Tech Layoffs 2023: Over 2 lakh employees laid off in 2023 so far; 40% rise since 2022

Global economic headwinds and a slowdown has led to tech companies across the globe cutting down their headcount. A recent report by AltIndex has revealed that tech companies have let go of 2,26,000 employees in 2023 so far, which is about 40% more as compared to the previous year's figure of 2,02,000.

As per data from Layoffs.fyi, between January and December 2022, tech companies laid off 1,64,744 employees, almost eleven times more than 15,000 reported a year before.

Also Read: Layoffs in Indian startups cross 25,000 mark since 2022: Report

In January 2023 alone 75,912 employees were let go which accounted for almost half the number that was seen in 2022. The month of February saw a decline with about 4,000 jobs being cut. However the layoffs continued in the next three months with tech companies reporting almost 73,000 job cuts. Since then, an additional 24,000 staff members have been handed pink slips, bringing the cumulative total of layoffs to 226,117 as of the latest report. Since the start of 2021, more than 4,05,000 tech employees have lost their jobs

Prominent industry giants that include Google, Microsoft, Meta and Amazon have laid off the most number of employees. As per AltIndex factors such as an uncertain global economic landscape, inflation, ongoing supply chain challenges, and a deceleration in revenue growth has lead to layoffs of such a scale.