The year 2023 started on a layoff note so far in 2023, there have been 1,206 layoffs at tech companies with 315,916 employees impacted (1,672 people per day).
In 2022, there were 1,557 layoffs at tech companies and 243,318 people impacted (667 people per day).
The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
Amazon sacked 27,000 employees in the last three months. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
Recently, the consulting giant Accenture shocked the industry by announcing plans to trim its workforce by 19,000 globally including India over the next 18 months.
Mr. Rahul Goyal, MD, ADP said, “Workers are bound to be worried about their jobs in these volatile and uncertain economic times, especially in light of recent reports of large-scale job losses at prominent corporations and the alleged threat of AI to human employment.
“However, many businesses continue to have serious problems finding and keeping talent, so the situation may not be as dire as some people believe. Given these competing interests, employers may need to further reassure employees that they are valued, that their efforts are acknowledged, and that their futures at the firm are bright”, Rahul Goyal added.
“Making staff feel confident that their position is secure where that’s the case, and that they have scope to grow with the company will help them focus on doing a good job. If employers can do this while ensuring they’re offering fair pay and an inclusive, engaging workplace culture, workers are likely to feel much more positively towards the company they work for”, Rahul Goyal further said.
“But if employers don’t reassure their workers, they risk losing critical skills, experience, and enthusiasm, which can make it difficult to provide the services their customers and clients expect”, Rahul added.
According to the ADP® Research Institute’s People at Work 2023. A Global Workforce View report showed that a concerning 47 per cent of employees in India do not feel secure in their positions.
- Employees in the real estate sector (56%), the construction industry (55%), and related employment experience the highest levels of job insecurity.
- The workers in the media and information industry are most likely to express a lack of job security, with 54% reporting such feelings, closely followed by those in the hospitality and leisure sector (51%).
- 60 percent of respondents across the surveyed countries indicated their willingness to consider working unpaid hours in order to enhance the security of their jobs.
- One in five Gen Z workers (20%) have considered changing industries in the past 12 months, and a quarter (25%) have considered starting their own businesses.
The survey was conducted on average across the 17 countries surveyed on over 32,000 workers.
