HashCash chief condemns act of tech companies laying off thousands of employees while adjusting to global recessionary trends, pushing Silicon Valley into tech winter.
PALO ALTO, Calif., November 15, 2022 /PRNewswire-PRWeb/ — The world of technology is currently facing a major crisis. Popular social media platforms such as Twitter and Meta have downsized with mass layoffs. Twitter laid off 50% of its employees and Meta followed suit by laying off 11K employees. The trend is consistent among major tech giants, citing a looming recession, overhiring, layoffs and other factors. HashCash chief Raj Chowdhury, however, believes the downsizing approach is not ideal and will have a negative impact going forward.
Silicon Valley has witnessed multiple layoffs and mass layoffs in recent weeks. New head of Twitter Elon Musk wanted a complete band-aid solution and fired half of its workforce, only to realize the mistake and hire a few, stating that part of the firing was accidental. Meta predicts he will let go 11k employees because it is overstaffed. Microsoft is cutting its workforce by 1% as part of structural adjustment. The trend continues, with Stripe laying off 14%, Lyft laying off 13%, and companies like Apple and Amazon freezing their hiring process.
The CEO of HashCash, also a recognized blockchain pioneer, said: “Companies that carry out mass layoffs have a price to pay in terms of morale, performance and brand value. Removing loyal, high-performing talents from your arsenal is not a strategic move, but quick action and an easy, crummy fix.”
As Silicon Valley crawls toward downsizing, HashCash is growing and plans to hire hundreds of new talent. Led by Chowdhury, the US-based company plans to increase its operations on Indian soil. The top-rated blockchain development company is looking forward to recruiting talented professionals as well as freshmen in multiple fields. A few weeks after announcing the acquisition of two acres in the Silicon Valley of Bengal, Indiaand plans to invest $10 millionHashCash also said the establishment of R&D facilities in the Middle East. He also plans to branch out into Metaverse the following year.
“It may look like an emergency move or a checkmate avoidance move, but giving out pink slips isn’t going to improve profits – the right talent will,” Chowdhury commented of the situation. technological winter. He previously commented on potential implementations of blockchain analysis in backup crypto security and its role in the transformation of the online education system.
A global leader in cutting-edge computing innovations, HashCash is focused on constant progress and collaborative projects across blockchain and crypto segments, in addition to AI, IoT and Big Data. The company has won international awards for products such as White Label crypto exchanges and currently enjoys a global presence with products deployed in over 26 countries such as Finland, Vietnamand more.
Businesses and commercial organizations implementing sudden downsizing decisions without giving a bit of thought to long-term employees will suffer from a bad reputation. A company looking for short-term triumph would prefer downsizing as a strategy. The situation could have been avoided with foresight.
About Raj Chowdhury:
Raj Chowdhury is the Managing Director of HashCash Consultants and Paybito. Raj pioneered the first interbank implementation of blockchain technology trade finance and remittance transfers between two of the world’s largest banks. Raj is a prominent voice in Blockchain and Cryptocurrency space and actively engages with policy makers in this area. He is a contributor to Economic Times, Business World, CNNMoney and advises industry leaders on Blockchain adoption. He is a member of Asha Silicon Valley, a non-profit association committed to the education of children in emerging countries. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is a blockchain investor and cryptocurrency businesses and an active member of the philanthropic community.
Coleen Facete, Hashcash Digest, +14159662907, [email protected]
SOURCE Hashcash Summary