Layoffs: Global recession – Rise in IT layoffs, 61% drop in permanent hires


Layoffs: Global recession – Rise in IT layoffs, 61% drop in permanent hires

The massive job cuts are expected to affect several sectors. In particular, virtual assistant business Alexa is expected to lose $10 billion this year. Because this business has not yet generated income.

Alphabet, the parent company of Google, is preparing to lay off around 10,000 “unskilled” workers, or 6% of its workforce.

According to a report by The Information, Google plans to cut 10,000 jobs through a new ranking and performance improvement plan.

In India, 16,000 employees from around 44 start-ups have been asked to leave. Which is led by edtech companies like BYJU’S, Unacademy, and Vedantu, due to lack of funding.

Other tech startups and unicorns that have laid off workers in India include Ola, Cars24, Meesho, LEAD, MPL, Innovaccer, Udaan and several others.

Meanwhile, thousands of contract workers have also been laid off, making 2022 the toughest year for tech workers.

Flipkart CEO Kalyan Krishnamurthy warned that the funding crunch in the startup ecosystem could last for another 12-18 months and the industry “could face a lot of turbulence and volatility”.

According to the annual report of RazorpayX Payroll, Razorpay’s corporate banking platform, Indian startups are facing direct hiring cuts and the hiring of permanent employees has dropped by 61% in the past 12 months.

According to a recent report by PwC India, only two Indian startups, Shiprocket and OneCard, achieved unicorn status (valuation of $1 billion and above) during the July-September period.

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