3000 daily layoffs: The IT industry faces tough times

The IT industry is currently facing significant challenges globally, with even major tech companies such as Microsoft and Google announcing layoffs. According to recent reports, an average of 3,000 tech employees were let go daily in January worldwide, including in India, as part of an ongoing trend of layoffs. This uptick in job loss is attributed to concerns regarding a potential global economic downturn. To date, 166 tech companies have laid off over 65,000 employees. Alphabet, the parent company of Google, has announced that it will be laying off 12,000 employees, representing nearly 6% of its workforce. Microsoft CEO Satya Nadella announced last week that the company will be making changes to "reduce our total workforce by 10,000 jobs by the end of the third quarter of this financial year." Amazon previously announced that it would be laying off 18,000 employees globally, with nearly 1,000 of those layoffs taking place in India. In 2022, 154,336 workers were laid off by 1,000 companies. The trend of mass tech layoffs continues into the new year, with Indian companies and startups also implementing staff reductions. Domestic social media platform ShareChat has laid off 20% of its employees due to uncertain market conditions, resulting in the loss of more than 500 jobs. IT giant Wipro has also laid off over 400 recent hires due to poor performance in internal assessments.