Tech giants are making deep cuts to their employee base as part of their restructuring efforts to navigate a potential downturn in the global economy. Yet 33,000 job cuts were recorded last month, the highest since February 2021. India’s IT sector has experienced its largest layoff since the Coronavirus pandemic. In this article, you’ll learn about the Indian IT layoffs.
Recruiting slowed
Naukri JobBlog, an index based on recruiter activity on Naukri.com, measures month-over-month hiring trends in the Indian tech industry, found 18% fewer jobs in October than a year ago. A number of other sectors such as BFSI (+64%), Travel & Hospitality (+48%), Oil & Gas (+43%), Auto (+23%), FMCG (+20%), and Retail (+17%) also continue to perform well. IT, however, slowed down, recording a -6% decline in Sep’22.
IT Layoffs in India
So far, around 44 startups, led by companies like BYJU’s, Unacademy, and Vedantu, have requested about 16,000 employees to leave as VC funding has been clogged. Several tech firms and unicorns have laid off employees in India, including Ola, Cars24, Meesho, LEAD, MPL, Innovaccer, Udaan, and others. It is also estimated that thousands of contract workers will be let go in the coming year. Thus, 2022 will be the most difficult year for those in the technology industry. Track more on LayoffsTracker.
IT Layoffs in US
Worldwide, 228509 employees lost their jobs in 1223 companies up to November. Including Meta, Twitter, Salesforce, Netflix, Cisco, Roku, and other companies, more than 72,000 workers in the US tech sector have been laid off in mass-level job cuts.
The following is a detailed breakdown of the top IT layoffs from Jan 2022 to the Present:
| Company | Laid Off |
|---|---|
| Meta | 11025 |
| Amazon | 10000 |
| 9250 | |
| Bytedance | 6750 |
| HP | 6000 |
| Getir | 4480 |
| Cisco | 4165 |
| Better.com | 4150 |
| Peleton | 4100 |
| Carvana | 4000 |
| Ford | 3000 |
Other companies have also begun laying off workers like, Walmart(200), Oracle(200), Goldman Sachs(25), Wayfair(750), Shopify(1120), Twilio(1000).
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