Rapido indirectly doing layoffs

In this IT recession, where Rapido and many other organization hired IT employee at 5x-10x salary and now they are not able to pay because they are not growing. Due to which other teams like Marketing, Operations, Sales, Finance all are suffering because :

1. Company made policies that appraisal will be on variable based and only be given when company achieves EBITA +ve, if not no employees will get appraisal which is really frustrating.
2. Outside, because of IT recession, no other companies are hiring for any field and due to this reason Rapido taking the advantage of employees of giving extra load of work with minimal employees , no salary increment because targets are high to achieve EBITA +ve. So, employees have no options left to do anything.

What and how to get rid of this situation and how to get better opportunity via referral?

Any better suggestions?