When employees are let go, the chance that their teammates will also leave increases by nearly 8%. When attrition increases, companies have to find replacement for these folks. And it can cost nearly two times the employee's annual salary. Even the survivors go through a 20% decline in their productivity and performance. This could hurt innovation and new product development in tech companies.
In today’s episode for 13th February 2023, we explore why tech companies across the world are resorting to layoffs.