Rising interest rates, collapsing banks, and economic uncertainties
Resulted Mass Lay Offs in USA and Globally
Over two-dozen companies including tech Giants Google, Meta, Amazon, Microsoft, are planning to cut thousands of jobs in 2023..
The year 2023 will be the “Year of Efficiency” for Meta. But what about employees.
Meta is laying off 10,000 jobs in March 2023. This is on top of the 11,000 layoffs announced in November 2022.
Amazon announced an additional 9,000 layoffs in March 2023, on top of the 18,000 jobs the company announced it plans to cut in January 2023.
Microsoft is letting go of 10,000 employees as the software maker expects slower revenue growth.
Google announced 12,000 jobs in 2023. This layoff is not based on a performance basis but rather to cut costs due to a slowdown in the economy.
Accenture cuts 19,000 jobs globally in 2023 due to uncertain macroeconomic conditions. This is 2.5% of its total employees.
Social media giant Twitter lay off 200 employees out of 2000. The company has already reduced its workforce from 7500 to 2000 earlier.
In January 2023, SAP announced it cut up to 3,000 jobs in 2023 which is 2.5 percent of SAP's workforce.
In February 2023, Salesforce (CRM) announced a layoff of 7000 employees 2023 which is 8.8% of the total workforce. Plan to increase layoffs to 10%.
Yahoo announced on February 9 to lay off 20% of its staff, impacting 1,600 employees in its ad tech business.
GitHub announced on February 9 to lay off 10% of its staff in 2023 out of 3,000 employees.
UBS Acquired Credit Suisse at $3,2 billion. Thatcould result in “tens of thousands” of layoffs in 2023.
Credit Suisse Planned to slash 9,000 jobs, even before UBS took over the troubled lender
Other Companies are also in Line
Indeed is laying off 2,200 employees, or 15% of their staff.
Roofstock announced on March 22 to lay off 27% of its staff.
Twilio announced on February 13 to lay off 17% of its global workforce, about 1,400 people.
More layoffs are coming in 2023?
These tech giants have taken two rounds of layoffs. Are there more rounds left?
What Experts Say?
"There are labor-market behaviors that are new both for workers and for employers — and these behaviors are not following traditional patterns of the past," she said. "We read about two rounds of layoffs now and shrug and say, 'When's the third?'"
Many startup companies are also laying off or planning to lay off due to higher interest rates and low availability of capital.
What Next?
The job cuts on a scale that the labor market in the banking sector or IT sector cannot absorb.
Who is in line next - Apple, Dell, or others?
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