Byju's recently downsized its workforce by 4,000 to 5,000 employees

404,962 employees across 2,120 tech companies laid off globally

70 Indian tech startups have collectively laid off over 21,000 employees

The IT sector is witnessing persistent job cuts, with approximately 23 technology professionals being laid off per hour for the past two years.

Notably, in India, the renowned edtech startup Byju’s recently downsized its workforce by 4,000 to 5,000 employees during its restructuring endeavors. However, this trend of job cuts shouldn’t come as a surprise, considering the ongoing pattern of tech companies, both established firms and startups, continually laying off skilled workers at an alarming pace.

Data from layoff.fyi, a platform monitoring tech job cuts, indicates that a total of 404,962 employees across 2,120 tech companies globally have been affected by job layoffs up to this point.

In 2022, 164,769 individuals were laid off by 1,061 tech companies, and in 2023, until October 13, 240,193 workers were impacted by layoffs from 1,059 companies. On average, this translates to about 555 employees losing their jobs each day over the past two years, equivalent to roughly 23 workers every hour.

During January 2023, an astounding 89,554 tech employees were laid off. Although the surge of job cuts, which began in 2022 and peaked in early 2023, has tapered off in recent months, it is not completely subsided. Just last month, 4,632 tech employees faced layoffs due to economic downturns and revised strategic planning.

More than 70 Indian tech startups, including major players like BYJU’S, Chargebee, Cars24, LEAD, Ola, OYO, Meesho, MPL, Innovaccer, Udaan, Unacademy, and Vedantu, have collectively laid off over 21,000 employees, forming a significant part of the distressing global trend.