The tech industry is currently facing a tough time due to the ongoing economic slowdown caused by the normalisation of pandemic-induced growth. The market impact has led to stagnant revenue growth and uncertainty about a recession. As a precautionary measure, in this chaotic situation, many of the big tech companies such as Amazon, Cisco, Twitter, Meta, Apple, Sharechat and Google have laid off employees to cut costs and restructure their teams.

Although things were bad in 2022, the new year is yet to bring any improvement. The fear of a recession is looming, and the market is still unstable, resulting in more layoffs.

Amazon, for example, has already announced and carried out layoffs of thousands of employees globally. Twitter is still laying off teams in phases, and even Indian-based companies like Ola and Dunzo are cutting hundreds of jobs to reduce costs. According to statistics from Layoffs.fyi, a site that tracks all tech startup layoffs, 91 tech companies around the globe laid off around 24,151 employees in January 2023.

It should be noted that these layoffs affect not only employees but also the economy as a whole, as when companies cut jobs, it means less spending, less consumption and less demand in the market. Moreover, this can also lead to a decrease in innovation as the companies lose some of the critical talent driving the company forward.

Losing a job, especially through a layoff, can have a significant impact on an individual's mental health. The stress and uncertainty of being unemployed can lead to feelings of anxiety, depression, and low self-esteem. While it is essential to take care of one's mental and physical health during this difficult time, it is also important to consider ways to get back on track for employers and employees.

• By upskilling and learning in-demand skills on various platforms like Coursera, Udemy and Masterclass.

• Platforms like Sharedpro can help companies find new projects for their about-to-be-laid-off employees thus helping them avoid layoffs.

• Companies like Microsoft and Pinterest are going above and beyond to prioritise employee mental health. A few are leading the way in improving their company culture and benefits to put mental health first. 

The economic meltdown in 2023 has led to a continuation of layoffs in many organisations. These layoffs are a result of organisations hiring more people during the pandemic and now needing to cut costs. However, layoffs do not improve productivity and can lead to increased stress and fear among employees. To support individuals impacted by layoffs, various platforms such as Coursera, Udemy, and Sharedpro offer courses and resources to help them improve their skills and find new projects.