New Delhi: Amid global economic uncertainty and recession fears, 760 companies across the world have laid off 5.38 lakh employees in the last six months. Tech companies have shown the way out to the most employees, which is about a third of the total layoffs. Apart from this, layoffs have taken place in all other sectors including real estate, communication, financial sector, healthcare and energy.
According to statistics, only 24 companies have laid off half of the total 5.38 lakh. The least impact of this has been on the employees of energy sector companies. Only 4,000 jobs have gone in this sector in six months.
Another report said that Switzerland’s largest bank UBS is also planning to lay off 36,000 employees. This would be the biggest layoff globally in the last six months. This is about 29 per cent of the total layoffs in the financial sector. In fact, UBS had acquired the Credit Suisse last month. Along with this, UBS had said that it would reduce its cost by 8 billion dollars by 2027. This will also include layoffs.
FedEx has shown a total of 12,000 employees the way out during this period. This is four per cent of the total layoffs in the logistics sector. Microsoft laid off 11,120 employees. This is five percent of the total layoffs in the tech sector.
IKEA pulled out 10,000 people, or six percent of the total layoffs in retail.
In the health sector, Philips has laid off 13 per cent i.e. 10,000 employees. In percentage terms, UBS-Credit Suisse is at the forefront.
The crisis will continue even further
Experts say that to prevent the ever-increasing inflation, central banks around the world adopted a tough stance on the interest rate front. Its direct impact has been on the earnings of the economies and companies around the world. In order to reduce their costs and keep profits stable amidst the decrease in revenue, companies have adopted the path of retrenchment. Especially tech companies.
In the midst of the global recession, these tech companies were the first to start layoffs because during the Corona period they had made excessive recruitments at high salaries.
On this year’s estimates, experts said the situation has still not improved. Hence, companies may go for further layoffs. It will also affect India.
