Many tech companies are doing massive layoffs due to the economic slowdown
Companies across the globe are doing massive layoffs due to an overall slowdown in the market economy. This has forced major tech companies to rethink their staffing. Tech companies have begun massive layoffs that have led to people unemployed and worried. According to the website Layoffs.fyi, 256 tech companies have laid off 82769 employees in 2023 alone.
The numbers for 2022 were much more worrying- 1040 tech companies had laid off 159666 employees in all. Here are some companies that are cutting costs and laying off employees. Alphabet, the parent company of Google, laid off 12,000 employees, which is 6% of its workforce.
IBM, the tech giant, also decided to let go of 3900 employees. This is a huge number and can end up affecting a lot of Indians as the company has a huge base in India as well. Pinterest became one of the latest to join the bandwagon of laying off people, according to a report by Bloomberg. They will be laying off a total of 150 employees. Even though this’ll impact less than 5% of their total workers, this is a vast number owing to the changing nature of the economy.
The leading financial technology company, PayPal Holdings, announced that 2000 staffers would be laid off due to the weak market. This would impact 7% of the employees of the company. Dan Schulman, PayPal President and CEO said the cuts would take place in the coming weeks. He addressed this in a message to the employees, “We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions.”
Read More- Mass layoffs: Why tech firms are firing thousands of employees
Match Group, the top company that owns online dating app brands such as Tinder, Hinge, and more, has also announced that it will reduce the workforce by 8%.
Spotify, the leading audio streaming service, has decided to let go of 6% of the staff (approx. 600 people) from the company. Daniel Ek, the CEO of Spotify writes in a memo- “Like many other leaders, I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us.
In hindsight, I was too ambitious in investing ahead of our revenue growth. And for this reason, today, we are reducing our employee base by about 6% across the company.”
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The list does not end here as companies such as HP, Cisco, Vimeo, SAP, Stripe, Lyft, Twitter, Amazon, Intel, Meta and more are a part of this layoff flurry. As this economic slowdown has been felt nationally as well, Indian companies and Indian employees will also find themselves becoming a victim of this challenging period.
Companies such as Wipro, GoMechanic, Swiggy, Dunzo, Ola, DealSahre, and more have also decided to lay off employees. EdTech companies in India, such as Byju’s, Vedantu, and Unacademy have also decided to reduce their workforce in light of the educational technology sector’s problems. On a lighter note, do watch this comedian and her take on this scenario of layoffs.
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