The CEO of a grooming and personal care products company has shed light on a concerning pattern of layoffs targeting professionals in their 40s, who often earn high salaries and have substantial financial commitments.<\/p>\n
Shantanu Deshpande, the CEO of Bombay Shaving Company, talked about the \u201cglobal phenomenon,\u201d highlighting how this age group took the most severe hit because of their seniority and higher incomes.<\/p>\n
He explained that employees in their 40s were frequently the first to be let go when budgets grew tight because they were among the “highest paid” in their organisations.<\/p>\n
\u201cMany professionals in their 40s are juggling college expenses for their children, financial support for ageing parents, EMIs, and often with limited savings,\u201d Mr Deshpande said in an Instagram post.<\/p>\n
He added that the expected \u201cgolden salary phase\u201d was still ahead for several people in the age range of the late 40s or early 50s. Being fired at this point is a \u201cfinancial and emotional disaster\u201d and disrupts long-held career goals and financial trajectories, he said.<\/p>\n
Mr Deshpande said the situation was \u201cdeeply concerning\u201d.<\/p>\n
He called losing a job in one’s 40s\u00a0a \u201cmassive destabiliser\u201d on both a financial and emotional level. \u201cThey have children going to college, money to send to parents, EMIs to cover \u2014 and not a lot of savings. It’s very, very worrying,\u201d the CEO said.<\/p>\n
\n