The worst year for tech workers will be 2023. So far, nearly 2 lakh tech workers from both big companies and startups have been laid off around the world.
Companies like Meta, BT, Vodafone, and many others have also said they plan to lay off more workers in the coming months.
Layoffs.fyi, a website that keeps track of layoffs, says that so far this year, 695 tech companies have let go of about 1.98 lakh employees.
In 2022, more than 1.61 lakh people lost their jobs at 1046 tech companies.
Only in January of this year, companies like Amazon, Microsoft, Google, Salesforce, and others laid off close to a hundred thousand tech workers around the world.
Between 2022 and May of this year, about 3.6 lakh tech workers have lost their jobs.
As more and more Big Tech companies fire workers, they give a variety of reasons, such as overhiring, uncertain global macroeconomic conditions, strong tailwinds from the Covid-19 pandemic, and more.
Meta, which used to be Facebook, is rumoured to be getting rid of more jobs next week. This would be the third round of layoffs.
Even though the exact number hasn’t been confirmed, it is likely that the company will let go of about 6,000 workers in this round.
This month, Amazon India fired between 400 and 500 people from its Cloud division (AWS) and its HR and support verticals (People Experience and Technology Solutions, or PXT).
Zepz, a well-known fintech company, is letting go of 420 workers, or 26% of its staff.
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The UK’s largest phone company, BT Group, has said it wants to cut 55,000 jobs by the end of the decade.
Vodafone, a global telecom company, said it will cut 11,000 jobs over the next three years to “simplify” both its headquarters and local markets.
At the same time, Microsoft will not give salary employees, including senior leaders, any raises this year. This is because the global economy is still a problem for Big Tech.