New Delhi, Dec 26 : As generative AI threatens millions of jobs, tech companies globally are now sacking employees even in the holiday season (they had spared workers in 2021 and 2022 festive seasons amid the global meltdown and started layoffs only in the first month of the New Year).

Citing the global macroeconomic conditions, Big Tech firms and startups across the spectrum have sacked employees, and layoffs continue to happen.  According to the latest data from layoff.fyi, a website that tracks tech sector job cuts, 1,178 tech companies have laid off 260,771 lakh employees this year globally (as of December 26).  In 2022, 1,061 tech companies laid off 164,769 employees. 

On average, about 582 employees lost their jobs every day in the last two years – or more than 24 workers every hour.  In terms of sector, retail-tech, consumer-tech and fintech were the ones which laid off the most employees in this year.  Paytm has just laid off over 1,000 employees in an effort to reduce costs and realign its businesses.