Tag: layoff

By comparison, 965 tech companies have laid off more than 150,000 employees this year globally, surpassing the Great Recession levels of 2008-2009….reports Asian Lite News

The massive layoffs by the tech companies this year alone have surpassed the levels from the Great Recession the world went through 2008-2009 that began with Lehman Brothers collapse.

In 2008, tech companies laid off about 65,000 employees, and a similar number of workers lost their livelihoods in 2009, according to data by global outplacement and career transitioning firm global outplacement & career transitioning firm Challenger, Gray & Christmas.

By comparison, 965 tech companies have laid off more than 150,000 employees this year globally, surpassing the Great Recession levels of 2008-2009.

Led by companies like Meta, Amazon, Twitter, Microsoft, Salesforce and others, the tech layoffs are set to worsen early next year amid ongoing global macroeconomic conditions.

According to a MarketWatch report, layoffs are part of a strategy by tech firms to maintain viability through 2023 and beyond.

Data from layoffs.fyi, a crowdsourced database of tech layoffs, showed that 1,495 tech companies have sacked 246,267 employees since the onset of Covid-19, but 2022 has been the worst year for the tech sector and early 2023 can even be grimmer.

As of mid-November, more than 73,000 workers in the US tech sector have been laid off in mass-level job cuts led by companies like Meta, Twitter, Salesforce, Netflix, Cisco, Roku, and others.

Over 17,000 tech employees have been shown the door in India too.

Big Tech companies like Amazon and PC and printer major HP Inc have joined the global layoff season, and were set to lay off more than 20,000 and up to 6,000 employees in days to come, respectively.

Networking giant Cisco has started slashing nearly 4,000 jobs globally.

Google is reportedly bracing for a massive layoffs early next year and Alphabet and Google CEO Sundar Pichai has reportedly offered no assurance to worried Google employees that it won’t happen.

In a companywide meeting with staff, Pichai said “it’s really tough to predict the future, so unfortunately, I can’t honestly sit here and make forward-looking commitments”.

He told employees that what the company is trying hard to do “is to make important decisions, be disciplined, prioritise where we can, rationalise where we can, so that we are set up to better weather the storm, regardless of what’s ahead”.

“I think that’s what we should focus on and try and do our best there,” Pichai added.

ALSO READ: Google CEO won’t rule out massive layoffs

According to Axios, more than 3,000 jobs have been cut till October this year in the media industry, and more are on the way….reports Asian Lite News

Amid the Big Tech layoff season, the media and entertainment industry worldwide has also been hit with job cuts as advertisers reduce spending amid the global economic slowdown.

According to Axios, more than 3,000 jobs have been cut till October this year in the media industry, and more are on the way.

Warner Bros Discovery has continued to lay off employees amid slowdown.

“CNN chief Chris Licht warned employees last week that the network would see more layoffs beginning next month,” sources told Axios.

From Paramount Global to The Walt Disney Company, media outlets have announced layoffs, hiring freeze and other cost-cutting measures.

“Comcast’s cable unit made cuts last month. Its entertainment arm, NBCUniversal, is also expecting layoffs,” reports mentioned.

Protocol, the tech news website launched from Politico in 2020, will shut down by the end of the year. Around 60 employees will be laid off, according to Axios.

Vice Media CEO Nancy Dubac told staff it plans to cut costs by “up to 15 per cent” after smaller cuts earlier this month.

According to experts, the newspaper industry is facing higher distribution and labour costs in the wake of the pandemic.

“Gannett, the parent company to USA Today, said it was planning another round of layoffs, in addition to furloughs, after laying off 400 people in August,” said the report.

In the tech industry, as of mid-November, more than 73,000 employees in the US tech sector have been laid off, according to a Crunchbase News tally. Tech companies as big as Netflix have slashed jobs this year.

Meanwhile, streaming company Roku has announced that it is laying off 200 US employees, or roughly 7 per cent of its workforce.

According to the company, the cuts aim to reduce its “headcount expenses” by around 5 per cent because it is trying to spend less on operations in the face of “current economic conditions” in the advertising and streaming industry, reports The Verge.

However, the 200 job cuts are a far greater reduction than the streaming company had expected when it released its Q3 earnings report just over two weeks ago.

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The platform said that there are various benefits candidates can avail of by enrolling in Shine.com’s Startup Winter Initiative….reports Asian Lite News

Amid several layoffs happening across organisations, job portal Shine.com on Monday launched a new programme, called Startup Winter Initiative, to provide a supportive forum for affected workers, assisting them in navigating these difficult times.

The platform said it has teamed up with numerous firms in this attempt as their outplacement partners to give strong help and link them with the suitable employers to get another job.

“The #RebootwithShine Initiative aims to serve as a supportive platform for the affected employees and help them sail through these pressing times,” Akhil Gupta, CEO, Shine.com, said in a statement.

“In fact, we have joined forces with several companies in this endeavour as their outplacement partners to provide robust assistance and connect them with the right employers to secure another job. As a responsible player in this space, we intend to be the perfect recruiting buddy for employees seeking job opportunities and get them back on their feet ASAP,” Gupta added.

The platform said that there are various benefits candidates can avail of by enrolling in Shine.com’s Startup Winter Initiative. Foremost, they receive an Immediate Joiner Tag after creating a profile. This will highlight their immediate availability to the recruiters and extend their profile visibility. Next, they will be part of an exclusive Section visible to the recruiter, where a candidate’s chances of recruiter actions and job shortlisting increase by up to 75 per cent.

Third, candidates can reach more than 50,000 recruiters in PAN India. Last but not least, candidates will also get WorkBud Support, under which they will receive in-person assistance as per the available/relevant job descriptions, skills and city fitment through recruiter connect, job match and shortlist.

ALSO READ: Xiaomi cuts 900 jobs globally

According to LinkedIn, TaxJar’s co-founder Matt Anderson left Stripe in July, followed by folks in the sales, marketing and partnerships teams…reports Asian Lite News

Digital payments platform Stripe has reportedly laid off some of the employees who support TaxJar — a tax compliance startup that it acquired last year.

The layoffs — conducted over the last month — are related to Stripe’s decision to wind down TaxJar-focused go-to-market efforts in late July, citing sources, TechCrunch reported.

Sources estimate the number of employees impacted by the workforce reduction is between 45 and 55 folks, at least a portion of whom were invited to take 30 days to apply to internal jobs at Stripe.

According to LinkedIn, TaxJar’s co-founder Matt Anderson left Stripe in July, followed by folks in the sales, marketing and partnerships teams.

Stripe bought TaxJar, a provider of a cloud-based suite of tax services, in April 2021 to help its customers “automatically calculate, report and file sales taxes”.

At that time, Stripe told TechCrunch that all 200 employees of the Massachusetts-based business were joining the company. The goal of the acquisition was to integrate sales tax collection and remittance as a service, one of the most requested features among users.

In July, Stripe went through a 409A valuation process that saw its internal valuation cut by 28 per cent.

The company is valued by investors at $95 billion, but the implied new internal share price is around $74 billion.

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