TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    LeadersSpeak
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Submission Guidelines

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    LeadersSpeak
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
Amazon, Salesforce, Morgan Stanley Layoffs: Just the tip of the iceberg in 2023 job losses?

Story • 11th Jan 2023 • 3 Min Read

Amazon, Salesforce, Morgan Stanley Layoffs: Just the tip of the iceberg in 2023 job losses?

Technology#Outlook2023

Author: People Matters Editorial Team People Matters Editorial Team
16.3K Reads
As the new year begins, the job market remains bleak with tech companies continuing to cut jobs, leaving workers to wonder when the struggles will come to an end, and the job market will see a resurgence.

The employment landscape remains bleak as the new year dawns, with the downturn of the past year showing no signs of abating.

The global economic malaise has unleashed a veritable deluge of job losses, as tech firms large and small have been forced to make harsh cutbacks. 

In 2022, nearly a thousand companies in the tech sector let go of more than 150,000 employees worldwide, with even industry titans like Amazon, Microsoft, Meta, Twitter, and Intel feeling the pinch. 

Tragically, the new year has brought little respite, as the number of workers who have lost their livelihoods in the first week of 2023 has already surpassed 30,000 - a harrowing statistic that nearly doubles the total layoffs from the entirety of December 2022.

Top companies driving the layoff race in 2023

As the new year begins, the job market's descent into turmoil persists, with industry titans like Amazon leading the charge in a brutal round of layoffs. The e-commerce giant, helmed by Jeff Bezos, has announced plans to cut a staggering 18,000 roles, surpassing even the belt-tightening measures of rivals like Meta, that had previously announced plans to trim 11,000 jobs.

Data from Layoffs Tracker reveals that a staggering 30,611 individuals from 30 different companies have been unceremoniously let go in the first six days of January alone. 

Also Read...

  • HR trends in 2023: Pushing limits, driving progress 
  • Leadership skills every leader must master in 2023
  • What will the HR tech market look like in 2023?

Financial giant Goldman Sachs, under the leadership of CEO David Solomon, has also announced plans to embark on a round of layoffs, with rumors of cutting up to 3200 employees causing alarm among staff.

Adding to the maelstrom, Salesforce has also announced its intentions to lay off 8,000 employees, or 10% of its workforce, a move attributed by CEO Marc Benioff to the rapid expansion during the COVID pandemic.

Job tracking firm Challenger, Gray, and Christmas Inc, has noted a particularly sharp spike in tech sector layoffs in November, with over 53,000 individuals losing their jobs. 

Video hosting platform Vimeo and crypto exchange Huobi are among the many other companies that have followed suit.

Big entities apart, small firms are also not immune to layoffs. Adobe has also announced to cut down about 100 jobs, concentrating on sales. Chime Financial Inc, which is a digital-banking startup, has also announced a cut of 160 jobs. Video hosting platform Vimeo announced via LinkedIn that the company would be laying off 11 per cent of its staff amid ‘difficult times’. Leading crypto exchange Huobi is looking to layoff around 20 per cent of its workforce.

Twitter, which was taken over by Elon Musk in October 2022, has suffered some of the deepest cuts of its peers right now. The social media platform has eliminated about 3,700 jobs by email. Another social media giant, Meta, also slashed 13 per cent of the company’s workforce, laying off 11,000 people.

Tesla announced that it had axed 200 of its 350 employees working on Autopilot, the seeming crown jewel of Tesla. In June of 2022, Netflix laid off 300 employees after losing subscribers for the first time in more than a decade.

Soundcloud, a music streaming company, also laid off staff, impacting 20 per cent of the company. Major news aggregator Flipboard also let go of 24 workers, or 21 per cent of its staff.

More layoffs on the horizon?

With the tech industry facing another round of job cuts as companies like Cisco Systems, HP Inc, Twitter, and Seagate Technology reportedly reduce their workforce, companies cite the need to adjust to current market conditions and boost profitability as the reason behind those swelling layoffs.

Going by the trend, there is trepidation in the market about the possibility of more layoffs.

As companies that experienced rapid growth during the pandemic now look to curb spending and trim their workforce,  it seems that this may only be the beginning. 

Headlines are rife with rumors of more cost-cutting measures and downsizing to come, but the true extent of the impact on employment remains to be seen.

The numbers of those laid off are already staggering, but it remains to be seen whether this will translate to a broader impact on employment numbers across the sector. 

Read More

Did you find this article helpful?


You Might Also Like

Top tech firms come up short on digital inclusion

STORY • 14th Mar 2023 • 3 Min Read

Top tech firms come up short on digital inclusion

Technology#DEIB
Where are women in crypto putting their money?

STORY • 13th Mar 2023 • 3 Min Read

Where are women in crypto putting their money?

DiversityTechnology#DEIB#WomenofChange
Robot recruiters: Can AI hire the right people?

STORY • 13th Mar 2023 • 3 Min Read

Robot recruiters: Can AI hire the right people?

TechnologyRecruitmentHR Technology
NEXT STORY: Is your job secure? Here are 6 red flags showing you're in danger

Trending Stories

  • design-thinking-hr

    How to spot sexism at work – and fight it

  • design-thinking-hr

    Stronger together: List of companies that have refused to la...

  • design-thinking-hr

    Top future skills in HR

  • design-thinking-hr

    2023 Layoffs: A timeline of job-cuts in top companies

Upcoming Event: View All

Event Title 29 Mar Webinar

2023 Employee Experience Trends

Free 11:00 AM AEST

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Submission Guidelines

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.