Tsunami of retrenchment, 2.26 lakh people unemployed in 7 months, see the condition of tech sector - Newztezz Online

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Wednesday, August 16, 2023

Tsunami of retrenchment, 2.26 lakh people unemployed in 7 months, see the condition of tech sector

So far tech companies have fired more than 4 lakh people. May be by the end of this year this figure will reach close to 5 lakhs.

The process of retrenchment that has started in the private sector since the Corona period is not taking the name of abating. Rather, the cases of removal of employees from the company are increasing gradually. Especially in tech companies, there has been a flood of layoffs. Every day well-known tech companies are firing their employees in the name of cross-cutting. In this, the names of domestic as well as foreign companies are also included.

The special thing is that many branded international companies including Facebook, Twitter, WhatsApp and Google have laid off thousands of their employees. In such a situation, the crisis of livelihood has arisen in front of these employees. The great thing is that all these companies have fired their employees in the name of cross cutting. According to Business Today, so far in the year 2023, tech companies have shown the way out of jobs to more than 2.26 lakh employees in the name of retrenchment.

Broke the record in just 7 months

Last year, tech companies made a new record of layoffs. Then the companies had fired about 2 lakh people from the job. According to Alt Index, during the year 2022, all the tech companies of the world had fired 2.02 lakh employees in a year. Whereas, even in the year 2023, tech companies have done a lot of layoffs. Even in just 7 months, tech companies broke last year's record in terms of layoffs. Tech companies have fired 2.26 lakh employees since January till now. Whereas, there are still 4 months left to complete this year. In such a situation, this figure can also reach beyond 3 lakhs.

So the workers had to be laid off

The layoffs include Google, Microsoft, Facebook's parent company Meta and Amazon. However, companies say that due to record-breaking inflation, reduction in supply chain and decline in product sales, layoffs have to be done. If the companies are to be believed, due to inflation, the economy of most of the countries of the world has slowed down. This has affected the sale and supply of services and products. This created a financial problem. In such a situation, the employees had to be fired.

Retrenchment is on from the year 2021

Let us tell you that after the Corona period, the recession started in the whole world. This also affected the income of the companies. In such a situation, tech companies started layoffs from the year 2021 in the name of cross cutting, which is still going on.

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