Tech layoffs persist: 23 workers lose jobs every hour
NEW DELHI, INDIA — The global technology industry continues to experience widespread layoffs, with approximately 23 tech professionals losing their jobs every hour for the past two years, totaling over 400,000 employees cut by tech companies worldwide.
Data from layoff tracking website layoffs.fyi reveals 164,769 tech employees lost jobs at 1,061 companies in 2022. So far in 2023 as of October 13, 240,193 staff have been cut across 1,059 firms.
Major companies like India’s education startup Byju’s, which offers K-12 lessons and test prep courses, recently announced laying off 4,000-5,000 more employees on top of over 10,000 cuts in the past two years.
Retail and consumer tech have been hit hardest this year, with around 29,161 and 28,873 layoffs respectively. The gaming industry and prominent United States companies like Qualcomm, Pie Insurance, Cisco, and Epic Games have all trimmed workforces amidst economic uncertainties.
With two and a half months left in 2023, further layoffs are anticipated. The ongoing global tech employment crisis underscores the need for workers to stay adaptable as the job market evolves.
