Source: Analytics Insight

AI technology is contributing giant effects to the transformation of society and business in a positive manner. Although AI has multiple pros in upgrading and automation it also evolves some serious cons and Tech layoff is the result of automation technology.

Over 180 big tech companies and tech start-ups have slashed more than 36,000 staff from their teams in the global economic downturn, in the past six months The Stack declares as a tech layoff’s bloodbath remains in the face of a challenging macroeconomic climate.

Microsoft: Satya Nadella’s Microsoft was the opening Big Tech company to announce layoffs and it affected nearly 1% of its 1,80,000-well build workforce across its offices and product division.

Netflix: Streaming big tech Netflix faced a tech layoff of 450 employees in May and June this year. Being a victim of fewer subscribers count and massive drops in revenue forced the company to cut costs to tackle an unpleasant situation.

Tesla: In June, Tesla closed its San Matteo office, laying off 229 of its employees from the “moderately low-skilled, low-wage” autopilot department. This incident occurred following reports revealing that Elon Musk had a “super-bad feeling about the economy” and was determined to slash at least 10% of Tesla’s employees.

Apple: A few days earlier, Apple- the iPhone maker slashed off nearly 100 of its contract-based recruiters s ‘part of a push to minimize its hiring and spending.’

Twitter: Twitter laid off around 100 employees to reduce excessive costs. It also slashed 30% of its talent acquisition team.

What is the situation of IT firms in India: More than 12,000 workers employed in tech start-ups in India have been disoriented from their jobs in 2022. A few months earlier ed-tech firms like Byju, and Unacademy also laid off employees.

After 2 consecutive quarters of lesser-than-expected earnings, Google warned employees of “dire consequences” unless things get on track in the next quarter. Google has already frozen it hiring this month, and not denying the possibility of layoffs, workers are worried for their jobs.