Currently, the tech sector is having difficulty surviving the recent economic downturn. 2022 was a challenging year due to the effects of the post-pandemic market. Slow revenue growth, and potential for a recession are also the reason. Nearly all the main tech giants, including Amazon, Twitter, Meta, Apple, and Google, sacked people. The aim is to reduce costs and restructure the teams in order to manage expenses amid the pandemonium. Things were horrible, but it doesn’t appear that anything will change in 2023. The market is still unstable, there are more layoffs, and a recession is on the horizon.
Thousands of Amazon employees are already undergoing termination globally. To save expenses, even Indian-based businesses like Ola and Dunzo are laying off hundreds of workers. Twitter is still laying off staff in phases. According to data from Layoffs.fyi, a website that analyses all layoffs at digital startups, 91 tech companies worldwide let go of 24151 people in January 2023.
Here are a few of the Tech Giants which are firing their employees:
Amazon made hundreds of layoffs last year due to the state of the economy. The practice will continue in 2023. CEO Andy Jassy recently acknowledged in a blog post that Amazon is continuing layoffs and terminating some 18000 workers across international operations.
In the meanwhile, Cisco laid off about 700 workers in its most recent wave of layoffs. Employees from a variety of disciplines, including software and hardware engineering, programme management, product design, marketing, and more, reportedly lost their jobs at the American company.
Ola, a ride-hailing firm based in India, sacked 200 members of its technical and product team in the most recent wave of layoffs. Prior to 2022, the corporation laid off about 1100 workers under the pretext of restructuring.
In order to reduce costs, Bengaluru-based start-up Dunzo recently announced that it would lay off 3% of its personnel. Kabeer Biswas, CEO and co-founder of Dunzo, was quoted as saying that the company is providing “the best support possible” to aid staff during this trying period on CNBC-TV 18.
How many more businesses will resort to layoffs in the wake of these internet titans remains to be seen as the economic uncertainty looms larger. The tech sector is going through a difficult period, and employees are suffering the most.
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