Although losing a job is a bitter pill to swallow, there is just one word popping up everywhere these days, layoff. However, whether or not the National Bureau of Economic Research (NBER) officially declares a recession, tough times are already visible in the form of widespread job losses, rising rents, higher lending rates, and higher living costs. Many employees of top organizations are unsure about how the massive layoffs will affect their position and what to do if they get pink slips.
Google announced plans to lay off 12,000 employees, and Microsoft indicated it would let 10,000 workers go. Additionally, Amazon began a new round of layoffs that would result in the largest personnel reduction in the 28-year retailer’s history and more than 18,000 job losses.
Most of the world’s major businesses, especially the tech giants, are on a layoff spree. Many top companies have simultaneously fired thousands of employees. The employment sector is in ruins at this time. The layoffs come amid concerns about sluggish economic growth, rising interest rates to combat inflation and a possible recession in 2023.
Here are the top layoffs from 2022-23:
1. Amazon
CEO: Andy Jassy
Sorting: 18000 approx
About 3% of Amazon’s corporate employees were affected when the layoffs were first reported in mid-November. The primary targets of the company’s layoffs were its retail and human resources businesses. Earlier this month, Amazon CEO Andy Jassy said that the company will lay off over 18,000 employees, mainly in its human resources and store divisions.
2. Microsoft
CEO: Satya Nadella
Sorted: 13000
Microsoft fired 1,800 employees in July 2022 and another 200 a month later. It laid off nearly 1,000 employees in October and planned a third round of layoffs in 2022. Now as per the latest update Microsoft is going to lay off 10,000 more employees till 31st March. Additionally, the business is facing a $1.2 billion charge. “I am confident that Microsoft will emerge from this stronger and more competitive,” CEO Satya Nadella announced in a memo to employees posted Wednesday on the company’s website. Some employees will find out this week whether they are losing their jobs, he wrote.
3. Alphabet (Google)
CEO: Sundar Pichai
Sorting: 12000 approx
Google has announced that it will cut 12,000 jobs from its workforce in 2023, joining other businesses that have already done so. Due to regional regulations and customs, emails about the layoffs have already been sent to all affected US employees. However, in other countries, the process will take a few days. “I have some tough news to share. We have decided to reduce our workforce by approximately 12,000 roles,” Alphabet and Google CEO Sundar Pichai said in an email sent to affected employees.
4. Meta
CEO: Mark Zuckerberg
Layoffs: 11000 employees
The parent company of Facebook, Instagram and WhatsApp, Meta said on November 9 that it would lay off more than 11,000 employees, or about 13% of its workforce, marking the biggest tech layoff of 2022. The company said it plans to lay off 13% of its workforce, which equates to more than 11,000 employees. Meta’s disappointing guidance for the fourth quarter of 2022 erased one-quarter of the company’s market cap and pushed the stock to its lowest level since 2016.
5. Byju’s
CEO: Byju Raveendran
Layoffs: 4000 employees
BYJU’S, one of the world’s largest ed-tech companies, laid off around 4000 people or around 5% of its workforce in October. The company’s co-founder and CEO cited the company’s objectives to increase profitability by the close of the fiscal year as the primary reason behind the layoffs. The company is currently valued at $22 million. The startup was later criticized for laying off over 4,000 employees from several subsidiaries and closing offices in several cities as part of a “restructuring exercise”.
6. Twitter
CEO: Elon Musk
Layoffs: 3700
Tesla founder and billionaire Elon Musk bought social networking site Twitter for $40 billion, making it one of the most expensive acquisitions in history. After Musk took over the social networking site, more than 3700 employees – more than 50% of the platform’s worldwide workforce – were let go, including senior executives and former CEO Parag Agarwal.
7. Ford
CEO: Jim Farley
Layoffs: 3580 employees
Ford, one of the world’s largest automobile makers, announced in April that it would lay off 580 of its US employees. The company then began a second round of layoffs in August, terminating around 3,000 permanent staff members and contract workers. According to reports, the reason for the layoffs and redistribution of resources is that the company is looking to incorporate new technologies that were previously not essential to its operations.
8. Blinkit
CEO: Albinder Dhindsa
Layoffs: Around 1600 employees
Quick delivery service platform Blinkit, formerly known as Grofers, has let go of over 5% of its employees, or around 1600 people. Most of the layoffs were witnessed in the cities of Hyderabad, Kolkata and Mumbai. The primary justification given by the corporation for the layoffs is a cost-saving initiative.