December 7, 2022

Layoffs a Rescue Plan for Start-Ups – Online Assessment Software is bridging this gap

Layoffs a rescue plan for start-ups - Online assessment Software is bridging this gap

Many professionals have been sacked by well-funded start-ups and cisco layoffs since the beginning of 2022. According to the research, start-ups have laid off 5000 employees so far. It is anticipated more heads out in the coming years. Also, there is a talent crunch in India. The workforce should realize that start-ups are funding viciously and they are burning the cost. While they were celebrating the hike last year, there was a race going to be the first one to be cut out. Startups have done pay cuts due to shutting out the non-core verticals, justifying marketing and advertising expenses. These reasons are freezing hiring as they are entering a desolate period. As far as the company’s perspective is concerned, if they do not do a pay cut, many organizations will die.

Automation and fierce competition are keeping many organizations rethink their recruitment strategy. Hence making often changes can be disruptive and painful. They do restructuring and routine cisco layoffs. If witnessed on a long-term basis, it might destroy employment engagement and the company’s profitability. Many organizations have realized that they need a new approach.

According to the resources, Indian start-ups raised $1.6 million in April 2022. Things are not bright as last year for the Indian Startup ecosystem. The segment has thrived during the pandemic which is leading to a slowdown in the capital markets.

Start-ups are challenging to stay adrift

Founders are building their teams to witness growth in the market. The cash flow has stopped abruptly. Hence, the organization has held up its company goal and reduced the workforce. Likewise, in the tech sector, the downsizing is alleviated to anticipate the impact on the business growth as the workforce is returning to work. Investors are suggesting retaining cost control. Also, lowering the expensive expense. Moreover, ambitious plans are sucking up the additional cost. Besides cisco layoffs, start-ups are deploying mechanisms to stay adrift.

Reasons for rapid cisco layoffs

Depending on the requirement of the business and financial health. It requires organizations to lay off employees. This might alter the overarching strategies of the business. This will help you to be aware of the reasons and the knowledge to prepare yourself. There are many reasons for rapid cisco layoffs;

  • Company Relocation: Organizations’ stakeholders might decide to relocate to another part of the nation, which is common for businesses for better growth. The workforce who is unable to relocate might be laid off.
  • Business Closing; If organizations are going out of business, then they are likely to lay off. Only, keeping the workforce that is required to work helps in managing operations to fulfill business needs.
  • Cost-reducing measures; It is one of the common reasons for layoff. Either the company has to pay debts, financial backing, and fewer sales. A company might cut down some expenses by closing a few positions.
  • Acquisitions; Acquisitions are also known as buyouts. If an organization buys another organization, it is known as Acquisition. The company does it to increase its market size or access to new resources. This might change the leadership or policies of the company as well as the workforce of the previous firm might lay off.

Online assessment software- A better and fairer approach for hiring

Running an organization is about hiring the best employees and doing great work. Loyal employees are hard to find and they are treated as family members if they are hired. Establishing accurate merit criteria would help companies to choose the best employees. It gives liberty to the manager to maintain the selection criteria and the selection process. Once the merit criteria are established, you can find what your organization needs the most. The most effective way of measuring skills and qualifications is through an online assessment solution. The objective of the online assessment is to hire the best position. The assessment method is based on the information they provide and accordingly it generates valuable results. The online assessment determines the future performance of the employees. Moreover, this online assessment software comes with remote proctoring technology which helps in conducting authentic, safe, and secure assessments.

Think Exam- A fair and faster assessment tool

Think Exam- A fair and faster assessment tool

Online assessment software helps in improving the clear understanding of the employee’s skills and knowledge. So that a company can hire the best. Think Exam provides various technology-based assessments like Psychometric tests, Cognitive assessment tests, Aptitude tests, Sales Profiler Tests, Functional Tests, and more. It is also very helpful in conducting campus recruitment using its advanced technology system. However, the Think Exam is designed to target the specific elements of the recruitment process. It ensures that the recruitment manager intends to analyze the problem-solving skills. It helps in defining your hiring approach according to the organizational goals and objectives. Also, It provides clear and valid information about the candidate. Moreover, it gives an accurate picture of the candidate. It is quite easy to generate tests on the Think Exam online assessment platform. All you need to do is to create a test, upload the document and set the exam. Think Exam is a cutting-edge platform that comes packed with all the relevant features, right from screening to shortlisting and onboarding candidates effortlessly. Various types of recruitment solutions offered by Think Exam are as follow:

  • Scientifically Designed Assessments
  • Exams and Certifications System
  • Campus Recruitment Solution
  • Remote Proctoring
  • Coding and Hackathon
  • Live Video Interviews, and much more.

Think Exam is also the holistic solution for conducting high stake examinations. It is automated at each hiring stage, hence delivering online AI proctored evaluation. It can support all kinds of assessments varying from technical to role-based assessments. Think Exam has a crucial position in the assessment ecosystem, providing top-notch cloud-based assessment tools according to organizational needs and thus helping in hiring the best candidates from remote locations where traditional hiring methods are failed.

Hence, the current scenario in startups is drawing them to think about their future and there would be a big question on their hiring strategy. Although there is hope for the companies to come up with a rescue plan of hiring systematically.