Experts predict that the trend of 58% more layoffs in 2023 than in 2022 will continue

 Experts predict that the trend of 58% more layoffs in 2023 than in 2022 will continue

Experts predict that the trend of 58% more layoffs in 2023 than in 2022 will continue

Byju's terminated the most number of workers in India, 3,500, in two stages. Unacademy, which employed 12,000 people overall, was next, at 12,000, ShareChat, at 500, Swiggy, at 380, Ola, at 200, and Physicswala, at 120. remained.

Layoffs in 2023: Due to overhiring during the coronavirus epidemic and uncertainty surrounding the world economy, IT businesses worldwide started to lay off employees in 2022. This trend is expected to continue in 2023. In comparison to 2022, employers saw 58% more layoffs in 2023. According to experts, the job market in 2023 will be quite dynamic, with global and local headwinds tempering each other's negative effects and resulting in an engaging atmosphere for both hiring managers and job seekers.

In 2023, 1,175 tech businesses fired 2,60,509 workers, whereas 1,064 tech companies fired 1,64,969 workers in 2022, according to data from Layoffs.fyi. There have been 57.8% more layoffs than this time last year. 2022.

With almost 17,000 professional layoffs this year, Amazon topped the list of employers with the most, followed by Google with 12,000, Amazon with 10,000, and Microsoft with 10,000.

Maximum 3,500 workers were let go by Byju's in two waves of layoffs in India. Unacademy (12 percent of total staff), ShareChat (500), Swiggy (380), Ola (200), and PhysicsWala (120) followed. remained.

By 2023, between 17 and 22 percent of accidents occur.

what professionals say

According to TeamLease Digital's assistant vice president of strategy along with development, Munira Loliwala, "CUTs at the bottom of the pyramid in many industries remain modest, ranging only 2 to 3 percent in comparison," despite the continuous wave of layoffs. comprehensive evaluation of talent. By encouraging green software development, growing cloud networks, and improving client interface solutions and services, India is faced with the issue of meeting global expectations while also influencing project execution schedules, which normally conclude at the end of CY/FY. Layoffs are a need."

"The 2023 job market was extremely dynamic – global economic headwinds offset modest domestic challenges creating a fascinating environment for both HR leaders and job seekers," said Jaideep Kewalramani, COO and Head of Employability at TeamLease EdTech. Strong "back to office" signals from digital companies and a divisive discussion over the number of work hours per week marked this year's paradigm change.

He said that discussions on the trade-offs between growth, return to the office, employability, skill development, along with talent retention took place in boardrooms and influenced how companies made hiring and firing decisions.

"The latest strain JN.1 is complicating the waning effect of the COVID-19 pandemic and this might want some time to pause and think," said Kewalramani.

2024: Trends in Layoffs?

According to Munira Loliwala, the shifting landscape will result in job losses and layoffs until 2026. However, entry-level and mid-level employment in the GCC, data centers, technological centers in the BFSI, automotive, and ER&D sectors will be the main focus of replacement recruiting.