2.5 Lakh IT Layoffs so far this year!

In a significant wave of job cuts, the global technology and startup sector have witnessed over 2.5 lakh employees losing their jobs this year, marking a continuous trend of tech layoffs for the past two years. The current year has seen more than 244,342 tech workers being laid off, indicating a 50% increase from 2022. Major layoffs have occurred at tech giants such as Google, Amazon, and Microsoft, as well as smaller fintech startups and apps.

According to data from Layoffs.fyi, nearly 1,106 tech companies have terminated 248,974 employees as of November 11, surpassing the total layoffs of 154,336 employees from 1,024 tech companies in the previous year. On average, approximately 555 employees have lost their jobs every day over the last two years, translating to 23 workers every hour. The month of January alone saw 89,554 employees being laid off.

Among the sectors, retail tech and consumer tech have experienced the highest number of employee layoffs this year. With 2023 not yet concluded, it is anticipated that more layoffs may occur in the remaining period, as several tech and gaming companies have already implemented layoffs this month.