Globally, more than 15,000 technical workers lost their jobs in May; Worrying sign for IT workers? , technology news

New Delhi: Over 15,000 people working in the technology sector globally lost their jobs in the month of May as global macro-economic factors impacted companies, especially startups. More than 15,000 tech workers have lost their jobs this month, according to layoffs aggregator Layoffs, reports TechCrunch. Since March 2020, when the COVID-19 pandemic began, 1.25 lakh employees have been laid off by around 718 startups globally. Tech companies are facing many issues like rising inflation, fear of recession, Russia-Ukraine war.

Meta (formerly Facebook) and Twitter have publicly announced hiring freezes, while Snapchat parent company Snap has confirmed it is slowing hiring as it misses revenue targets. .

On Thursday, enterprise e-commerce platform Vtex announced it would lay off 193 employees.

PayPal has laid off dozens of employees from its San Jose headquarters in the US.

The two biggest instant grocery apps, Getir and Gorilla, announced layoffs this week. Turkish company Getir said it plans to cut 14 percent of its global workforce and Gorilla said it was making an “extremely difficult decision” to lay off about 300 of its employees.

Grocery delivery startup Instacart is also slowing hiring.

“We have hired over 1,500 people in the past year and almost doubled the size of our engineering teams. As part of our second half plan, we are looking to focus on our most important priorities and grow profitable. We are slowing our recruitment to continue,” Instacart said in a statement.

In India, more than 6,000 people have been shown the door in the name of “restructuring” and “cutting costs” as startups and unicorns close non-performing verticals, cut marketing spend and freeze fresh hiring. have make.

The blockbuster startup party that started in the years of the pandemic seems to be coming to an end as thousands have been fired from startups ranging from edtech to e-commerce and healthtech verticals. Read also: Athos IPO GMP Today, Listing Date, and More: Will Investors Make a Profit or a Loss?

The situation is likely to worsen as a recession approaches and funding dries up. Read also: Samsung may cut phone production by 30 million units in 2022

Source link

Sharing Is Caring:

Leave a Comment