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Decoding the aftereffects of layoffs: Non-tech jobs gain an edge, startups lose sheen

The Tech sector has lost its sheen in terms of talent demand. It's not an employees’ market and startups are no longer everyone’s choice as career starters.

January 26, 2023 / 01:41 PM IST
Meta, Google and Microsoft, once known as havens of stable jobs, have also joined the ranks of companies conducting mass layoffs. 
(Illustration by Suneesh Kalarickal)

Meta, Google and Microsoft, once known as havens of stable jobs, have also joined the ranks of companies conducting mass layoffs. (Illustration by Suneesh Kalarickal)

The start to 2023 has been an eye-opener. ‘The Great Resignation’ has given way to ‘The Great Layoff’ and ‘Quiet Quitting’ has transformed into ‘Quiet Firing’. About 14 startups in India have laid off over 2,100 employees in the first three weeks of 2023, according to data compiled by Moneycontrol.

Also Read: 14 Indian startups have sacked over 2,100 employees in the first three weeks of 2023

Meta, Google and Microsoft, once known as havens of stable jobs, have also joined the ranks of companies conducting mass layoffs. The number of layoffs in 2023 so far has crossed the first three-week average a year ago.

There have been three aftereffects of the recent development: the Tech sector has lost its sheen in terms of talent demand, it's not an employees’ market anymore, and startups are no longer everyone’s first choice as career starters.