Big Tech companies like Meta, BT, Vodafone, and others announce further layoffs, marking a grim year for tech employees.
In a devastating turn of events, the year 2023 has proven to be the worst year for tech employees worldwide. According to data from layoffs tracking site Layoffs.fyi, nearly 2 lakh tech employees have been laid off to date, as 695 tech companies have shown them the doors. This marks a significant increase from the previous year, with 1,046 tech companies having laid off more than 1.61 lakh employees in 2022.
The month of January alone witnessed approximately 1 lakh tech employees losing their jobs globally, with notable companies such as Amazon, Microsoft, Google, and Salesforce leading the layoffs. The total number of tech employees who have lost their jobs in 2022 and until May this year now stands at approximately 3.6 lakh.
Big Tech companies have attributed these layoffs to various factors, including over-hiring, uncertain global macroeconomic conditions, and the strong tailwinds from the Covid-19 pandemic. Meta (formerly Facebook) is set to commence its third round of job cuts, with an estimated 6,000 employees expected to be laid off.
Real Numbers:
Amazon India has recently let go of around 400-500 employees from its Cloud division AWS, as well as its People Experience and Technology Solutions (PXT) or HR and support verticals. Similarly, fintech unicorn Zepz is reducing its workforce by 26%, resulting in the layoff of 420 employees.
In a drastic move, the UK telecommunication giant BT Group has announced plans to slash a massive 55,000 jobs by the end of the decade. Additionally, global telecom carrier Vodafone plans to reduce 11,000 jobs over the next three years, aiming to streamline both headquarters and local markets.
Adding to the woes, Microsoft has decided not to provide any raises to its salaried employees, including senior leaders, this year due to the lingering impact of global macroeconomic conditions.
The tech industry’s struggle with widespread layoffs has sent shockwaves through the sector, as thousands of skilled professionals face uncertainty and unemployment. As companies like Meta, BT, Vodafone, and others continue to implement job cuts, the industry braces for further ramifications in the coming months.