Last year the situation of IT employees became very difficult. In the background of high inflation, the central banks of the respective countries around the world have started increasing the interest rates. This has raised fears of signs of an economic recession. It was in this background that the employees had a hard time. Giant companies like Apple, Google, Meta, Twitter, Amazon have sent employees home on a large scale. Eliminated in the name of layoffs.
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It also fell on India. This effect was seen especially on IT companies and edutech companies. During the time of Covid, the companies that hired more employees by paying more according to the needs of the time are now firing them. Including those who are paid more than what they are doing. The IT sector, which ran well for almost two years, was on the brink of crisis last year. There were no projects, demands or salaries could not be paid properly to the employees.
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Especially in the background of economic slowdown in America and Europe, the projects for these IT companies have decreased. It will be even more difficult if the situation there deteriorates further. Hence plans to lay off employees to cut costs during unprofitable times.
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In the year 2022, layoffs.FYI live tracking (Layoffs.FYI) has revealed that 1,53,678 employees have been laid off by 1018 companies worldwide. Since the start of Covid, 1546 companies have sent 2,57,729 employees home. Most are in the consumer and retail sector.
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In America, Apple, Meta, Amazon and Google have laid off thousands of employees to cut costs, especially in the face of reduced revenue. It was later followed by other companies. Apart from laying off the employees, they also stopped hiring new jobs.
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