Tech, biotech firms in unabated layoff binge
Several companies gearing up for multiple rounds of layoffs in Silicon Valley; Over 17,400 employees in the tech industry globally lost jobs in Feb alone; Close to 1 lakh techies lost jobs in Jan
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- Tech and biotech firms plans to 19,500 jobs in the Bay Area
- 6 of 8 cos filed disclosures of planned job cuts this year
- In 2023 so far, 340 cos laid off over 1.10 lakh employees worldwide
- So far, over 2.5 lakh tech employees lost jobs globally
San Francisco: In more bad news for global workers, tech and biotech companies in the Silicon Valley in the US are preparing for multiple rounds of fresh job cuts, the media reported. To date, Microsoft, Amazon, Intel, Twitter, Salesforce, PayPal, RingCentral and Zymergen have all filed WARN notices that reflect at least two distinct rounds of layoffs. Six of the eight companies filed disclosures of planned job cuts this year, a review of the WARN notices showed.
“As of February 9, these were the 10 most recent WARN notices that tech or biotech companies filed to disclose job cuts in the Bay Area,” the report mentioned.
Tech and biotech companies have filed plans that cut at least 19,500 jobs in the Bay Area, "with no indication that the job losses have begun to abate".
The unsettling news came to light after Microsoft reported it would cut 62 jobs in Mountain View for the second time the tech titan filed layoff notices with the state's labour agency, the report said. More than 17,400 employees in the tech industry have lost jobs in the month of February globally to date.
In 2023 so far, around 340 companies have laid off more than 1.10 lakh employees worldwide, and there appears to be no respite from job cuts. In January, close to 1 lakh of them lost jobs in the month of January globally, dominated by companies like Amazon, Microsoft, Google, Salesforce and others, according to layoff.fyi, a website that tracks job cuts globally. More job cuts are likely coming in days to come amid recession fears. So far, more than 2.5 lakh tech employees have lost jobs.
