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Why are companies laying off their entire project teams?
During a recession, companies lay off employees primarily to manage costs and ensure survival. Revenue drops as consumer spending decreases, prompting businesses to reduce expenses, and labor is one of the largest costs. Layoffs help immediately cut payroll expenses and preserve cash flow, which isRead more
During a recession, companies lay off employees primarily to manage costs and ensure survival. Revenue drops as consumer spending decreases, prompting businesses to reduce expenses, and labor is one of the largest costs. Layoffs help immediately cut payroll expenses and preserve cash flow, which is crucial during economic uncertainty.
With lower demand for products and services, companies need fewer employees. Aligning the workforce with reduced demand helps maintain operational efficiency. Additionally, recessions often trigger restructuring efforts to streamline operations and eliminate redundancies, further driving layoffs.
Publicly traded companies face investor pressure to maintain profitability and protect stock prices. Layoffs signal decisive cost management, reassuring investors about the company’s financial health. For some businesses, layoffs are essential to avoid bankruptcy, ensuring they can continue operations during the downturn.
While layoffs are common, they can harm employee morale, company reputation, and long-term performance. Some companies explore alternatives like reducing executive salaries, cutting non-essential expenses, or implementing temporary furloughs to mitigate these impacts. Ultimately, layoffs are a strategic move to balance immediate cost reduction with the goal of emerging stronger post-recession.
See lessHighlight how tourism impacts other sectors in India, with a special focus on infrastructure and arts and crafts.
Answer: India is a large market for travel and tourism. It offers a diverse portfolio of niche tourism products such as cruises, adventure, medical, wellness, sports, MICE (meetings-incentives-conferences and exhibitions), eco-tourism, films, and rural and religious/spiritual tourism. The travel andRead more
Answer: India is a large market for travel and tourism. It offers a diverse portfolio of niche tourism products such as cruises, adventure, medical, wellness, sports, MICE (meetings-incentives-conferences and exhibitions), eco-tourism, films, and rural and religious/spiritual tourism. The travel and tourism industry’s contribution to the GDP of India was around $121.9 billion in 2020. Impact of tourism over other sectors in India:
These include:
In 2020, the Indian tourism sector accounted for 31.8 million jobs, which was 7.3% of the total employment in the country. By 2029, it is expected to account for about 53 million jobs. Thus, India’s travel and tourism industry has huge growth potential. Keeping that in mind, several branding and marketing initiatives of the Indian government such as ‘Incredible India’ and ‘Atithi Devo Bhava’ campaigns are steps forward in the right direction.
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