Synopsis
Shantanu Deshpande, CEO of Bombay Shaving Company, highlights that employees in their 40s face the highest risks during layoffs, primarily due to their higher salaries. This trend is concerning globally as companies focus on cost-cutting measures amid economic uncertainty and increased AI usage. Job loss at this age can lead to emotional and financial turmoil.Key Takeaways
- Employees in their 40s are the most vulnerable during layoffs.
- Higher salaries make them targets for cost-cutting measures.
- Job loss can severely impact emotional and financial stability.
- Responsibilities such as education and elder care add to their burdens.
- This trend is a global issue, not limited to any specific region.
Mumbai, April 14 (NationPress) Employees in their 40s are encountering the highest likelihood of being laid off during mass job cuts as they typically command the highest salaries, according to Shantanu Deshpande, the CEO of Bombay Shaving Company.
Deshpande expressed that this is a rising concern within the corporate sector. “When mass layoffs are imminent, individuals in their 40s are particularly at risk because of their higher pay,” Deshpande stated in a recent Instagram update.
This trend is not confined to India or any single nation; it is a worldwide phenomenon driven by increasing economic challenges and the growing implementation of artificial intelligence.
“Organizations are increasingly prioritizing cost reduction and efficiency, which has resulted in multiple layoffs,” he further noted.
Deshpande remarked that job loss at this life stage can lead to significant emotional and financial distress.
“Those in their 40s often juggle numerous responsibilities. Their children may be pursuing higher education, incurring substantial financial demands, while their aging parents, often in their 70s or 80s, require medical support and care,” Deshpande elaborated.
He also mentioned that other financial obligations such as home loan EMIs can exacerbate the situation. “Experiencing job loss in your 40s is both a financial and emotional catastrophe. At this point in life, responsibilities peak -- EMIs, children’s education, elderly parents,” he emphasized.
According to Deshpande, these obligations can swiftly deplete an individual’s savings.
“This is the period when individuals anticipate advancing to senior management and enjoying their prime earning years. Therefore, losing employment in your 40s can be profoundly destabilizing, both financially and emotionally,” he remarked.
He concluded that such incidents may result in an ‘emotional and financial disaster’ for those impacted.
