Big tech companies retrenched, 1.37 lakh employees lost their jobs, what is the reason for this?

Tech Layoffs: There is a phase of retrenchment of employees in tech companies around the world. These companies include giants like Meta, Amazon, HP and Twitter. Since 2020, companies are showing the way out to a large number of employees. Statistics show that at least 853 tech companies around the world have laid off around 137,492 employees so far. In the month of November this year, more than 73,000 employees in the US tech sector saw massive job cuts by other tech companies like Meta, Twitter, Salesforce, Netflix, Cisco and Roku.

amazon

Big tech companies like Amazon can lay off many employees in the coming days. Amazon CEO Andy Jassy has warned employees that more layoffs could happen in the company as early as 2023. The reason given behind this is that the leaders want to keep adjustments. Large scale job cuts have affected many areas.

Google

News Reels

Google’s parent company Alphabet may reportedly lay off around 10,000 employees who have poor performance. According to a report by The Information, Google is planning to reduce 10,000 employees through a new ranking and performance.

Flipkart

Flipkart CEO Kalyan Krishnamurthy said that the startup ecosystem funding winter could last for 12 to 18 months. With this, the industry may have to face a lot of upheaval.

Indian companies

Tech startups and unicorns who are laying off employees in India include companies such as Ola, Cars24, Meesho, Lead, MPL, InnovaCar, Udaan and Byjus. Meanwhile, thousands of contract employees may also lose their jobs, making 2022 the most difficult year for employees in the tech world.

cause

Hiring was done in large quantity due to online business. This is one of the biggest reason for leaving the job. Due to online work in lockdown, companies hired more people than necessary and now when the market has declined, companies are continuously firing to create balance. Companies are also continuously doing layoffs to reduce their expenses in the midst of the growing economic recession. Earlier there was a tremendous jump in the sales of PC and laptop segment due to lockdown and work from home, but now this market is going down.

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