Tech sector sees more than 17k job losses in February alone
Among those lost their jobs include many Indians, and the axing is still continuing.
The tech domain is seeing a major churn, in terms of the number of pink slips generated and served in quick succession. The technology industry has, sadly, been seeing many employees being sent off over the past few months.
February, however, proved to be the cruellest month for employees of many technology companies, with job losses touching 17,400 till date during the month. Among those lost their jobs including many Indians too, and the employment axing is still continuing.
The reason being attributed to the loss of jobs is the tightening of global macroeconomic conditions globally. It is being predicted that many more tech industry workers will lose their jobs as companies anticipate the continuance of recessionary trends.
Jobs disappear on recessionary trends
Year 2023 has just dawned, but since January 1 close to 340 companies have axed more than 1.10 lakh employees globally. The trend in cutting down on staff is at its peak, throwing hints of massive job cuts in the days to come. Among the many companies that had sent away staffers in large numbers are Yahoo, BYJU’s, GoDaddy, GitHub, eBay, Autodesk, OLX Group and many more.
These companies actually followed up on what tech giants such as Amazon, Microsoft, Google, Salesforce and others had resorted to last month. These companies together had axed almost 1 lakh jobs.
Pink slips galore
Statistics as per various web reports say that more than 3,300 tech employees had seen their jobs disappear on an average, and globally, around 288 companies had served the pick slips to staffers in January alone. Over the 12 months of year 2022, as many as 154,336 jobs have been reportedly axed by close to 1000 companies.
Fears of recession are pushing companies to the brink, and they are resorting to put employees on the firing line so as to stay afloat. It is also being reported that Meta, or formerly Facebook, had a few months ago, in November 2022, sent off 11,000 employees. Not satisfied with that, the company is said be gearing up to cut more jobs as it looks towards charting out a year of efficiency this year.
It remains to be seen how axed employees would deal with the mental trauma of losing their source of income all of a sudden.