What causes layoffs in companies
From big tech companies to small startups, they have given similar reasons for layoffs. Key among these are over-recruitment, volatile global macro-economic conditions and the impact and concerns of the Covid-19 pandemic. But this retrenchment is being seen on a large scale. So far more than 11 thousand Indian startup employees have been fired. Which is 40 percent more than the same period last year. Total layoffs in India are 5 percent of global layoffs. According to other information, since companies are gearing up for tough times in the year 2022, the phase of layoffs has started and so far more than 27,000 employees have lost their jobs in 102 Indian startups. Of these, there are 22 edtech startups, including seven unicorn edtechs, which have laid off nearly 10,000 employees.
No new unicorns this year
Funding has dropped by more than 70 percent so far this year compared to January-June last year. Due to this, not a single new unicorn was created in the country in the first half of January-June 2023. This is a sign that tough times are upon us and companies are taking a cautious approach as recession slowly creeps in.
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Layoffs: Halfway through the year 2023 and the first half of the year, the global jobs crisis has deepened to the point where clouds of worry have loomed. In the first half of the year, more than 2.12 lakh employees lost their jobs globally, be it big tech companies or startups, the situation is the same. The situation in the global technology sector is becoming more alarming in the first half of 2023.
2.12 lakh employees laid off so far
Tracking site providing information about layoff data According to the layoffs, as of June 30, 2023, 2,12,221 employees from 819 tech companies have been shown the way out. In comparison, if we look at the data for the year 2022, 1.61 lakh employees were laid off from 1046 tech companies. Based on all this, a total of 3.8 lakh employees have been retrenched till June 30 of the year 2022 and 2023.
What causes layoffs in companies
From big tech companies to small startups, they have given similar reasons for layoffs. Key among these are over-recruitment, volatile global macro-economic conditions and the impact and concerns of the Covid-19 pandemic. But this retrenchment is being seen on a large scale. So far more than 11 thousand Indian startup employees have been fired. Which is 40 percent more than the same period last year. Total layoffs in India are 5 percent of global layoffs. According to other information, since companies are gearing up for tough times in the year 2022, the phase of layoffs has started and so far more than 27,000 employees have lost their jobs in 102 Indian startups. Of these, there are 22 edtech startups, including seven unicorn edtechs, which have laid off nearly 10,000 employees.
No new unicorns this year
Funding has dropped by more than 70 percent so far this year compared to January-June last year. Due to this, not a single new unicorn was created in the country in the first half of January-June 2023. This is a sign that tough times are upon us and companies are taking a cautious approach as recession slowly creeps in.
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