, a total of 152,472 employees were dismissed by 549 tech companies. In the year 2023, 1,193 tech companies witnessed the highest pruning with 2,64,220 employees.
Technical companies are resorting to pruning in the last two-three years to save the cost amidst changes in AI automation.
With the increasing wave of pruning, there is a possibility of decline in demand for affordable housing, leaving investors with a decline in empty assets and asset values.
Biping the Amazon trim, the entire circle Cio Gurmeet Chadha said that the employees raising questions on the use of the title like “People Experience Head” and “Chief Peepal Officer”, referring to employees as “family”, are all called a play.
“Amazon is closing 100,000 more people after staying away from 18k in November. They call their HR heads because people experience head, chief people officer and fancy names … Employees told the families. They said in a post on X.
