The process of retrenchment of employees continues in tech companies around the world. Giants like Meta, Amazon, HP and Twitter are also laying off employees in large numbers. At least 853 technology companies around the world have so far laid off some 137,492 employees, and fears of a recession are also being raised in northern countries. Amidst the sound of global recession, more and more companies across the tech spectrum continue to lay off.

More than 2 lakh people lost their jobs in two years

According to data from Layoff.FY, a cloud-based database, 1,388 tech companies have laid off a total of 233,483 employees since the start of COVID-19. In these figures, 2022 has been the worst year for the tech sector. As of mid-November this year, more than 73,000 workers in the US tech sector have been laid off in massive job cuts led by other tech companies such as Meta, Twitter, Salesforce, Netflix, Cisco and Roku. According to Crunchbase, Robinhood, Glossier and Betterment are some of the tech companies that have significantly cut their workforce in 2022.

The process of layoffs will continue in Amazon

Big tech companies like Amazon and PC and printer major HP have joined the global layoff season, and are set to lay off more than 10,000 and up to 6,000 employees, respectively, in the coming days. Amazon CEO Andy Jassy has warned employees that there will be more layoffs at the company as early as 2023, as leaders seek to keep adjustments.

The massive job cuts have affected several divisions, most notably the Alexa virtual assistant business, which is reportedly set to suffer $10 billion in losses this year as the voice assistant has never managed to create a sustainable revenue stream. Not done.

Google will lay off further

Google’s parent company Alphabet is reportedly set to lay off around 10,000 underperforming employees, or 6 percent of its workforce. According to a report in The Information, Google plans to reduce 10,000 employees through a new ranking and performance improvement plan.

Indian companies are also facing losses

Around 16,000 employees in India have been asked to leave by around 44 startups led by edtech companies such as BYJU’S, Unacademy and Vedantu, as VC (venture capital) funding continues to dwindle. Other tech startups and unicorns laying off employees in India include Ola, Cars24, Meesho, Lead, MPL, InnovaCar, Udaan among others. Meanwhile thousands of contract workers have also been let go, making 2022 the toughest year for workers in the tech sector.

According to the annual report by Razorpay Payroll, the business banking platform of Razorpay, Indian startups are going through huge hiring cuts and there has been a significant drop of 61 per cent in hiring of permanent employees in the last 12 months. According to a latest report by PwC India, only two startups in India, Shiprocket and OneCard, achieved unicorn status (valued at $1 billion and above) in the July-September period.

Flipkart CEO warned

Flipkart CEO Kalyan Krishnamurthy has warned that the startup ecosystem funding winter could last for 12 to 18 months and the industry could face a lot of turmoil and volatility.

Why are jobs in the telecom sector going away?

Actually, tech companies around the world are scared of the sound of economic recession. Earlier, due to Corona lockdown and work from home, there was a tremendous jump in the sales of PC and laptop segment, but now this market is going down.

If seen as one of the biggest reasons for leaving the job, there is a high amount of hiring due to online business. That is, due to online work in lockdown, companies gave jobs to more people than needed and now when the market is declining, companies are continuously doing layoffs to create balance. Also, in the midst of the growing economic recession, continuous retrenchment is also being done to reduce its expenditure.