A lot of companies are laying off people for cost cutting measures. Along with that a lot of companies are reducing the benefits for cost cutting. For example, the company which I am in has reduced the monthly team lunch as yearly retreat. Though the amount is very less hut still they are trying to reduce it.
PC: Pixabay.com
Similarly I have heard that a lot of companies who was giving office phone or other things have started reducing it. This is some of the initiatives business are taking to show the profit. Because the AI wave a lot of companies have invested in the AI as well as a lot of companies profit is decreasing. And because of that the companies are trying to reduce their expenses as much as possible.
So along with removing the human jobs, comapnies are trying hard to reduce the operation costs as much as possible. Similarly our cloud cost has reduced by over 30% . These are the efforts taken by the management to reduce the cost. This includes reducing the dev and stage environment as well as removing some the external licenses and creating some in-house ti reduce cost and other initiatives to reduce cost.
For example, we were generous previously and we were keeping our servers on a higher environment. Now we have to reduce and thus monitor well so that it doesn't have any problem. Similarly we had to do other automation to reduce the costs. At the time will come where once everything gets automated, more people get layoff. So it's inevitable and people have to bear the consequences. And that's why we have to keep atleast 3 to 6 months of expenses in our emergency fund. More is good until we are sure what the future lies.
