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More Than 1,600 Employees Laid Off A Day On Average In January
Writer: Deepthi Rao
She is a postgraduate student pursuing Multimedia Journalism at Christ Deemed to be University. She believes in the power of storytelling and truth. "Do it with passion or not at all."
Others/World, 20 Jan 2023 10:15 AM GMT | Updated 17 July 2023 1:01 PM GMT
Editor : Jayali Wavhal |
She writes about gender issues, human interest, and environment.
Creatives : Deepthi Rao
She is a postgraduate student pursuing Multimedia Journalism at Christ Deemed to be University. She believes in the power of storytelling and truth. "Do it with passion or not at all."
As concerns about a worldwide economic slowdown and collapse have increased, the number of layoffs has increased. As the big IT layoffs of 2022 continue into the new year, Indian startups and organisations are among those leading the layoff trend.
Layoffs in 2023 have accelerated due to the global economic crisis and recession concerns, and over 1,600 IT employees are being laid off every day on average worldwide, including in India. According to data from the layoffs tracking website Layoffs.fyi, over 1,000 employers fired 154,336 employees in 2022.
Indian Firms Lead Layoff Marathon
Indian startups and corporations are among the frontrunners of layoffs as the massive tech layoffs of 2022 continue into the new year, reported the Business Standard.
Due to the unstable market, local social media business ShareChat (Mohalla Tech Pvt Ltd) let go of 20 per cent of its personnel, affecting more than 500 workers. ShareChat employs roughly 2,300 people and is backed by Twitter, Google, Snap, and Tiger Global. Less than 5 per cent of ShareChat's workforce was laid off in December 2022 when Jeet11, its fantasy sports site, was shut down.
This month, news about companies like Ola (which laid off 200 staff) and the voice-activated firm Skit.ai dominated the layoff headlines. To reduce costs, the quick-grocery delivery service Dunzo too, reportedly laid off 3 per cent of its workers.
Beginning With Layoffs
For IT workers worldwide, 2023 has started off on a sour note because, in the first 15 days of this month, 91 organisations fired more than 24,000 tech professionals, indicating that things will only get worse.
Amazon revealed plans to fire 18,000 employees worldwide, including almost 1,000 in India.
Employment-focused social media app, LinkedIn, is currently flooded with job postings and support requests for friends and colleagues who have been laid off. Users are also sharing tips for overcoming professional obstacles as many businesses reduce their workforces to survive an unpredictable macroeconomic situation.
The LinkedIn app was downloaded an estimated 58.4 million times worldwide in 2022 across Google Play Store and Apple App Stores — an increase of 10 per cent from 2021, according to market research company Sensor Tower.
Also Read: Layoffs At Tech Firms Surpass Great Recession Levels, Might Worsen In Early 2023
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