Since the start of 2023, there has been a dramatic increase in redundancies across the global technology sector. According to data compiled by Layoffs.fyi, 553 tech companies have collectively laid off over 166,000 employees since the year’s start, more than doubling the 154,336 redundancies they collectively issued in 2022.
One of the major contributors to the increase in layoffs was Electronic Arts Inc. (EA) who announced its intention to slash 6 percent of its workforce in a bid to cut costs. Similarly, streaming media company Roku Inc. have revealed that they have also implemented a cost-cutting plan. Other well-known names 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 Corp., Intel Corp., Microsoft Corp., Spotify Technology, and Google parent Alphabet Inc. have also all made redundancies in 2023.
Electronic Arts Inc. (EA) is an American video game publishing company known for its sports games such as FIFA, Need for Speed, and Battlefield. Started in 1982, the company is currently headquartered in Redwood City, California and has since grown to become one of the most recognizable names in the gaming industry.
Roku Inc. is a publicly traded company based in the US and one of the leading providers of streaming media players. It has since become one of the most popular ways to watch TV and movies on demand, with Roku currently streaming content on over 33 million devices.
The data compiled by Layoffs.fyi on global technology sector layoffs should serve as a reminder to companies of the need to adapt to ensure success and stability. With technological companies having been forced to restructure their operations due to the pandemic, it is essential that employers find ways to not only save on costs but also create an environment for employees where morale is kept high and job security ensured.