Massive Layoffs Giving Nightmares For IT Employees

Working in an IT company is a dream for most youngsters of this generation. There will be fancy pay and only five days of work a week. Thus, many people choose the IT profession rather than getting into any other sector. But the recent recession is scaring many software employees as they don’t know when they will get laid off by their companies.

Though the situation is better in India, it is worse in the USA. According to the reports, tech companies around the world announced layoffs 1391 times this year. Apparently, around 2,18,324 IT employees were sacked from January 1st to December 9th this year.

We hear that there are two primary reasons for these massive layoffs. The first one is the economic instability across the world and the second one is the lacklustre performance of the employees. It is heard that there is a severe negative impact on the profits of leading tech companies in the recent past. The situation may continue for a longer period of time. A decrease in advertising expenditure also led to these layoffs, opined experts.

Though there aren’t any significant layoffs in our country, there is a concern among Indian techies after witnessing the layoffs in the USA. We hear that the tech giants in India are trying to save their current employees. Recently, Accenture India promoted 60,000 of its employees to higher positions. Other companies like Wipro, Infosys, HCL and TCL recruited more than one lakh employees in 2022. The situation may look stable in India now but it may follow America’s route in 2023. If the economic situation doesn’t stabilize next year, we may witness massive layoffs in India too.

Meta (Facebook), Amazon, Byju’s and Twitter are some of the major companies that sacked thousands of their employees in 2022.
Start-up companies are the most-affected organizations by the ongoing recession. 52 Startups belonging to the education and tech sectors laid off 17,604 employees in India this year. Byju’s, Charge B, Cars 24, Meesho, Ola, Udaan, Unacademy and Vedantu are some of the companies on this list. On the other side, around 15 start-ups were shut down due to the economic crisis in 2022.