According to data from Layoffs.fyi, as of May 2023, more than 197,000 employees had been laid off by 698 companies. This year’s layoffs have already surpassed the figures of the previous year, with 1,056 tech companies cutting jobs and impacting approximately 164,000 workers in 2022.
Among the prominent companies that have laid off employees this year are Meta, Amazon, Microsoft, and Twitter. Twitter, under the leadership of Elon Musk since late October, initiated a global workforce reduction, cutting its employees in half. The workforce specific to India was significantly affected. Google, Meta, Amazon, and Microsoft have also announced plans to reduce their workforce through ongoing restructuring processes. It has become common to see employees announcing their abrupt departures on LinkedIn and seeking new job opportunities.
Meta, in particular, has announced multiple rounds of layoffs, with as many as 6,000 employees being laid off starting this week. In November, the company decided to lay off 11,000 workers and announced an additional 10,000 job cuts in March 2023. Similarly, Amazon has opted to shut down certain divisions to reduce costs, including its underperforming hardware division. Notably, the fitness-oriented Halo division, responsible for products like the Halo watch and Halo Rise sleep tracker, has been discontinued.
In India, several tech companies such as Dunzo, Sharechat, Rebel Foods, BharatAgri, and Ola have implemented severe cost-cutting measures by laying off employees. International companies like Accenture, which have a significant workforce in India, have also resorted to layoffs. Accenture, for instance, plans to lay off up to 19,000 workers, accounting for approximately 2.5 percent of its workforce, due to concerns about the global economy.
Apple stands out as the only major tech company that has managed to avoid mass layoffs so far. Even CEO Tim Cook has stated that layoffs are not an option for the company, although he hasn’t ruled out the possibility entirely. While most tech companies have attributed layoffs to the pandemic, rising inflation, and overhiring, Apple has been cautious in its hiring practises. According to a Forbes report, Apple has maintained the same hiring rate since 2016.
