Layoffs wave continues: Zoom latest to trim headcount

Job cuts continue to plague employees both globally and in India. Globally it is the tech industry which is seeing the maximum layoffs and in India a whole host of startups have been attempting to cut costs by cutting jobs.

As per a mint report, the tech industry started the year with a wave of job cuts, around 50,000 in January alone.

Zoom Layoffs

The video-conferencing service, Zoom has become the latest firm to cut about 1,300 jobs, or approximately 15% of its workforce.

CEO Eric Yuan said in a blog post Tuesday that the company ramped up staffing during the COVID-19 pandemic, when businesses became increasingly reliant on its service as people worked from home. Yuan said Zoom grew three times in size within 24 months to manage demand.

The executive said that businesses continue to depend on its service post-pandemic but that adjustments are needed.

Indian startups cut jobs

Meanwhile, in India, startups have laid off over 4000 employees in January 2023 alone.

According to a report by the Economic Times, startups in India have fired about 6,000 employees in October to December 2022 including unicorns BYJU’S, Chargebee, Cars24, LEAD, Ola, OYO, Meesho, MPL, Innovaccer, Udaan, Unacademy and Vedantu.