1.9 Lakh People Laid Off In 2023 Alone By Tech Companies. What’s The Road Ahead?

As per layoff tracking site layoffs.fyi, 706 tech companies laid off over 1.9 lakh people in 2023. Most big tech companies cited over-hiring & uncertain economic conditions as reasons for mass layoffs.

0 min read

1.9 Lakh People Laid Off In 2023 Alone By Tech Companies. What’s The Road Ahead?

Since 2022, tech giants like Meta, Amazon, Twitter, Google, and others have been in the news for mass layoffs. And they’ve just been the tip of the iceberg. Many more tech companies have followed suit, globally and in India. As per the layoff tracking site layoffs.fyi, as of May 25, 2023, across the globe, 706 companies have laid off 1.9 lakh people in 2023 alone.

Except for Twitter—where layoffs happened in the wake of a takeover by tech mogul Elon Musk—most tech companies have cited over-hiring and uncertain economic conditions as the reasons for mass layoffs.

The news of constant layoffs impacts the sense of job security that most employees seek. However, it’s important to take actions that help alleviate this insecurity and simultaneously aid our professional growth.

The Learning Never Stops

An easy mistake to make in any job is getting complacent and not keeping up with industry trends. Especially in the tech world, where change is just a beat or rather a beta version away, it’s important to continuously upskill and reskill.

E-learning or online learning is a great way to enhance your knowledge. Individuals can specifically focus on the required skills listed in the job description of a desired job and develop those skills.

Another way to increase your chances of employability is to participate in competitions and challenges. Hiring challenges are the talk of the town now, with more and more organizations looking at these challenges as a way to hire the right talent. Lenovo, Innovaccer, and Hero MotoCorp are just some of the organizations to have launched hiring challenges for working professionals.

Explaining The Layoff

For all their dedication, hard work, and learning, a layoff could still impact an employee. It could be the result of a merger or acquisition, restructuring, etc.

At this time, it’s of utmost importance to remember that a layoff, especially a mass layoff, is no indication of your capabilities or value. Though it may feel personal, a layoff only indicates a change in a company’s business outlook and is not an indication of your worth.

At the same time, treating a layoff as a bump in your professional journey, rather than a stop, is important.

As per news reports and industry experts, the following things should be kept in mind when explaining a layoff:

Don’t let a layoff overshadow the milestones you achieved - use those as an example to showcase your skills.
Explain the layoff in a clear and precise manner
Quantify the layoff in the organization
Be honest.

You may also be interested in the following:

Edited by

Srishti Magan

Sr. Content Editor

I’m a reader first and a writer second, constantly diving into the world of content. If I’m not writing or reading, I like watching movies and dreaming of a life by the beach.