Thursday, February 9, 2023
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Lay offs: Big Tech organizations are leading in the race of Firing their employees

Big Tech organisations throughout the world are experiencing one of the most difficult difficulties in recent memory, which is causing some massive lay offs which we have seen in recent times, as macroeconomic headwinds persist, causing advertisers to tighten their purse strings, skyrocketing inflation, a worldwide logistics supply shortfall, and slower-than-expected economic growth.

Most of these companies have either stopped new hiring or announced significant employment cuts in order to stay afloat and continue on their path to profitability. Google and Meta have announced the most major layoffs of any Big Tech company, with 10,000 and 11,000 employees, respectively.

However, Amazon has repeatedly denied the layoffs, even claiming that some of the terminations were voluntary. Amazon began laying off staff last month in an effort to cut costs, raise operating margins, and increase profits amid the tech winter and fears of an imminent recession.

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The corporation informed California’s regional authorities that it will lay off approximately 260 individuals at several facilities employing data scientists, software engineers, and corporate workers. The employment losses would go into effect on January 17.

According to a New York Times article, the number of people who could be let go was around 10,000, beginning with business and technology positions. Interestingly, according to a widely publicised media rumour from ComputerWorld, Amazon, which employs over 1.6 million people worldwide, may lay off 20,000 employees, including corporate executives.

However, the company has maintained that it did not lay off employees, but rather changed its organisation in times of crisis.

Lay offs
credit: economictimes

Speaking at the New York Times DealBook Summit, Jassy justified the company’s choice to lay off a large number of employees owing to rising economic instability.

The company has taken a similar attitude in India. It responded to the labour ministry, downplaying lay offs in India, claiming that it was a 100% voluntary separation programme with a severance compensation.

In November, Facebook-parent Meta announced the lay off of 11,000 employees, or just more than a tenth of its global staff, becoming the second large news of job lay offs by a global social media business after Twitter.

In a memo distributed to Meta workers, co-founder and CEO Mark Zuckerberg stated that the business would continue to decrease discretionary spending and extend the hiring freeze until March 2023.

According to Zuckerberg’s remark, as more individuals stayed online throughout the Covid-19 outbreak, Meta increased its investments in the hope that the pattern would continue after the pandemic.

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Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.

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