How 2023 could turn out to be the worst year in the history of tech – Times of India

The year 2021 has not been off to a good start for some IT professionals. The technology industry globally has been devastated by job cuts. In the first 15 days of the year so far, 91 companies have reportedly laid off over 24,000 technical workers. The outlook is also not very promising. Several reports indicate worse things to come. In India too, large consumer internet companies are moving quickly to rein in costs and are planning additional job cuts in 2023, according to multiple sources and investors.
Startups in India cut jobs amid funding winter
companies like Hailstone (which laid off 200 employees), voice automated startup Skit.ai, made headlines in January. In December last year, over 17,000 technical workers were shown the door. Amazon has cut around 1000 jobs in India. Globally, the number of layoffs for Amazon is 18,000. Golman Sachs is also said to have cut 3200 positions globally. The operations of Indian companies have also been affected. However, there is no clear number.
Sources told ET that Reliance Retail-backed Dunzo has undertaken layoffs in the last week, as well as cutting costs to optimize operations. Sources said that it is estimated that the company has cut at least 60-80 jobs in the company across all divisions. rebel foodsCloud Kitchen, which houses brands like Behroze Biryani, oven story, has also cut down on its workforce. A spokeswoman said any changes to the number of employees are due to an “annual performance appraisal and re-engineering of the organization” due to the firm’s priorities for future goals. Startups like Cashfree, Moglix and others have also laid off employees just two weeks into the new year.

Agritech startups have also joined a growing list of companies that are downsizing their teams amid business model challenges and an overall squeeze in funding for privately held technology companies. Gramophone laid off approximately 75 employees during November and December. captain fresh And BharatAgri has also laid off the employees.
The outlook for global job cuts is no better
According to layoffs-tracking website Layoffs.fyi, about 153,110 workers are set to be let go in 2022, led by companies such as Meta, Twitter, Oracle, Nvidia, Snap, Uber, Spotify, Intel and more. sales forceamong others.
The number of layoffs hit its lowest level in November, with 51,489 tech workers losing their jobs. Google is another big tech company which is expected to take drastic steps to reduce its workforce in early 2023. According to a report in The Information, about 6 percent of Google employees may be fired for “not having enough influence”. Google may see layoffs in 2023 as more than 11,000 employees may lose their jobs.
All eyes are now on the Big Tech quarterly results that will be out later this month.