Global Economic Recession Layoffs: Tech Companies Lead with Most Layoffs in Last Six Months , The COVID-19 pandemic has caused economic uncertainty and recession fears across the globe. As a result, 760 companies worldwide have laid off approximately 538,000 employees within the past six months. Among these layoffs, a third of employees were let go from tech companies. However, the remaining sectors, including real estate, communication, finance, healthcare, and energy, have also seen significant retrenchment.
Tech Companies Lead Layoffs
The tech industry has been the most affected sector in terms of layoffs. Out of the total number of layoffs, 24 companies have accounted for half of the layoffs. This means that several tech companies have resorted to cutting down their workforce as a result of the ongoing recession.
Other Sectors Also Experience Job Losses
Apart from the tech sector, other industries have also witnessed significant job losses. The financial sector, for instance, has seen a 29% share of layoffs, with Switzerland’s biggest bank, UBS, planning to lay off 36,000 employees. This move would mark the largest layoff globally within the past six months.
On the other hand, the energy sector has witnessed the least number of job losses, with only 4,000 employees affected in six months.
UBS’s Plan to Reduce Costs
UBS has revealed its plan to reduce costs by $8 billion by 2027, which includes layoffs. This move comes after the acquisition of Credit Suisse last month, indicating that the financial sector is also struggling amidst the current economic climate.
Conclusion
The current global economic uncertainty has had a significant impact on businesses and employees worldwide. Layoffs have become the order of the day, with tech companies leading the charge. However, other sectors such as finance, healthcare, and communication have also witnessed significant retrenchment. As the world continues to navigate through the pandemic and its effects, it is crucial for businesses to adopt strategies that will enable them to survive and thrive amidst the challenging times.
