Since the start of 2023, more than 166,000 employees in the global technology industry have lost their jobs due to layoffs and downsizing. Layoffs.fyi, a website that compiles modern workforce data, found that 553 tech companies had announced 166,004 layoffs this year. The number is notably higher than those reported in 2022, when 154,336 employees were laid off by 1,024 tech firms.
The tech giants that have engineered job losses this year include Amazon, Palantir, Twilio, DocuSign, Salesforce, SAP, Zoom, eBay, Dell, PayPal, IBM, Intel, Microsoft, Spotify, and Google’s parent company Alphabet. Last week, Electronic Arts revealed its intention to reduce 6% of its workforce and streaming media firm Roku also announced a cost-cutting plan that involved layoffs.
The data released by Layoffs.fyi should be taken into consideration when developing strategies and assessing impacts that the tech industry’s widespread layoffs have had. The importance of careful consideration of these economic impacts allows businesses to build successful strategies moving forward.
These figures emphasize the reality behind the tech industry’s volatility and underscore that layoffs continue to be a major issue that employers should address. For employees, ensuring a secure job involves continuing to develop a skill set that remains up-to-date and marketable.
The companies mentioned in this article have each experienced job loss in a way that are due to cost-cutting plans. Electronic Arts Inc. (EA) and Roku Inc. have both announced layoffs as part of initiatives to maximize profits and reduce expenses. Meanwhile, companies such as Amazon.com, Inc., Palantir Technologies, Inc., Twilio, Inc., DocuSign, Inc., Salesforce, Inc., SAP, Zoom Video Communications, Inc., eBay, Inc., Dell Technologies, Inc., PayPal Holdings, Inc., International Business Machines, Inc., Intel Corp., Microsoft Corp., Spotify Technology, and Alphabet, Inc. have all adopted labor rationalization policies.
Though the occurring layoffs are seemingly unavoidable, individuals can take steps to remain competitive in their field and secure their job in the face of the tech industry’s rapid change. Keeping up with the latest industry trends and best practices, as well as developing skills and diversifying one’s portfolio can help stave off potential layoffs.