Tag: layoffs

After layoffs, Zuckerberg now wants 2023 to be ‘year of efficiency’

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San Francisco: After laying off 11,000 employees, Meta Founder and CEO Mark Zuckerberg now wants 2023 to be the “year of efficiency”.
In his quarterly earnings call with analysts late on Wednesday, Zuckerberg said that “I just think we’ve entered somewhat of a phase change for the company”.
He said that global headcount steadily climbed for nearly two decades, making it “very hard to really crank on efficiency while you’re growing that quickly”.
After the layoffs, Zuckerberg said he is focused on “increasing the efficiency of how we make decisions”.
Meanwhile, Zuckerberg has now reportedly put middle managers at the company on notice.
According to the newsletter Command Line by The Verge’s Alex Heath, Zuckerberg warned managers at a recent all-hands meeting.
“I don’t think you want a management structure that’s just managers managing managers, managing managers, managing managers, managing the people who are doing the work,” the Meta CEO apparently told them.

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#layoffs #Zuckerberg #year #efficiency
( With inputs from www.siasat.com )

February 2, 2023
BYJU’s slashes around 15% roles, mostly in engineering, as phased layoffs on

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New Delhi: Edtech major BYJU has laid off a further 15 percent of its employees from its engineering teams, as the company continues phased layoffs to remain growth-oriented in a global economic meltdown.
According to sources, the company in a fresh round of layoffs has asked more than 1,000 workers (or 15 percent) to go, mostly from its engineering teams.
When reached, the company immediately declined to comment.
BYJU last year decided to lay off as many as 2,500 employees or 5 percent of its workforce in order to achieve profitability by March 2023.
In India, more than 21,000 employees have been laid off by more than 70 startups to day, including from unicorns like BYJU’S, Ola, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more.
The tech sector has laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date.
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#BYJUs #slashes #roles #engineering #phased #layoffs

( With inputs from www.siasat.com )

February 2, 2023
Job growth in Indian IT sector slumps 25% amid layoffs

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New Delhi: Due to corrections in hiring in the IT industry, job growth in the Indian IT sector has declined by 25 per cent this year as compared to last year, a report showed on Thursday.
The hiring intent declined across both large IT giants and unicorns, while trends across other IT startups remained stable as compared to last year, according to a report by naukri.com.
Regarding the hiring dip across experience levels, fresher hiring faces the biggest slump followed by a mid-experience hiring decline, while hiring across senior levels (greater than 12 years of experience) remained stable in IT, the report mentioned.
“As the year begins, Non IT sectors hold the fort for hiring activity in India with insurance, oil and hospitality flying high. Interestingly, IT-linked metros, which were the main growth drivers last year, were overshadowed by emerging cities like Ahmedabad and Baroda,” saidAPawan Goyal, Chief Business Officer, Naukri.com.
In the era of hiring corrections, increasing demand for senior professionals with more than 12 years of experience continues to dominate the hiring activity at the beginning of 2023, recording more than 20 per cent growth vs. last year.
Hiring activity remains stable for freshers and mid-experience level professionals, said the report.
In the New Year, the Indian job market continues to show resilience and stability, said the report.

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#Job #growth #Indian #sector #slumps #layoffs
( With inputs from www.siasat.com )

February 2, 2023
219 tech firms sack over 68K employees in January, deeper layoffs coming

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New Delhi: The month of January started on a super bad note for employees in the tech world. With more Big Tech companies like Microsoft and Google joining the ongoing layoff season, more than 3,400 tech employees are being laid off per day on average in January globally.
As per the data by layoffs tracking site Layoffs.fyi, 219 companies have laid off more than 68,000 employees in January so far.
In 2022, over 1,000 companies laid off 154,336 workers, as per the data by layoffs tracking site Layoffs.fyi.
The mass tech layoffs of 2022 are continuing into the new year. The sacking episodes have gained speed amid global economic meltdown and recession fears.
Deeper layoffs are coming in 2023 as most business economists have predicted that their companies will cut payrolls in the coming months.
According to a report in CNN citing a new survey, only 12 per cent of economists — surveyed by the National Association for Business Economics (NABE) — anticipate employment will increase at their firms over the next three months, “down from 22 per cent this fall”.
This is the first time since early days of the Covid pandemic that more business leaders anticipate jobs shrinking at their firms.
The findings indicate “widespread concern about entering a recession this year”, according to Julia Coronado, president of NABE.

With more Big Tech companies like Microsoft and Google joining the ongoing layoff season, about 3,000 tech employees are now being laid off per day on average in January globally, including in India.
According to the survey, a little more than half of the business economists feel the risk of a recession over the next year at 50 per cent or higher, which means more layoffs in the offing in 2023.
Amid the layoffs come another bad news for employees, especially from India in the US, as Google has paused its Program Electronic Review Management (PERM), a key step in acquiring an employer-sponsored green card.
Google has sent an email to foreign employees, notifying them that the tech giant will pause any new filings of PERM, leaving foreign workers in a limbo.
“Recognising how this news may impact some of you and your families, I wanted to update you as quickly as possible on the difficult decision we’ve had to make to pause new PERM applications. This does not impact other visa applications or programmes,” an email from a company executive read.
A Google employee posted the email on Team Blind, an anonymous social networking site for certified IT workers.
A PERM application is a critical first step in the green card (permanent residence) process.
The process requires employers to demonstrate that there are no qualified US workers available for the particular role, which has been an increasingly difficult position for us to support given the labor market today.
Meanwhile, LinkedIn is full of job hunts, offers of support for laid off friends and colleagues, and advice for coping with career hurdles as several companies trim their workforce to navigate through an uncertain macroeconomic environment.
Some LinkedIn groups are providing assistance around signing exit paperwork and aiding with connections for new jobs.
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( With inputs from www.siasat.com )

January 29, 2023
Biden ‘personally’ understands impact of layoffs on family: White House

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New York: With massive tech layoffs hitting Indians in the US, the White House has said that President Joe Biden “personally” understands how losing a job impacts a family.
In the last several weeks, major IT behemoths like Google, Microsoft, and Amazon have fired thousands of tech professionals, a significant number of whom are either Indian-Americans or Indian IT professionals.
Most of these professionals, who are on H-1B visa, have to leave the country in 60 days if they are unable to find another alternative to sustain.
“President understands firsthand how the impact of losing a job can have on a family. He understands that very personally. But I’m just not going to get into individual specifics,” White House Press Secretary Karine Jean-Pierre told reporters on Tuesday.
More than 65,000 employees have been sacked by 166 tech companies to date, and according to economists, deeper layoffs are coming in 2023.
While Google announced to lay off 12,000 employees, Amazon earlier announced to lay off 18,000 employees globally, including nearly 1,000 in India.
The companies say they are firing people as recession is on the horizon.
“Again, I’m just not going to get into specifics on why this is happening. This is something for individual companies to speak to,” Jean-Pierre said.

She said that with the US economy continuing to grow in a steady and stable manner, Biden is “going to do everything that he can to make sure this is an economy that works for everyone, that works from the bottom up and middle out. And that’s what you’ve seen from his economic plans”.
Indians scrambling for new jobs have asked elected representatives in Congress for the visa grace period to be extended beyond 60 days.
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#Biden #personally #understands #impact #layoffs #family #White #House
( With inputs from www.siasat.com )

January 25, 2023
Get prepared for deeper layoffs in 2023, predict business economists

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San Francisco: Deeper layoffs are coming in 2023 as most business economists have predicted that their companies will cut payrolls in the coming months, media reports said.
According to a report in CNN citing a new survey, only 12 per cent of economists — surveyed by the National Association for Business Economics (NABE) — anticipate employment will increase at their firms over the next three months, “down from 22 per cent this fall”.
This is the first time since early days of the Covid pandemic that more business leaders anticipate jobs shrinking at their firms.
The findings indicate “widespread concern about entering a recession this year”, according to NABE President Julia Coronado.
With more Big Tech companies like Microsoft and Google joining the ongoing layoff season, about 3,000 tech employees are now being laid off per day on average in January globally, including in India.
According to the survey, a little more than half of the business economists feel the risk of a recession over the next year at 50 per cent or higher, which means more layoffs in the offing in 2023.
More than 65,000 employees have been sacked by 166 tech companies to date.
Google’s parent company Alphabet announced to lay off 12,000 employees, or about 6 per cent of its workforce.

Microsoft Chairman and CEO Satya Nadella last week said the company will be “making changes that will result in the reduction of our overall workforce by 10,000 jobs through the end of FY23 Q3 (third quarter)”.
Amazon earlier announced to lay off 18,000 employees globally, including nearly 1,000 in India.
Music streaming giant Spotify on Monday announced to slash 6 per cent of its workforce, or about 600 staffers, globally.
In 2022, over 1,000 companies laid off 154,336 workers, as per the data by layoffs tracking site Layoffs.fyi.
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#prepared #deeper #layoffs #predict #business #economists
( With inputs from www.siasat.com )

January 24, 2023