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As the world is under great crisis, we are beginning to feel the economic consequences of coronavirus pandemic. With millions of lives at risk, people are meshed between the predicament, if they are more vulnerable to infection or employment layoffs. A number of industries including manufacturing, automotive and significant others are experiencing the ill-effects of COVID-19. Many of them are compelled to layoff their workforce and salary of some to survive through the current circumstances. Moreover, the CEOs, Founders, Board Members, and other c-suite authorities across several organizations have decided to stay deprived of salary perks until they assure a better post-pandemic future for the company and their employees.
However, the current trends also show that leaders across the IT industry have pledged no workforce layoffs. For example, Salesforce CEO recently pledged no significant layoffs for the next 90 days. On his Twitter account, Salesforce CEO Marc Benioff published a statement. He clarified that there will be no significant layoffs in the next three months. He also urged the senior leadership to do their part by helping workers keep their jobs.
PayPal is among the large tech companies in the US to pledge no layoffs. The company's CEO Dan Schulman said, "We don't intend to do any layoffs as a result of COVID-19. This is the right thing to step up, to make sure they know that we've got their back."
American IT Conglomerate Cognizant, which heavily relies on its Indian workforce announced offering an additional 25% of basic pay to most of its employees. The company also confirmed that there will be no job cuts.
Moreover, the tech industry is certainly not among others witnessing the severe economic depression. The industry is more likely to emerge strong even after the pandemic. Where many companies have ceased their hiring procedure to secure investments, the technology industry has reported job hirings and vacancies beyond our thoughts.
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