Massive Lay-Offs in Tech Industry Hitting Hard on Employees

Massive Lay-Offs in Tech Industry Hitting Hard on Employees

Year 2022 began with a hope for economy to get stability from the wreck caused by pandemic as covid-19 restrictions were revoked. However, the end was only a reverse of the beginning. Be it on the name of cross-cutting or performance-based layoffs, last year have seen majority of IT companies showing thousands of IT workers taking exit from their workplace at a global level. The employment sector continued to be shambling.

Reason behind this bulk lay-offs could be any including weak consumer spending, lack of upskilling, the mounting repercussions of inflation at global financial and economic markets. These factors have somehow impelled both major and minor IT firms to siege further recruitment or impose lay-offs to the employees. The total count of the lay-offs across the technology sector has gone up from 1,00,000 which is a huge mark.

Here is a list of top IT companies imposing lay-offs to the employees

1.       Amazon – Founded in 1994, the CEO of this e-commerce giant is Andy Jassy, 18,000 layoffs

The firm broke the layoff news in mid-November that concluded around 3% of its total corporate employees. It started job-cuttings with Luna cloud gaming and Alexa smart home sections. CEO Andy Jassy broke the news through an email titled, “Update from CEO Andy Jassy on role eliminations.” The content of the email was the decision of cost reduction taken after consulting company leaders to deal with shaky economy, prioritizing, “what matters most to customers and the long-term health of our businesses.”

2.       Google - Founded in 1998, CEO is Sundar Pichai, 12,000 layoffs

The CEO of this IT Giant released staff memo stating about 12,000 job cuts. The job loss affected corporate and recruiting teams along with some product and engineered staffs too. It was a global layoff. CEO Sundar Pichai in an email informed that the firm would “sharpen our focus, reengineer our cost base, and direct our talent and capital to our highest priorities.” Also, he kept saying in the email that he bags “full responsibility for the decisions that led us here.” “These are important moments to sharpen our focus, reengineer our cost base, and direct our talent and capital to our highest priorities.”

3.       Meta – Founded in 2004, CEO of the tech giant is Mark Zuckerberg

Meta happens to be the parent company of WhatsApp, Instagram and Facebook. It made the announcement on 9th November about its decision to lay-off 13% of manforce that is over 11,000 of its total strength. This was the first bulk layoff in firm’s history. 70% of company’s stock was lost during 2022. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected,” wrote CEO Mark Zuckerberg in his blog post.

4.       Intel – Founded in 1968, CEO is Patrick P. Gelsinger, 10,000-plus layoffs

Intel Corp, the chip giant has cut more than 10,000 jobs, along with that it is reducing expenses on new plants in order to retain $3 billion. Plus, the firm is targeting to save around $10 billion till 2025. If reports to be believed, layoffs will cross the count of 10,000 very soon.

5.       Microsoft – Founded in 1975, CEO is Satya Nadella, 10,000 layoffs

The computer company issued the information that it will fire 10,000 employees till March end this year, which is about 5% of its current strength. However, CEO Nadella said in an internal mail to the workers and also wrote in his blog post that the firm will still continue hiring in “key strategic areas.”

6.       Salesforce – Founded in 1999, CEO is Marc Russell Benioff, 8,000 layoffs

Earlier this month, CEO Benioff announced that 10% of workforce will be impacted with this layoff that is as much as 8,000 in count. The reason gave behind this move was not differ than other organisations. It said that amid pandemic, the company over-hired employees to match up productivity in the remote working setups. “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that,” revealed Benioff.

7.       HP – Founded in 1939, CEO is Enrique Lores, 6,000 layoffs

The tech giant also released the statement revealing that it is going to fire off almost 4,000-6,000 for the future persuasion of the company. It made the announcement right after the discloser of its sales earnings that slipped down for over 11% YoY. “The company expects to reduce gross global headcount by approximately 4,000-6,000 employees,” said the company. The firm also revealed its effort of saving of around $1.4 billion till 2025 as a result of its job cuts and other cost cutting efforts.

8.       Seagate – Founded in 1979, CEO is Dave Mosley, 3,000 layoffs

The most trusted hard drive maker took decision of laying off 3,000 jobs. The computer supplier companies are badly hit by slowdown economy. Consumers are occupying a stack of inventory, that straightaway hurts orders and company’s financial conditions. That’s why CEO Mosley said, “We have taken quick and decisive actions to respond to current market conditions and enhance long-term profitability.”

These are top tech giants that are paring jobs in bulk in their efforts to deal with slow economy and reducing demands within past 60 days. Along with these biggies, there are other organisations laying off their employees hand in hand with above mentioned firms for the shake of their firm’s financial condition throughout 2022. Take a look on them also:

Alibaba – Chinese origin this tech conglomerate bid adieu to around 10,000 workers for cross cutting amid slow market demand and sluggish sales.

Credit Suisse – This group also moved ahead with their decision to fire 9,000 employees across Asia.

Cineplex – At the year-beginning, this firm decided to revoke 6,000 part-time workers, as it had to close its venues during covid-19 increasing cases of Omicron variant.

Tencent - Chinese conglomerate company fired almost 5,500 employees, right after disclosing the $19.8 billion revenue in June quarter. – Digital mortgage firm fired nearly 5,000 employees, siting the reasons not different than other organisations.

Twitter – After Elon Musk over took this social networking site, it removed almost 4,800 employees. However, Musk said that there will be no more firing, it still facilitated bulk laid off night before thanksgiving.

Peloton – A gym equipment maker removed 4,654 from the company, started with 2,800 terminations in February, 570 in July, 784 in August and another 500 job cuts in the end.

Ford – Ford Motor organisation cut around 3,000 job to reduce cost and transit to electric vehicle from traditional internal combustion.

Byju’s - Edtech unicorn fired off around 2,500 workers to remain profitable till financial year end March 2023.

Morgan Stanley – The financial services giant terminated around 1,600 employees from the workplace at a global level.

Blinkit – The fast-serving site fired 1,600 workers that is almost 5% of its total strength.

Unilever – It removed around 1,500 staffs, siting the reason of company-wide restructuring.

Unacademy – The edtech terminated around 1,350 staffs, including fulltime and contractual workers. Then it again fired 350 workers.

Snap – This social media firm removed around 1,300 employees that is around 20% of its overall staff-strength.

DoorDash – Delivery service firm fired almost 1,250 to facilitate its cross-cutting effort.

Lido Learning – It fired more than 1,200 staffs.

Vedantu – This edtech company fired around 1,100 staffs.

Alongside, there are firms that also reduced job posts, however in numbers they are less than a thousand, but still almost every firm is trying to maintain their revenue by cross-cutting jobs or the other way round. Some of the organisations with the numbers of job-cuts are given along here: Wayfair – 870, Klarna –700, Meesho – 650, Oyo – 600, Cars24 – 600, Mfine – 600, Udaan – 530, Ola – 500, Noom – 495, Netflix – 450, Clear Capital – 378, Wipro – 300, Plaid – 260, FarEye – 250, Tesla – 200, Walmart – 200, Furlenco – 200, Yaari – 150, Boeing – 150, HealthifyMe – 150, Chargebee – 142, Decacorn Brex – 136, BlueStacks – 120, Carousell – 110, Adobe – 100, Mobile Premier L. – 100, Momentive Global – 100, PepsiCo – 100, Innovaccer – 90, Coinbase – 60.

Cross-cutting and other efforts by the organisations still continue to reach their target revenue stock till the financial year end or by their specific targeted time-span. So, the number mentioned above may be increased till the time this article is published. Stay updated.

Job Cuts, Job Cut in IT, IT Industry, Cross Cutting, Lay Offs in IT, Digital Terminal

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