Layoffs to worsen in 2023 as big tech giants brace for mass-level sacking
By MYBRANDBOOK
The massive layoffs by tech companies this year alone have surpassed the levels from the Great Recession the world went through 2008-2009 that began with the Lehman Brothers collapse.
In 2008, during the Great Recession days, tech companies laid off about 65,000 employees, and a similar number of workers lost their livelihoods in 2009, according to data by Gray & Christmas. However, this year in 2022, by comparison 965 tech companies have laid off more than 150,000 employees surpassing the Great Recession levels of 2008-2009.
The tech layoffs were led by companies like Meta, Amazon, Twitter, Microsoft, Salesforce and others, and it is said to worsen early next year amid ongoing global macroeconomic conditions. According to a MarketWatch report, layoffs are part of a strategy by tech firms to maintain viability through 2023 and beyond.
As per data from layoffs.fyi, 1,495 tech companies have sacked 246,267 employees since the onset of Covid-19, but 2022 has been the worst year for the tech sector and early 2023 can even be grimmer. As of mid-November, more than 73,000 workers in the US tech sector have been laid off in mass-level job cuts led by companies like Meta, Twitter, Salesforce, Netflix, Cisco, Roku, and others.
In India too, over 17,000 tech employees have been shown the door.
Big Tech companies like Amazon and PC and printer major HP Inc are set to lay off more than 20,000 and up to 6,000 employees in days to come, respectively. Networking giant Cisco has started slashing nearly 4,000 jobs globally.
Google is reportedly bracing for massive layoffs early next year, with Alphabet and Google CEO Sundar Pichai reportedly offering no assurance to worried Google employees that it won't happen.
He told employees that what the company is trying hard to do "is to make important decisions, be disciplined, prioritise where we can, rationalise where we can, so that we are set up to better weather the storm, regardless of what's ahead".
"I think that's what we should focus on and try and do our best there," Pichai added.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : B.V.R. Subrahmanyam
A 1987 batch (Chhattisgarh cadre) Indian Administrative Service Office...
Icons Of India : Daisy Chittilapilly
Daisy Chittilapilly is the President of Cisco’s India and SAARC regi...
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
NPCI - National Payments Corporation of India
NPCI is an umbrella organization for operating retail payments and set...
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...