Recession fears have resulted in layoffs in many companies. Several highly reputable and giant tech firms have joined the bandwagon that laid off many employees. This includes companies like Microsoft, Facebook (Meta), and others. Apart from that, ride-sharing applications like Uber, Ola, and Netflix have followed the same trajectory.
A list of the companies that have laid off many employees is given below:
Satya Nadella’s Microsoft is the first tech firm that had laid off thousands of employees as a part of the realignment process.
Microsoft has laid off thousands of employees worldwide. The tech giant has not revealed the numbers but it is believed that thousands of employees lost their jobs in the restructuring process.
It is the third time this year that the company is undergoing the downsizing process this year. In addition, the company has slowed down the hiring process to control operating costs.
It is one of the famous unicorns in the edtech industry. The company has laid off 150-plus employees in the past couple of days.
The company’s CEO has strongly denied that the company has been through any restructuring process. He mentioned that some team members were shifted to other groups and that they have worked very hard to ensure that everyone finds a suitable role. Relevel is the subsidiary of the parent company Unacademy which was recorded to half its team by 700 employees.
Moreover, in April, Unacademy laid off nearly 600 employees, contractual workers, and educators, about 10 percent of the 6000 strong workforces across the group.
Elon Musk has previously gestured that layoffs will soon hit Twitter. He intends to lay off 75 percent employees of the total workforce of 7500 employees.
Elon Musk has already set a deadline to purchase Twitter by October 28. Layoffs were proposed by the company before Musk’s proposal.
Furthermore, Twitter has handed pink slips to 30 percent of the workforce from the talent acquisition team.
Byju’s journey is pretty much over. The edtech company has fired thousands of employees this year and now, the company is laying off 2500 employees.
Byju has stated that around 5 percent of its workforce is expected to be rationalized across product, content, media, and technology teams.
The company has backed the reason for layoffs to be a result of redundancies and duplication of roles. Experts have stated that it is a cost-cutting measure adopted by the company amid the challenging funding environment.
In July this year, Ola has been cutting jobs and deferred the performance appraisal of the employees. This has taken place during a tightening funding environment globally.
Around 500 employees were laid off during the restructuring process. Ola cut jobs in April as well.
The GAP Inc. has laid off 500 employees in its San Francisco and NJew York offices, which is one of the latest layoffs in the corporate sector.
In addition, the company instituted a hiring freeze for several open positions. The layoffs of the employees in high numbers indicate the turbulence the company is currently facing.
It has already laid off 5 percent of its 8700 employees. Softening the demand and supply chain drawbacks have resulted in the company’s retail footprint.
The US-based company Ford Motors has laid off 3000 employees and contract workers. The employees were affected by the US, Canada, and India.
According to valid sources, Ford sent an internal email to the employees mentioning that it would start informing the affected salaried and agency workers this week of the cuts.
2000 employees will be handed pink slips and 1000 workers are working in contract positions with outside agencies.
They have backed the reason for the restructuring process saying that the existing workforce does not have sufficient knowledge to transform to a portfolio of software-oriented, electric vehicles.
Tech giant HCL Technologies has reportedly laid off 350 employees globally which includes India, Guatemala, and the Philippines, who were working on the Microsoft news project.
The workers were laid off in a town hall meeting on September 2022. The laid-off employees were provided with severance compensation.
A query was sent by Microsoft that did not elicit any response. The company has previously sacked employees who were on the bench for more than two months.
Meta platforms have quietly carried out layoffs on Facebook to reduce the headcounts because the global economy’s trouble and declining ad spending impose a severe problem for all the giant tech firms.
The selective restructuring process highlights the possibility of layoffs of about 15 percent of the workforce. They account for around 12,000 employees.
The reports stated that the possibility of layoffs was revealed in a post by Meta worker on a social media platform named Blind, an app that is popular among tech workers and requires a valid company email address to use the app anonymously.
The person wrote that 15 percent of the employees will be first included in the performance improvement plan and eventually be let go.
Meta staff has started claiming that the company was conducting quiet layoffs. The people who were deemed to be underperforming were given an ultimatum of thirty days to find a new position in the company or leave the job.
It was not only Facebook that had to go through such drastic changes, many giant tech firms are overcoming the same fears at present. Other firms such as Apple, Microsoft, and Google have joined the bandwagon.
These firms have stopped the process of hiring or have initiated handing out pink slips to their staff to manage the costs and maintain operating margins.
Xiaomi has reportedly fired more than 900 employees. The layoffs consist of merely 3 percent of its workforce amidst the global pandemic.
China’s consumer consumption has declined to rebound from the impacts of the lockdown in Shanghai and other cities in the first half of 2022.
Oracle has laid down more than 200 of its employees in California months after reports surfaced that the tech giant was considering thousands of job cuts on the top of 28 billion Cerner acquisition.
Tencent announced layoffs first time in ten years and has fired nearly 5500 employees in the last quarter. The company employed more than 110715 people at the end of June which is nearly 4.7 percent from what was recorded in March.
The tech company has even frozen the hiring process.
Wipro has recently laid off 300 employees for working multiple jobs. The company pointed it as an act of violation of integrity.
The chairman of Wipro has given his opinion regarding the moonlighting process. He has condemned the act that there is no space for someone who would work for Wipro and another competitor XYZ.
EDITED and proofread by nikita sharma