The end of 2022 marked the year of major layoffs. Well, in 2023 it didn’t stop. As the economic ruckus and the organizations’ struggle to cope with it continue, we have seen a spike in the number of employee terminations in 2023.
The higher management of some of these tech giants term these moves as purely financial while some term it as a strategic approach to boost productivity. Anyways, the workforce has been in trouble.
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Without further ado, let’s have a look at organizations that laid off their employees and in what numbers.
March
Lucid Motors
Whether they were executives or frontline manufacturing unit workers, nobody was immune to these layoffs.
In this economic turbulence, Lucid Motors released about 18% of its workforce.
Meta (aka Facebook)
In 2022, Meta booted out 11,000 employees for the first time in the history of the Tech Giant. It wasn’t enough, so, it terminated another 10,000 employees in 2023.
The company does not expect to turn off its freeze-the-hiring until it’s done with streamlining the new hierarchy and the workflow.
Roku
To maintain the attention on the projects that potentially can have the most impact on growth and diminish the expenses the company laid off another 200 employees after their first spell in 2022.
Since the end of the streaming boom during the pandemic, the company struggled to make money. So, they had fewer options than layoffs.
February
Rivian
An EV car manufacturing company that is still having a rough time maintaining the growth.
The manufacturers are the most affected group by this economic instability and Rivian is not a surprise entry to this list. The company laid off 840 employees after their first round in 2022.
Zoom
The best time for Zoom was the pandemic when many organizations whether corporate or educational used Zoom for their workers and students to interact virtually.
The company hired in bulk to meet the demands and once the honeymoon period was over they laid off a total of 1300 of its wage-earners.
Yahoo
They planned to reduce their workforce by 20% in 2023. The immediate ones were 1000 layoffs.
The CEO Jim Lanzone doesn’t term this move related to economic conditions but a thorough reform of the organization to focus on what matters in the modern age of the internet.
Moreover, Yahoo is taking a step down from the direct competition of Meta and Google in the ad market.
Dell
The significant sufferers of the post-pandemic recovery and slow economic growth are many computer manufacturers and the most prominent one is Dell.
After the cost-cutting measures weren’t enough, the CEO of Dell went to take part in this layoff trend. 37% drop in sales and already halted growth of Dell led to this harsh slash in headcount.
Around 6,650 workers had to say farewell to the company.
Deliveroo
To effectively handle the exploded demand for food delivery when people weren’t able to dine in the restaurants, Deliveroo hired a lot of people and then they fired a lot too when the demand decreased drastically.
In February, the food delivery company laid off 350 of its employees and is now, on its way to restructuring the organization to achieve the highest level of productivity with a minimum workforce.
January
Google (aka Alphabet)
Google has done some work to cut its expenses. One of them was completely shutting down the Stadia.
But, it wasn’t enough according to the CEO Sundar Pichai. So, they set a whopping 12,000 workers off their wage books for the sake of cost saving. This affected Google’s sub-brands like Intrinsic, Verily, and their incubators too with the majority of their employees leaving the organization.
Amazon
A total of 27,000 employees were laid off by Amazon. Yeah, it’s a freakishly large number.
Again, the scenario is linked back to the pandemic in Amazon’s case too. The ignited demand for goods and the shutdown of physical stores gave Amazon a huge jump in sales. But that was for the time being and now, when people are coming to stores the purchase goods, Amazon is struggling with growth.
To cut down their expenses and increase growth they had to lay off their employees.
Coinbase
A cryptocurrency exchange company that was knocked by the crypto market in 2022 downward trajectory.
In December 2022, they said bye to 1100 employees, and a month later in January 2023 they laid off another 950 people from their workforce. According to Coinbase, the operating expenses were rising while the crypto market was in a crash.
IBM
The layoff came as a strategy to improve corporate productivity. IBM cut its ties with 3,900 employees at the end of January.
The company had its attention on cloud computing, and those employees weren’t adding value to it. So, the layoff was the best decision according to IBM.
Microsoft
Since people were scaling down their expenses related to Microsoft products and services, Microsoft saw a plunge in growth.
It rather saw expenses grow, so, to minimize the expenses and maximize the profits it laid off 10,000 employees and their job titles too between January and the last week of March.
PayPal
The largest financial technology company still fell prone to the economic turmoil of 2022.
The CEO Dan Schulman uncovered his plans to make the company profitable again by laying off about 2,000 employees by the end of January. He wants PayPal to focus on core strategic priorities rather than the management of operational costs.
