24 Workers Lost Jobs Every Hour In Last Two Years

New Delhi: Tech companies, including startups, around the world have fired more than 425,000 employees in the last two years with more than 36,000 employees being sacked in India at the same time period. Tech companies globally are now sacking employees even in the holiday season.

According to the latest data from layoff.fyi, which is a website used for tracking tech sector job cuts, 1,178 tech companies have laid off around 260,771 lakh employees this year globally. Big Tech firms and startups across the spectrum have sacked employees and the layoffs continue to happen. (Also Read: Tax Season Is Here: Check Effective Ways To Save Money On Your Hard-Earned Income)

Last year in 2022, 1,061 tech companies laid off 164,769 employees. On average, about 582 employees lost their jobs every day in the last two years or more than 24 workers every hour.

In terms of sector, retail-tech, consumer-tech and fintech were the ones which laid off the most employees in this year. Paytm has just laid off over 1,000 employees in an effort to reduce costs and realign its businesses. Social media platform ShareChat asked 200 employees, or about 15 per cent of its workforce, to go as part of strategic restructuring. Game streaming platform Loco has laid off about 36 percent of its workforce, or 40 employees, from its total staff strength of 110. (Also Read:Layoffs 2023: Paytm Sacked 1,000 Employees In Cost-Cutting Measures)

Google-backed edtech platform Adda247 has laid off around 250-300 employees across verticals. Edtech major Byju's laid off 4,000–5,000 employees in a “business restructuring exercise”. The startup has eliminated more than 10,000 positions in the past two years. Homegrown quick-grocery delivery provider Dunzo reportedly laid off at least “150-200” more employees amid severe cash crunch in September.

The startup had already sacked nearly 400 employees so far this year in two job cut rounds.