Are layoffs very common in product based companies?

I have been working in the consulting companies and in over a decade of my experience, I have never faced the threat of layoffs as, if one project ends, there would be some next project which will always be available in consulting companies, though my billing is bit higher these days.
Now, as I am in the verge of switching to a product based company, little apprehensive about people talking about layoffs.
Can someone guide on this?
Tech: SAP

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running your own business is always harder than consulting (taking example of Prashant Kishore in Bihar)

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So here is the thing. In service based - its consultation. iT consultation in specific. Big companies like wipro tcs will have multiple clients. So once one project is over, you can be moved to a different client. Layoffs are happening in accenture, tcs too. But the probability is less.

For products, they mainly have one or main products. And there can be side products too. Like amazon has the ecomm platform, but also invests in alexa, aws etc. so the probability of layoff might be high.

This is my opinion, backed by experience and market data.

Layoff is everywhere. But the probability is different.

But in the other hand, tcs was giving 10 lakh package, the guy switched and joined my team. Got 40 lakhs package and better benefits. So there is a tradeoff. What tradeoff you take is completely upto your position in life - both mental and financial.

With product background, earning the same money 4 times faster, id my colleague faces an issue - he will get a call from another product company with good money, rather than a guy with same exp and working with a consultancy.

There is a secret handshake which says ex Amazon guy is a really good engineer, so we can hire him.

Again like everything, its a tradeoff for the employee…

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Great, thanks for your detailed response

layoffs are comman IT 😂. in both service based and product base

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