Companies have been laying off employees in 2023 as well. Ashneer Grover Shark Tank India season 1 judge shared his point on layoffs that founders should take pay cuts instead of firing employees.
He said in a LinkedIn post, “It’s sad to hear about firings every day. I am thankful that I’ve never had to fire people because of bad markets – because I’ve always hired considerately. As a Founder, you’ve to think about the long game.”
“I had posted about a 25% – 40% salary reduction a while back as an alternative to mass firings. I just don’t get why Founders won’t go down that path. Everything gets repriced – energy, capital, technology. Why not people?”, Ashneer Grover added.
He further added, “Glad I’ve put on myself a max cap of 50 people in The Third Unicorn. People joining me will have to worry only about building and growth – I’ve got my team’s back.”
Discussing the layoffs, According to media reports on layoffs, In the first half of the year 2022 that is from January to June, various companies laid off nearly 44,257 employees in the tech sector.
In 2023 January, 154 tech companies reportedly laid off nearly 55,225 in just 21 days. Earlier in November Amazon announced that the company will be layoff 10,000 employees. However, the company further added 8,000 employees, and the total layoffs were announced as 18,000.
The list of companies that have sacked employees is as follows.
- GoMechanic fires nearly 70% of the workforce due to Reported Incorrect Financial Data.
- Microsoft announced to layoffs of 11,000 employees worldwide due to the global economic slowdown.
- Unacademy will let go of around 40 people.
- Tencent Holdings Ltd fired more than 100 employees.
- An American multinational technology company, Google parent Alphabet had announced to sack of 12,000 employees.
- Ola has fired 200 people in a fresh round of layoffs.
- Wipro has fired 452 freshers over poor performance during Internal Test.
- Adobe Inc has eliminated about 100 jobs, concentrated in sales. The company shifted some employees to other roles internally.
- Cisco Systems Inc is beginning a restructuring plan that will affect about 5% of employees.
- Salesforce has laid off about 8,000 people globally.
The list is never-ending the companies have been laying off employees. As per earlier data, more than 1,600 tech employees are being laid off per day on average in 2023 globally including in India, and the sacking episodes have gained speed amid the global economic meltdown and recession fears.