The year 2023 has been exceptionally difficult for tech employees worldwide, as many individuals have lost their jobs. With nearly 200,000 employees, ranging from big firms to startups, having been laid off to date, companies such as Vodafone, BT, Meta, and others have announced their plans to implement further workforce reductions in the next few months, as reported by Business Today.
According to data released, approximately 695 companies have laid off around 198,000 employees in the current year. In 2022, over 1,000 tech companies got rid of more than 161,000 workers. This shows a significant increase in the number of tech professionals who have lost their jobs in 2023 compared to last year.
The trend was evident in January alone, when around 100,000 employees were affected globally. Major companies, including Microsoft, Amazon, Google, and others, contributed to the high number of job losses. In total, around 360,000 employees have found themselves unemployed between 2022 and May 2023.
Downsizing Continues In Tech Companies
As big companies continue to downsize, they have cited various reasons for these layoffs, which include over-hiring, uncertain global macroeconomic conditions, and the impact of Covid-19. Meta is reportedly preparing to initiate another round of layoffs, scheduled to begin next week.
In addition to Meta, other prominent companies have also implemented workforce reductions. Recently, Amazon India got rid of around 400-500 employees from its cloud division Amazon Web Services (AWS) and People Experience and Technology Solutions (PXT), which encompasses HR and support verticals.
Fintech unicorn Zepz has decided to let go of 420 employees, constituting 26% of its overall workforce. This reflects the challenges faced by companies in the financial technology sector.
Additionally, BT Group, a UK-based telecommunications company, has announced its intention to remove a staggering 55,000 jobs by the end of the decade. This plan indicates the magnitude of the company’s restructuring efforts.
Also Read: Amazon Employee Sacked After Returning From Maternity Leave, Netizens React
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2023-05-23 07:53:27.0
Nearly 2,00,000 Employees Let Go Worldwide In 2023 As Job Losses Plague Tech Sector
