In 2023, there will be an average of more than 1,600 layoffs of IT workers worldwide, including in India. The pace of these firings has accelerated due to concerns about an impending recession and the global economic catastrophe.
According to data from the layoffs tracking website Layoffs. FYI, over 1,000 employers fired 154,336 employees in 2022.
Indian startups and corporations are among the top employers of layoffs as the major tech layoffs of 2022 continue into the new year.
More than 500 employees of the locally based social media firm ShareChat (Mohalla Tech Pvt Ltd) were affected by the 20% layoff of its staff caused by a shaky market.
ShareChat employs roughly 2,300 people and is backed by Twitter, Google, Snap, and Tiger Global. Less than 5% of ShareChat’s workforce was let go in December 2022 when Jeet11, its fantasy sports site, was shut down.
The news was dominated last month by companies like Ola (which laid off 200 staff) and the voice-activated firm Skit.ai. Local quick-grocery delivery service Dunzo has fired 3% of its staff as part of cost-cutting initiatives.
For IT workers throughout the world, 2023 has started off poorly. In the first 15 days of this month, 91 organizations fired more than 24,000 tech professionals, indicating that things will only get worse.
Including around 1,000 employees in India, Amazon announced plans to fire 18,000 workers worldwide.
LinkedIn is currently flooded with job postings, support requests for friends and colleagues who have been laid off, and tips for overcoming professional obstacles as many businesses reduce their workforces in order to survive a macroeconomic situation that is unpredictable.
The LinkedIn app was reportedly downloaded 58.4 million times worldwide in 2022 across Google Play Store and Apple App Stores, according to market data firm Sensor Tower.