The India Watch

In 2023, layoffs reached an all-time high; India ranked second behind the US in terms of firing 18,000 workers

<p>2.61 lakh individuals lost their jobs in 2023, according to Layoff-fyi, a website that analyzes employment around the world. About 70% of those laid off were from the United States (US), which was followed by Germany, Sweden, India, and the United Kingdom (UK).</p>
<p><img decoding=”async” class=”alignnone wp-image-334454″ src=”” alt=” in 2023 layoffs reached an all time high india ranked second behind the us in term” width=”1279″ height=”716″ title=”In 2023, layoffs reached an all-time high; India ranked second behind the US in terms of firing 18,000 workers 3″ srcset=” 300w,×84.jpg 150w” sizes=”(max-width: 1279px) 100vw, 1279px” /></p>
<p><strong>Based on statistical data, the estimated numbers of those fired nationwide are as follows:</strong></p>
<p>America: 179.2 thousand</p>
<p>India: 16,4 Thousand</p>
<p>Germany: Thirteen Thousand</p>
<p>Sweden: Eleven Thousand</p>
<p>UK: Ninety-four thousand</p>
<p>The ed-tech industry had around 4,700 layoffs, with the food (2,765), finance (2,141), retail (1,772), consumer (1,488), and healthcare (991) sectors following closely behind.</p>
<p>About 18,000 workers have been let go by Indian businesses so far this year. Here are a few notable layoffs that occurred in India in 2023:</p>
<p>· Udaan: unicorn in B2B e-commerce In December 2023, Udaan laid off around 150 workers or about 10% of the total employment. Employees have been let go due to a fundamental change in the organization, according to a MoneyControl report.</p>
<p>· Paytm: In an intentional attempt to reduce costs and simplify operations, One 97 Communications, the firm that owns Paytm, lay off approximately 1,000 employees in December 2023 across all divisions.</p>
<p>· Accenture: In November 2023, the world’s biggest technology services business, Accenture Plc, announced the dismissal of at least 7,000 of its approximately 350,000 employees in India. The company plans to let go of 19,000 workers, or 2.5 percent of its worldwide workforce, over the following 18 months.</p>
<p>· Byju’s: In many rounds, the Edtech behemoth let go the greatest number of workers—between 3,500 and 4,000. In October 2023, it let go of about 600 workers from its marketing and content departments.</p>
<p>· Amazon India: In May 2023, Amazon laid off around 500 workers in India across a number of divisions and activities.</p>
<p><strong>JOBS AROUND THE WORLD</strong><br />
With over 2 lakh jobs being cut globally by large organizations like Microsoft, Amazon, Google, LinkedIn, and Meta, 2023 was a difficult year for workers at these companies. Approximately 4.25 million people were let go by these firms in the preceding two years. Approximately 5.2 lakh people were put off globally between 2020 and 2023, with 66.6 percent of layoffs occurring in the United States, 9.1% in India, and 3.4% in the Netherlands.</p>
<p>Although LinkedIn often helps individuals find employment, it is also on the list of companies that fire workers. In an effort to simplify processes and reduce layers in order to facilitate quicker decision-making, LinkedIn eliminated 716 positions in May of this year from its sales, operations, and support departments. The company’s second wave of layoffs this year saw 668 employees from its engineering, product, talent, and finance divisions let go in October.</p>
<p>“Changing our staff is an ongoing, challenging, but essential aspect of running our company. There will be a decrease as a consequence of the adjustments we communicated with our team today, according to a blog post published by LinkedIn.</p>

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