Layoffs in 2023: the most important stories this week

Synopsis

Google is the latest tech firm to trim staff as the economic boom that the industry rode during the Covid-19 pandemic ebbs. The tech giant said on January 20 that it is laying off 12,000 workers, or about 6% of its workforce.

ETtech

Google is the latest tech firm to trim staff as the economic boom that the industry rode during the Covid-19 pandemic ebbs. The tech giant said on January 20 that it is laying off 12,000 workers, or about 6% of its workforce.

The latest announcement adds to tens of thousands of other jobs eliminated by companies such as Microsoft, Amazon, Facebook parent Meta and other tech companies as they tighten their belts amid economic turmoil.

Here are 5 must read stories about layoffs this week:

Google parent Alphabet to sack 12,000 employees

Google parent Alphabet on January 20 announced that it plans to cut about 12,000 jobs or 6% of its global workforce. The layoffs will affect jobs globally and across the entire company, chief executive officer Sundar Pichai told employees in an email on Friday, writing that he takes “full responsibility for the decisions that led us here”. Read the full story here

Microsoft to cut 10,000 jobs

Microsoft Corp said on Wednesday it would cut 10,000 jobs by the end of third quarter of fiscal 2023, the latest sign that layoffs were accelerating in the US technology sector as companies brace for an economic downturn. The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, representing a negative impact of 12 cents on per share profit, Microsoft said. Read the full story here

Discover the stories of your interest

Amazon India staff break down during termination

Amazon India employees broke down in their offices after being informed about their termination, according to a post on Grapevine – an online employee community platform. “75% of my team is gone. Although I am in the remaining 25%, I don’t feel motivated to work. They are firing people in cabins. People are crying in the office,” an employee with an anonymous profile wrote on the platform.

Amazon recently announced that it will lay off over 18,000 employees, starting January 18. Amazon CEO Andy Jassy, in an email to staff, cited “uncertain economy” and “rapid hiring” as reasons behind the job cuts. Read the full story here

Swiggy to fire 380 employees

Food delivery platform Swiggy is letting go of 380 employees as part of companywide restructuring led by slowing growth in its food delivery business, chief executive Sriharsha Majety told employees, in an internal note reviewed by ET. Swiggy employs about 6,000 people and the layoffs will affect about 6% of its total workforce.

Majety said the impacted employees will get compensation of three- to six-months’ salary, depending on their tenure, with a guaranteed payout of at least three months’ wages. Read the full story here

Also Read: Dunzo, ShareChat, Rebel Foods to conduct layoffs amid funding winter

GoMechanic to lay off 70% employees

Automobile servicing startup GoMechanic’s cofounder Amit Bhasin on January 18 announced that the company will fire roughly 70% of its employees. SoftBank and Malaysian sovereign fund Khazanah pulled out from a funding deal in car servicing startup after due diligence (DD) brought to light glaring lapses in the company’s accounts and operations.

The investment diligence which was being conducted by EY India highlighted issues like fictitious garages, selective payments to certain garage units, and discrepancies in revenue and user metrics at the company. Read the full story

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