New Delhi, December 22: Layoffs have become a reality in the corporate world, particularly in the tech industry. Taking back at 2023, the numbers are telling; layoffs were 58% higher than in 2022. This unsettling trend has affected many lives and reshaped the job market. Experts discuss the future of layoffs following the year-long layoffs that took place over the past year.

As per a report of News 18, in 2023, the tech sector witnessed a remarkable wave of job cuts, with 1,175 companies letting go of 2,60,509 employees. This marked a significant increase from 2022, when 1,064 tech companies laid off 1,64,969 employees. The layoffs news has been a topic of concern for both job seekers and those currently employed, as the layoffs 2023 list includes some of the biggest names in the industry. Layoffs 2024 India: Over 35,000 People Lose Their Jobs at Indian Startups in Last Two Years, More Jobs Cuts Will Likely Continue in Next Year.

Amazon led the pack with over 17,000 professionals being shown the door, followed by other tech giants like Google, Meta, and Microsoft, each laying off around 12,000 to 10,000 employees. The layoffs 2023 scenario was not just limited to global corporations but also hit Indian companies hard. Byju topped the layoffs 2023 list in India, having let go of 3,500 employees in two rounds. Other Indian firms such as Unacademy, ShareChat, Swiggy, Ola, and Physics Walla also contributed to the layoff statistics, with smaller numbers.

Expert's View and Opinions:

Jaideep Kewalramani, COO & head of employability at TeamLease Edtech, said, "The 2023 job market was extremely dynamic – the domestic tailwinds slowed marginally by global headwinds created an interesting environment for both HR heads and job seekers. The year witnessed a paradigm shift with strong 'back to office' signals from tech giants and polarized debates around work hours per week." Intel Layoffs: Chip Giant Lays Off 235 Employees in Its Fifth Round of Job Cuts in 2023, More Jobs Cuts To Happen in 2024.

Munira Loliwala, assistant vice-president (strategy and growth) at TeamLease Digital, "Despite the ongoing wave of layoffs, reduction at the bottom of the pyramid in most sectors remains modest, ranging from 2 per cent to 3 per cent only as compared to the overall intake of talent. India is challenged to meet global expectations by fostering green software developments, expanding cloud networks, and enhancing customer interface solutions/services, impacting project execution timelines leading to lay-offs scheduled usually at the end of CY / FY."

(The above story first appeared on LatestLY on Dec 22, 2023 07:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).