Wednesday, 12 June 2024

In 2023, Thousands of Jobs will be Lost as Tech Companies Scramble to Reduce Expenses

According to the layoffs tracking website Layoffs, the number of job cutbacks in the technology sector was close to 90,000 in January 2023 and decreased to 39,471 in February, 37,662 in March, 19,807 in April, and 11,491 so far in the month of May.

According to the portal, 695 tech businesses have already slashed almost 198,000 jobs in 2023. More than 161,000 workers were let go by more than 1,000 tech companies in 2022. According to this, the number of tech workers who lost their jobs in 2023 compared to the previous year increased by roughly 19%.

Job Cutbacks

In January 2023, big technology companies like Amazon, Microsoft, and Google were said to have contributed to a significant number of job cutbacks, which had an impact on close to 100,000 tech professionals globally.

Companies have given many justifications, including overhiring during the Work-From-Home phase of the pandemic and hazy macroeconomic conditions worldwide.

  • Job cutbacks in the technology sector decreased from 90,000 in January 2023 to 39,471 in May.
  • The number of tech workers who lost their jobs in 2023 increased by 19% compared to 2022.
  • Mark Zuckerberg cut hundreds of jobs to improve efficiency.

Mark Zuckerberg As part of the company’s “greater efficiency” initiative, Meta cut hundreds of jobs from Reality Labs, Facebook, WhatsApp, Instagram, and other companies. Through the first quarter of 2023, Meta had a hiring halt.

Ernst & Young, one of the ‘Big Four’ financial consulting goliaths, cut 3,000 employees in the US last month. KPMG let off about 2% of its US workers in February.

Accenture indicated that over the following 18 months, 2.6% of its global staff would be laid off. According to reports, McKinsey’s restructuring will result in a 3% staff reduction by 2023.

Global telecom provider Vodafone has announced plans to lay off 11,000 staff over the next three years. The corporation seeks a more streamlined operational structure and strives to streamline both its corporate headquarters and local markets.

Microsoft has opted not to give compensation raises to its paid staff this year, including top leaders, adding to the hard circumstances.

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