The new year 2023 has not started on a joyful note for every tech worker globally, as over 24,000 tech employees have been laid off in the first 15 days of January by over 91 tech companies. According to a layoff tracking website named Layoffs.fyi, nearly 24,151 workers have lost their jobs in global companies like Amazon, Salesforce, and Coinbase.
According to experts, the layoff trend emerged post-pandemic, after which companies worldwide started imitating each other. As claimed by several multinational tech firms, the layoff trend is set to worsen in 2023 amid ongoing global macroeconomic conditions.
Difficult To Maintain Employment Stability
Last week, the leading Crypto lending exchange company also announced that it’s planning to reduce its employees’ headcount by 20 percent amid the economic slowdown and uncertain industry events. In India, several companies like OLA and Skit.ai (automated voice startup) have also fired hundreds of their employees in the first week of January.
According to reports, tech firms laid off over 17,000 tech employees in December 2022. People working in tech companies find it challenging to maintain stability in their employment due to the global trend of reducing the workforce.
Is 2023 More Worse Than 2022?
According to the website tracking mass layoffs since the pandemic, more than 1.5 lakh employees in 2022 were shown the door. Major companies that participated in the mega layoff drive were Twitter, Meta, Uber, Intel and Salesforce. The month of November last year witnessed a massive spike in layoffs as more than 50,000 employees were forced to exit in a month.
Apart from 91 tech companies that laid off their employees amid ongoing global macroeconomic conditions, Google is another giant tech company expected to take harsh steps to reduce its employee count by 11,000 in early 2023, Deccan Herald reported.
The top search engine company is firing its workforce over ‘not having enough impact’ in the organization. The layoff trend is also growing due to the estimation of a global recession in late 2023, which has deepened the fear of economic slowdown and uncertainty.
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