Layoffs 2023: Layoffs hit, record for the whole year broken in 7 months, more than 2.25 lakh people became victims

Global Tech Layoffs: The whole world is facing the brunt of layoffs. The pace of retrenchment, which started last year, instead of slowing down, has become more rapid this year.

In the midst of adverse economic conditions, the whole world is facing the brunt of retrenchment for almost 2 years. Especially in the tech sector, the outbreak of retrenchment is so heavy that even the world's renowned companies have not been spared from it. If we look at the year 2023, instead of slowing down, this year the rate of retrenchment has increased. It has broken the record of the whole year in the first seven months itself.

Last year so many people became unemployed

In a news of Business Today, the figures of retrenchment have been told by quoting Alt Index. According to him, so far in the year 2023 , tech companies have laid off more than 2.26 lakh employees. This figure becomes frightening because earlier the record of worst layoffs was made last year and in 2022 tech companies laid off about 2 lakh people.

Last year's record was broken

According to Alt Index, during the entire 12 months of the year 2022, all the tech companies around the world had laid off 2.02 lakh employees, whereas in the first seven months of this year, the figure has crossed 2.26 lakh. This means that not only has the record for the highest number of layoffs in a single year already been broken, but there have been 40 per cent more layoffs in these seven months than in the entire 12 months last year.

For these reasons companies are forced to lay off

Many of the world's leading companies are included in the retrenchment companies. These include the names of Google, Facebook's parent company Meta, Microsoft and Amazon. Many reasons are being attributed to the heavy layoffs that have been going on in the tech sector for almost two years. Global economic uncertainty is the biggest reason for this, while the world's record-breaking inflation, supply chain challenges and decline on the sales front are also increasing problems for tech companies.

More than 4 lakh jobs lost so far

The phase of retrenchment in tech companies around the world started in the year 2021. Tech companies started layoffs from the last months of the year 2021 in view of the worsening situation, which continued to intensify. In the year 2021, about 15-20 thousand layoff cases were recorded in tech companies. In this way, during the last 2 years, more than 4 lakh people have lost their jobs in the tech sector.