Global tech giants are ramping layoffs as IT companies cut back on hiring or shrink their workforces in response to weak consumer spending, rising interest rates, and soaring inflation worldwide. In a statement, Meta (1) said it is cutting off about 11,000 workers, or about 13% of its entire staff.
There were approximately 1,000 employees in India, 100 of whom were impacted, most of whom worked in the technology industry, including software engineers. A week after Elon's takeover, Twitter (2) eliminated half of its 3,700 global employee workforce, reducing positions across the board.
Twitter fired the entire marketing and communications department in India, apparently firing 180 of the 230 employees in the marketing, communication, and other divisions. Twitter has also laid off roughly 4,400 of its contract workers. Of Twitter's 5,500 contract workers, 4,400 were laid off after losing access to Slack and other work platforms.
According to sources, Twitter's engineering, sales, and marketing teams were among those affected in Singapore due to layoffs. The layoffs at Cognizant (3) India and Accenture India were made public when multiple instances of faked paperwork and false experience letters emerged, notwithstanding Cognizant India's claim that it experienced 6% involuntary attrition between July and September.
The head of Cognizant India, Rajesh Nambia, stated that there was a high involuntary attrition rate due to incomplete background checks and that the number of layoffs resulting from incomplete background checks and moonlighting has increased over the past few months. These situations are becoming increasingly frequent as businesses reinstate work-from-home policies and increase background checks.
While Accenture India (4) reported several layoffs after discovering that the staff members had falsified their documentation, it claims to have taken the necessary steps to ensure that there will be no impact on our capacity to serve the clients. Along with falsified letters and paperwork, the business has fired hundreds of workers to reduce costs.
Amazon (5) also joined the wave of layoffs and is ready to assess its unproductive companies, including the devices division that contains the voice assistant Alexa, to reduce expenses. Numerous specialists from several nations, including India, could be impacted by such a move.
Two waves of layoffs and job offers were made by the Singapore-based gaming and eCommerce giants Sea Limited and Shopee in June and September (6). Even though this year's decline in venture capital investment levels had a particularly negative impact on businesses in Singapore,
Many experts concur that such massive layoffs result from IT businesses expanding quickly during the COVID pandemic, as evidenced by the region's funding declining by 7% to $36.3 billion in the first quarter of 2022 compared to the same quarter last year. This has put much more pressure on all tech companies, along with inflation and rising interest rates.