137492 employees sacked by 853 tech companies, more to join the list

At least 853 tech companies worldwide have fired around 137,492 workers as more businesses across the field lay off workers due to the global financial crisis, and the number is rising as recession worries rise. Data from a source indicates that since the start of Covid-19, 1,388 IT companies have let go of 233,483 workers in total, but 2022 has been the worst year for the industry.

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International Scenario

More than 73,000 US IT industry employees had been let go as of mid-November as a result of widespread employment cuts led by firms including Meta, Twitter, Salesforce, Netflix, Cisco, Roku, and others.

Amazon and HP Inc., have joined the global layoff season and announced plans to fire more than 10,000 and up to 6,000 workers, respectively, in the coming days.

Employees should expect further layoffs at Amazon in the first quarter of 2023 "as leaders continue to make adjustments". Numerous divisions have been affected by the drastic employment layoffs, but none more so than the Alexa virtual assistant company, which is expected to lose $10 billion this year because the voice assistant was unable to establish a reliable source of revenue.

According to reports, Alphabet, the parent company of Google, plans to fire 10,000 "low-performing" workers or 6% of its staff. Through a new ranking and performance improvement plan, Google intends to gradually let go of 10,000 employees.

Layoff Scenario in India

As VC financing dried up, approximately 16,000 employees in India have been forced to leave 44 businesses, led by ed tech firms including BYJU'S, Unacademy, and Vedantu.

According to the annual insights report by RazorpayX Payroll, the business banking platform of Razorpay, hiring for permanent staff has decreased significantly over the past 12 months in India, as startups are experiencing severe employment cuts.

According to the most recent PwC India report, just two firms in India, Shiprocket and OneCard, achieved unicorn status (valued at $1 billion or more) between July and September.

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