So far in 2023, an average of about 1,600 workers in the tech sector have been laid off every day. by insiders.
Europe Press News / Contributor
The outlet cited data from “fired.fyi,a layoff tracking site created during the pandemic by Roger Lee, the co-founder of Human Interest, a company that helps small businesses provide 401(k) plans.
But when another wave of layoffs surfaced in 2022 (and now 2023), the site kept busy. Employees can register with the site, and it also uses media reports of layoffs, according to the FAQ.
The site’s tracker says 91 tech companies will have laid off 24,151 workers by 2023. Companies on the list include ShareChat, an India-based social media company that laid discount on 20% of staff this month.
By 2022, more than 1,000 companies per location will have laid off 154,336 employees. Tech companies were hit hard by higher interest rates, making borrowing more expensive, inflation and reduced demand for services and products from the pandemic era that saw skyrocketing interest rates in 2020 and 2021.
As such, tech layoffs peaked in 2022, with Meta conducting its first large-scale layoffs in November and Amazon reportedly starting layoffs of around 10,000 people in that same month.
Related: Salesforce announces layoffs, gets mocked by Burry — but still looks better than its rivals
The trend continued, with companies like Coinbase announcing layoffs and non-tech companies like Bed, Bath & Beyond and Goldman Sachs, according to the Wall Street Journal. Amazon has announced also in the new year more layoffs of about 18,000 people.
