After a series of large-scale layoffs at major global technology companies throughout 2023, the situation continues to be difficult for employees in all major sectors, with more than 30,000 technology employees being laid off in January 2024. ing.
More than 30,000 employees were laid off from technology companies around the world in January alone, with UPS, Google, Microsoft, Amazon and Accenture laying off thousands within weeks, according to data compiled by Layoffs.fyi. I was fired.
UPS accounted for 40% of all tech company layoffs in January 2024, laying off more than 12,000 employees in just one month. Google laid off more than 1,000 employees in January, and PayPal laid off 2,500 employees.
Amazon has not disclosed the number of job cuts in January 2024, but it is believed to be in the thousands. Other major tech companies, including YouTube, TikTok, Discord, eBay, and Pixar, also laid off more than 5,000 employees in the first month of this year.
According to Layoffs.fyi, a total of 262,595 employees were laid off by 1,189 technology companies in 2023. Most of these layoffs were due to cost savings due to redundant hiring and high inflation rates during the pandemic.
More than 30,000 people will be laid off in the first month of 2024 alone, and the layoff situation is expected to be even worse this year compared to last year. Google has already announced further job cuts this year, while two of India's most prominent tech startups, Paytm and Byju's, have faced major financial crises this year.
Layoffs in Indian startups
Indian tech giant Wipro has announced it will lay off hundreds of mid-level employees in the coming weeks as it seeks to boost profit margins. Wipro is among the top four IT companies in India, but its profit margin last quarter was lower than TCS, Infosys and HCL Technologies.
Meanwhile, food delivery app Swiggy laid off 400 employees in January 2024, and e-commerce company Flipkart laid off 1,000 employees. Paytm announced in the last week of December 2023 that it will lay off 1,000 employees across multiple departments as a cost-cutting measure.
Edtech company Byju's laid off more than 5,000 employees over the course of last year as it remained embroiled in legal battles with lenders. Employees are bracing for new layoffs this year after a recent funding round slashed the company's valuation by more than 90%.
