417 tech firms laid off over 1.2 lakh employees in January-February alone

The year 2023 is going to be the worst year for tech employees as 417 companies have laid off more than 1.2 lakh employees globally in just two months.

In comparison, 1,046 tech companies – ranging from Big Tech to startups – laid off over 1,61 lakh employees in 2022, according to data from layoff tracking site Layoffs.fyi.

In January alone, nearly 1 lakh tech workers lost their jobs worldwide, dominated by companies such as Amazon, Microsoft, Google, Salesforce and others.

Overall, around 3 lakh tech workers have lost jobs now in 2022 and till February this year.

As more and more big tech companies continue to lay off employees, they listed various reasons behind the move – over-hiring, uncertain global macroeconomic conditions, strong tailwinds from the COVID-19 pandemic and more.

According to reports, Meta (formerly Facebook) is gearing up for another big round of layoffs – as announced in November last year – as early as next month after performance bonuses are paid out.

Meta has reportedly given thousands of employees “subpar ratings” 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 & Company is reportedly planning to eliminate around 2,000 jobs in one of the biggest layoffs ever.

Another major consulting firm KPMG is laying off 2 percent of its workforce, which will affect about 700 employees in the US due to a “sharp slowdown in the consulting business”.

Cloud infrastructure provider DigitalOcean is laying off around 11 per cent of its workforce or around 200 employees.

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)