Nearly 2 lakh techies have lost jobs this year and this is not the end

• Image Credit: Internet

• May 22, 2023 | Kabir Chakraborty

Meta, Amazon, and Microsoft are among the top corporations that have laid off employees this year. Twitter was one of the first major technology companies to lay off a large number of staff..... color:#2E2E2E">

color:#2E2E2E">Digital Desk: color:black">In terms of layoffs in the tech sector, 2023 is shaping up to be
one of the worst years yet. This year, 696 IT companies laid off workers,
according to the layoff tracking website layoff.fyi. As a result, nearly two
lakh techies (1,97,985) had lost their jobs as of May 18, with additional
workers expected to lose their positions this year.

color:black">The layoff tracker also notes that layoffs in 2023 have already
topped those in 2018. In 2022, 1056 technology companies opted to slash
positions across industries, affecting about 1.64 lakh workers over the course
of the year.

color:black">Meta, Amazon, and Microsoft are among the top corporations that
have laid off employees this year. Twitter was one of the first major
technology companies to lay off a large number of staff. Following Elon Musk's
takeover in late October, the company cut its global workforce in half. The
social networking company's India-based workforce is nearly extinct. Google,
Meta, Amazon, and Microsoft all announced employment cuts in the next months. These
businesses are still in the process of reorganization. Almost every month, we
uncover one employee using LinkedIn to announce a sudden departure and search
for a new job.

color:black">Notably, Meta revealed intentions to lay off up to 6,000 staff
beginning this week. The business announced 11,000 layoffs in November and
another 10,000 layoffs in March 2023. Other corporations, such as Amazon, have
decided to close down certain significant sections in order to save money. The
company is coming after its hardware due to poor sales.  Amazon recently announced the closure of its
fitness-focused Halo division, which had produced several interesting items
such as the Fitbit rival Halo watch and the Halo Rise sleep tracker.

Several Indian technology
corporations have taken drastic efforts to reduce employees and save money.
Dunzo, Sharechat, Rebel Foods, BharatAgri, and Ola are among the companies
involved. Furthermore, certain multinational corporations with a sizable
presence in India, such as Accenture, have laid off employees. Accenture, for
example, announced that it is laying off up to 19,000 employees in anticipation
of a worsening global economy. This represents approximately 2.5% of its
employees.

Apple
is the only major technology business that has avoided huge layoffs thus far.
Even the company's CEO, Tim Cook, has stated that layoffs are not an option,
though he has not ruled out the possibility. Most tech companies have blamed
layoffs on the epidemic, rising inflation, and overhiring. Apple, on the other
hand, has been selective in its recruiting. According to a Forbes report, Apple
has maintained the same hiring pace since 2016.