Worst effect of recession on this industry, more than 2 lakh employees laid off globally

Photo:India TV Worst effect of recession on this industry

Recession in India: Amidst the global recession, most of the companies have sacked their employees. According to a report, at least 853 tech companies across the world have laid off around 137,492 employees so far. According to data from Lyoffus FYI, 1,388 tech companies have laid off a total of 233,483 employees since the start of the coronavirus, but most of those layoffs took place only in the year 2022.

As of mid-November, the US tech sector has largely laid off more than 73,000 employees, led by companies such as Meta, Twitter, Salesforce, Netflix, Cisco and Roku. According to Crunchbase, Robinhood, Glossier and Betterment are some of the tech companies that have laid off more of their employees in 2022.

Big tech companies such as Amazon, PC and printer major HP Inc have joined the global layoffs. These companies are preparing to lay off more than 10 thousand and more than 6 thousand employees respectively in the coming days.

There will be further layoffs

Amazon CEO Andy Jassy has warned employees that the company will have more layoffs as early as 2023. The massive job cuts have affected several divisions, most notably the Alexa virtual assistant business. It is expected to lose $10 billion this year.

google will fire 10 thousand people

Google’s Alphabet company is preparing to lay off about 10,000 underperforming employees. According to a report by The Information, Google is planning to lay off 10,000 employees through a new ranking and performance improvement plan.

16 thousand people were asked to leave their jobs in India

At the same time, 16 thousand employees have been asked to leave by about 44 startups in India. Among other tech startups and unicorn companies that have laid off employees in India. They include Ola, Cars24, Meesho, Lead, MPL, Innovasar, Udaan and others. Apart from this, thousands of contractual employees have also been fired. Flipkart CEO Kalyan Krishnamurthy has warned that funding in the startup ecosystem may run out for the next 12 to 18 months and the industry may face a lot of turmoil and volatility.

Unicorn’s crown adorned only two heads

According to a report, Indian startups are going through rapid hiring cuts and hiring of permanent employees has come down by a whopping 61 per cent in the last 12 months. According to a latest report by PwC India, only two startups in India, Shiprocket and OneCard, achieved unicorn status in the July to September period.

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