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HomeCURRENT AFFAIRSBUSINESSTech Laysoff: Global Tech Companies and Startups Cut Over 400,000 Jobs in...

Tech Laysoff: Global Tech Companies and Startups Cut Over 400,000 Jobs in the Last Two Years

Tech Laysoff: Over the past two years, tech companies, including startups, globally, have resorted to laying off more than 400,000 employees, with more than 30,000 individuals losing their jobs in India within the same timeframe. These layoffs have been attributed to the prevailing global macroeconomic conditions, prompting both established Big Tech firms and startups to trim their workforces.

The data, sourced from layoff.fyi, a website that tracks tech sector job cuts, reveals that 2,120 tech companies have collectively laid off 404,962 employees worldwide. In 2022, 1,061 tech firms cut loose 164,769 workers, while 2023 has seen 1,059 companies letting go of 240,193 employees up to October 13th.

In January alone, 89,554 employees were laid off

On average, approximately 555 employees have faced job losses every day over the past two years, which amounts to about 23 workers losing their jobs every hour. In January alone, 89,554 employees were laid off, though the figures decreased slightly over time while layoffs persisted. In the most recent data, 4,632 employees were laid off in the last month.

Breaking down the layoffs by sector, retail tech and consumer tech industries were the hardest hit this year, with approximately 29,161 and 28,873 employees being let go from these sectors, respectively. These statistics underscore the significant workforce challenges faced by tech companies and startups amid global economic uncertainties.

Also Read: ABC sends Chandrababu Naidu to 14-day judicial remand in corruption case

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