According to data from layoffs.fyi, a crowdsourced database of tech layoffs, 1,388 tech companies have laid off a total of 233,483 workers since the onset of Covid-19, but 2022 was the worst for the tech sector.
As of mid-November, more than 73,000 workers in the U.S. technology sector have been laid off in massive job cuts led by companies like
Robinhood, Glossier, and Better are just a few of the tech companies that will significantly trim their workforces by 2022, according to Crunchbase.
Big tech companies such as Amazon and PC and printer HP Inc have joined the global layoff season and are set to lay off more than 10,000 and up to 6,000 employees respectively in the coming days.
Amazon CEO Andy Jassy has warned employees that the company will see more layoffs in early 2023 “as leaders continue to make adjustments.”
The massive job cuts have hit several divisions, especially the Alexa virtual assistant business reportedly losing $10 billion this year as the voice assistant never managed to create a continuing revenue stream.
According to a report in The Information, Google plans to relieve 10,000 employees through a new ranking and performance improvement plan.
In India, nearly 16,000 employees have been requested by about 44 startups, led by edtech companies like BYJU’S, Unacademy and
Other tech startups and unicorns that have laid off workers in India include Ola, Cars24, Meesho, LEAD, MPL, Innovaccer, Udaan and more.
Meanwhile, thousands of contract workers have also been laid off, making 2022 the toughest year for workers in the technology sector.
The startup ecosystem’s funding winter could last another 12 to 18 months and the industry could face “a lot of turmoil and volatility”,
Indian startups are undergoing major headcount cuts and hiring of permanent employees has fallen by as much as 61 percent over the past 12 months, according to the annual insights report of
Only two startups in India, Shiprocket and OneCard, achieved unicorn status (valued at $1 billion and above) in the July-September period, according to the latest PwC India report.
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