A global meltdown has hit tech companies, forcing layoffs and freezing hiring. As of 2022, more than 850 technology companies around the world have announced job cuts, according to data from the website layoffs.fyi. That number continues to climb as fears of a recession become a stark reality. These job cuts aren't unique to smaller startups, but nearly all of the world's biggest tech companies have announced cost-cutting measures.
Here are some key details about the cuts in tech jobs around the world:
Worst year for tech companies
2022 was the worst year for the tech sector. While 2020 saw job cuts during the pandemic, the tech industry was largely isolated. But this year, layoffs are hitting tech companies hardest. Thousands of contracts and permanent workers have been laid off, making 2022 the toughest year for tech workers.
The largest job cuts announced by a US tech giant
In the US, Facebook's parent company Meta, Twitter, Intel, Microsoft, Salesforce, Netflix, Cisco, HP and Amazon have announced more than 1000 job cuts. Most of these companies have laid off at least 10% or more of their workforce. The job cuts are global, meaning that these companies' operations outside the United States will also be impacted by these job cuts. All of these companies have also announced a hiring freeze.
India's IT giants have not announced job cuts (so far)
In India, IT giants TCS, Infosys, HCL Tech and Wipro have not announced job cuts so far. However, they have reduced both the campus and cross settings. There are also unconfirmed reports of salary cuts.
Indian startups cut more than 15,000 jobs in their startups in India have cut thousands of jobs in the last few months. Education technology companies such as Byjus, Unacademy, Whitehat Jr and Vedantu were hit hardest. Together, his three laid off about 5,000 employees. Other big tech companies that have cut headcount include Meesho, Ola, Cars24, Mfine, Bytedance, Swiggy, Makemytrip, PaisaBazaar, LendingKart, Zomato and Paytm. About 16,000 employees of Indian start-ups are being asked to retire as funding dries up.
India's Biggest tech Hub
Bangalore has the highest number of unemployed people in India, according to live data from the layoffs.fyi website. More than 20 companies have cut jobs. This city is followed by Gurugram, Mumbai and New Delhi.
Job cuts at Google and HP
Google is also likely to cut more than 10,000 jobs in the next few days. The company recently changed its performance appraisal system to give his 10,000 employees, 6% of his workforce, a bad grade as a sign of being eligible for layoffs. Billionaire Alphabet investor Christopher Horn wrote to the company earlier this month urging him to cut costs. PC giant HP also announced that it intends to lay off 4,000 to 6,000 employees over the next three years. “At this point, it is prudent not to assume that the market will turn around in 2023,” said Enrique Lores, CEO of HP.