Employees are the backbone of any companies. They are the ones who come up with new ideas, create innovative products and services, and drive the company’s growth. When the economy is doing poorly, businesses may need to lay off workers in order to cut costs. Layoffs can have a significant impact on employees, their families, and the community.
Employees who are laid off may experience financial hardship, emotional distress, and difficulty finding new jobs. Layoffs can also have a negative impact on the community, as they can lead to decreased spending and investment.
A tracker called Layoffs. fyi is keeping an eye on job losses in the tech world. So far this year, around 956 tech companies have let go of about 227,621 workers. Last year, only 164,411 people lost their jobs in tech.
Layoff in Tech Companies:
A big problem is happening in the tech world. Many companies are making a lot of their employees lose their jobs. In India, this is also happening to well-known companies like Dunzo, Sharechat, Rebel Foods, Captain Fresh, BharatAgri, Ola, CoinDCX, TCS, Wipro, Infosys, and others. Thousands of workers are being laid off.
In the United States, it’s even bigger. More than 46,000 workers in American tech companies are facing job losses in 2023. Some of the big names are also letting go of employees. Google is planning to make 12,000 people lose their jobs. Amazon is doing the same to 18,000 workers in the US and 1,000 in India this year.
Meta (which used to be called Facebook) had to lay off 11,000 employees. Twitter cut half of its workforce. IBM is letting go of over 3,900 workers. SAP, another tech company, is making 3,000 people lose their jobs. Even Salesforce is planning to lay off about 8,000 employees, including those in India.
In India, TCS made 2,197 employees lose their jobs. Wipro fired 452 people who were just starting their careers. Infosys, another big company, also had to fire 600 workers. This trend isn’t stopping with just these companies. Others like Spotify, Microsoft, and Coinbase are also facing similar problems.
What is the reason :
The issue started because these big tech companies hired lots of people during the pandemic. They did this because more people were using technology for work and online shopping. But now, things have changed, and these companies are making less money.
There are other problems too. It’s hard to get all the things needed to make products, prices are going up, and there’s a war in Ukraine that’s causing worries. Because of these problems, both businesses and people are spending less money, which could lead to a time of less money and job cuts, called a recession.
Will It continue?
Experts said that the actual number of layoffs in 2023 could be higher or lower. However, it is clear that there is a risk of layoffs in 2023, and employees should be prepared for the possibility.
All of this shows how tricky the business world can be. The tech industry, which was known for being good at changing and adapting, is now facing big challenges. As job cuts continue, companies have to figure out how to grow, save money, and take care of their employees.
These job cuts also show that the whole market is changing. This makes everyone involved in tech think about what to do next. It’s a tough time, and the tech industry has to prove it can handle hard times and come out stronger.