Layoffs: These tech companies and startups handed over 1.5 million employees pink slips
The wave of layoffs in the tech and startup ecosystem that began in early 2022 will continue in 2023. According to various reports, more than 1,50,000 of his employees in about 1,000 companies in the US and other parts of the world have lost their jobs over the past year. Indian startups are not far behind in laying off workers, with reports suggesting that nearly 50 Indian New Age firms laid off about 18,000 employees in 2022. for their product.
In both the US and India, companies that have laid off employees cite two common reasons for doing so.
Here are some notable examples of US and Indian companies laying off large numbers of employees.
Amazon on Wednesday confirmed layoffs, but the number is much higher than previously reported. The company said 18,000 employees will be affected by the layoffs taking place in a tough economy.
Enterprise software company Salesforce said Wednesday it would cut about 10% of its workforce and close some offices, according to media reports.
According to media reports, Facebook’s parent company Meta is reportedly planning to cut about 11,000 jobs.
A source said the company laid off about 1,000 employees across the division last October.
Banks have cut dozens of jobs across their investment banking divisions as dealmaking continues to slump, according to the report.
Banks are expected to be laid off globally in the coming weeks, according to a recent Reuters report.
AMC Networks Co., Ltd.:
The cable TV network was set to cut about 20% of its U.S. workforce after CEO Christina Spade announced she was stepping down less than three months after taking office.
Reuters reported that “people actions” will be part of the cost-cutting plan. The company says it will save $3 billion in costs in 2023.
Johnson & Johnson:
The pharma giant announced it may cut some jobs amid inflationary pressures and a strong dollar, and CFO Joseph Wolk said the healthcare conglomerate was considering “the right size” itself. said.
However, it has since been reported that the social media company is reaching out to some people who have lost their jobs and asking them to return.
Cisco Systems, Inc.:
Networking and collaboration solutions companies could cut about 5% of their workforce, according to the report. The effort will start in the second quarter of his fiscal year 2023 and will cost the company $600 million, the report added.
HP Inc. said it is looking to cut up to 6,000 jobs by the end of fiscal 2025.
Warner Bros. Discovery:
Film subsidiary Warner Bros. Pictures is reportedly planning to cut distribution and marketing jobs.
Walt Disney Company:
The media giant is planning several job cuts, according to a company memo seen by Reuters.
Here are some of the Indian startups that have laid off their employees en masse.
Indian startups laid off more than 18,000 workers this year, according to various reports.
Edtech platform Byju’s laid off more than 4,000 employees, ride-hailing app Ola laid off 2,100 and online grocery store Blinkit laid off 1,600. Edtech companies Lido, Unacademy and Vedantu laid off his 1,200, 1,150 and 1,109 employees respectively.
2022 and beyond could see last year’s trends of job freezes and job cuts amid a slowing economy, as businesses around the world look to cut costs. There is a nature.