Several top tech companies like Meta, Amazon, Twitter and Netflix have announced layoffs, impacting a majority of their workforce. A layoff is the temporary or permanent termination of employment of an employee or a group of employees (mass layoff) for reasons related to the company and not necessarily the employees’ performance. Layoffs are usually the result of economic downturns where the company may choose to reduce the size of its workforce to reduce costs. What Is Layoff? Know the Definition and Meaning of the Term That Is Making Major Headlines in 2023.

In 2023, layoffs have made a hole in the pocket of many employees across the world. The workforce reductions have taken place at Google, Amazon, Microsoft, Yahoo, and Zoom among many other firms. Here’s a list of some of the companies that have trimmed their workforce.

Meta Layoffs

In November 2022, Meta laid off 11,000 people, about 13% of its workforce. Meta Platforms said it would slash 10,000 jobs in a second round of mass layoffs. This is in addition to the 11,000 employees or 13% of its global workforce.

Google Layoffs

On January 20, Google announced laying off nearly 12,000 of its employees, which is about 6% of its global workforce. CEO Sundar Pichai said that the cuts apply across Alphabet—product areas, functions, levels, and regions. He told employees that the Silicon Valley company simply hired too fast during the pandemic.

Amazon Layoffs

On January 5, Amazon announced that it is scrapping more than 18,000 roles. This announcement was in line with its previous announcement of layoffs in November of 2022. On January 19, the company announced it would end AmazonSmile.

Microsoft Layoffs

Tech giant Microsoft announced on January 18 that it has begun a mass layoff and 10,000 employees will be impacted.

Accenture Layoffs

In March 2023, IT services firm Accenture said it would lay off about 2.5% of its workforce, or 19,000 employees. This is the latest company to announce such major job cuts.

Unlike termination for misconduct or non-performance, a layoff has fewer negative repercussions for the worker. The employee remains eligible for rehire and often has positive work experience and references that are useful during a job search. The former employee may also be eligible for unemployment benefits, retraining, and other forms of support.

(The above story first appeared on LatestLY on Apr 20, 2023 01:29 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).