Returning after several years of working at the regional office of a big tech company, I noticed that while it looked almost the same, there were fewer employee perks in the office premises, though still better than most companies.

I was reminded of my time at Unilever's Kalurghat Factory in Chattogram, where the management canteen used to serve a lavish British-style menu daily, adding tens of kilogrammes to our body weight! Initially, there used to be three separate canteens for senior management, junior management, and workers, respectively.

However, a decade later, everyone, regardless of position, ended up in the same workers' canteen because of a cost-cutting strategy delivered under the banner of reducing discrimination.

In today's corporate setting, the focus has shifted from job security and employee-first policies to strategic layoffs and cost-cutting, a trend spearheaded by Jack Welch, former CEO of General Electric and well-known guru for many of us.

Known as "Neutron Jack" for his aggressive firing strategy, Welch annually chopped 10 percent of GE's workforce based on performance, resulting in several hundred thousand job losses in the early 1980s. He defended these actions as necessary to streamline the company and improve team quality by replacing the bottom 10 percent with more capable hires, setting a divisive standard in corporate management.

Fast-forward to the present, Welch's strategies are still trending in tech giants like Google, Meta, Amazon, and Apple. Previously, such companies signaled a golden era of corporate generosity, offering substantial raises, bonuses, and even on-site perks like massage therapists and gourmet food to ensure employee satisfaction.

However, the tides have changed drastically. Google, under CEO Sundar Pichai, has announced significant layoffs, citing the need to simplify execution and remove redundant layers within the organisation. Such cost-cutting is not driven by profit pressure but to make more profit by using technology.

Other tech giants, including Meta, Amazon, and Microsoft, have followed suit, contributing to a record number of layoffs in the tech industry in 2023-24. The rationale behind these decisions often includes factors such as over-hiring during the pandemic, economic uncertainty, and the integration of new technologies like Artificial Intelligence, which are reshaping job roles and corporate structures.

Interestingly, human resources departments have been disproportionately affected, accounting for a mere one-third of all layoffs. The irony is profound, given that these departments once advocated massive hiring initiatives and built tech culture during more prosperous times.

Large-scale layoffs without doubt have a profound impact on employees, inflicting emotional turmoil, not to mention financial hardship, particularly for those low on savings. The challenges in securing new employment can dent self-esteem and cause distress, adversely affecting mental health and personal relationships.

These layoffs not only disrupt lives by compelling individuals to take lower-paying jobs but also have broader economic repercussions. For instance, they can affect the home loan sector as employees become hesitant to commit to long-term financial obligations amid job uncertainty.

The bad news is, with time, the trend of layoffs is only picking up steam, justified by recession risks, global unrest, technological advancements, and lack of stability in large companies, including those in Bangladesh. While policymakers push for consolidation in key areas like banking, growth in the private sector is hindered by forex and liquidity issues. These challenges could lead to significant job cuts.

The current unpredictable nature of both local and global economic environments, coupled with the rapid pace of tech development, suggests that job security is becoming increasingly uncertain.

The ongoing shift towards prioritising profit over employee welfare is a stark reminder of the changing philosophy in the corporate world. Strategic layoffs have become a tool not just for survival but also for maintaining a competitive advantage in an increasingly uncertain local and global economy.

The author is founder and managing director of BuildCon Consultancies Ltd.