Business world is shaking. Recession is coming. Funding is drying. Companies are executing layoffs. Organizations are entering into cost cutting mode.
Tech sector is tightening its belt, it is expected to get a little tighter in the next year. To protect the business’s finances from the effects of the economic crisis, Companies are adopting this unavoidable but harsh action. Therefore, if the current trend is maintained, there will unavoidably be significant layoffs in the corporate sector in 2023. These are a few businesses where layoffs may still occur in 2023.
- Meta, one of the main big-tech businesses, sacked 11,000 employees or around 13% of its workforce.
- Twitter owned by musk has already lost a major mass of its workforce and going by his statements it abundantly clear that there would be additional mass layoffs lasting until 2023.
- Netflix, after cutting down its employees by 300 in June, it went for 150 more job cuts claiming to make adjustments in line with the revenue costs. In February it lost around 20,000 subscribers at the beginning of 2022 and is expecting a further decline in its audience base.
- Microsoft laid off 1800 employees in July, 200 employees in August, and a staggering 1,000 more recently as part of the realignment, according to Axios reports. If the economic condition worsens in 2023, it may lay off more employees.
- Better, having started trimming its workforce in 2021, by relieving 900 employees, in April this year, relieved another 1,200 to 1,500 employees and 3,100 more working in India and US in the next few months. As TechCrunch reports, it is expected to lay off 250 or more employees in the coming months.
Layoffs by Giant companies due to upcoming recession creates a fearing environment for the employees and somehow its ripple effect will soon be seen in the market where securing a job would be difficult and specifically for freshers or new bee’s to find a job in their dream companies. However, some organizations look at it from different perspective and consider it as finding an opportunity in disguise to hire the experienced candidates laid off from these Giant’s. Sooner lor later tech industry will evident such slowdowns.
Remembering the 2008 recession – according to a govt. study Five lakh people were rendered jobless between October to December 2008 due to the recession. More details here – https://www.livemint.com/Politics/OoYZchTpy5cZRVYNrJeHfP/500000-jobs-lost-to-recession-in-three-months-study.html