417 Tech Firms Lay Off Over 1.2 Lakh Employees In Jan-Feb Alone

The yr 2023 is about to turn out to be the worst yr for tech workers as in simply two months, 417 firms have laid off greater than 1.2 lakh staff globally.

In comparability, 1,046 tech firms — from Big Tech to startups — laid off greater than 1,61 lakh workers in 2022, as per the info by layoffs monitoring web site Layoffs.fyi.

In January alone, near 1 lakh tech workers misplaced jobs globally, dominated by firms like Amazon, Microsoft, Google, Salesforce and others.

In complete, almost 3 lakh tech workers have now misplaced jobs in 2022 and until February this yr.

As increasingly more Big Tech firms proceed to sack workers, they listed numerous causes behind the transfer — over-hiring, unsure international macroeconomic circumstances, robust tailwinds from the Covid-19 pandemic and extra.

According to experiences, Meta (previously Facebook) is about for an additional large spherical of layoffs — just like the one it introduced in November final yr — as early as subsequent month as soon as the efficiency bonuses are paid out.

Meta has reportedly given 1000’s of workers “subpar scores” in a latest round of performance reviews, setting the stage for more layoffs at the company.

Swedish telecom gear-maker Ericsson is laying off about 8 per cent of its workforce, around 8,500 employees, to cut costs in the ongoing global macroeconomic conditions,

Global consulting firm McKinsey & Co is reportedly planning to slash about 2,000 jobs in one of the largest layoffs.

Another major consulting firm KPMG is laying off 2 per cent of its workforce that will impact about 700 employees in the US, owing to a “sharp slowdown in its consulting business”.

Cloud infrastructure supplier DigitalOcean is shedding about 11 per cent of its workforce, or almost 200 workers.

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(This story has been edited by News18 employees and is printed from a syndicated news company feed)