As of January 2024, the tech startup with the most layoffs was Amazon, with over 27 thousand layoffs, across five separate rounds of layoffs. It was followed by Meta and Google with around 21 thousand and 12 thousand job cuts announced respectively.

Layoffs in in the technology industry

Overall, layoffs across all industries began in 2020 due to the outbreak of the coronavirus (COVID-19) pandemic, with tech layoffs increasing in 2022. In the first quarter of 2023 alone, more than 167 thousand employees had been fired worldwide, a record number of job cuts in a single quarter and more than all of the layoffs announced in 2022 combined, marking a harsh start to of 2023 for the tech sector. From retail to finance and education, all sectors are suffering from this widespread downsizing. However, retail tech startups were hit the most, with almost 29 thousand layoffs announced as of September 2023. Most job losses happened in the United States, where tech giants like Amazon, Meta, and Google are based.

Reasons behind increasing tech layoffs

Layoffs in the technology sector started with the COVID-19 pandemic in 2020 when entire cities were in lockdown and mobility was restricted. Although restrictions loosened up in 2021, events such as the Russia-Ukraine war, the downturn in Chinese production, and rising inflation had a significant impact on the tech industry and continue to represent major concerns for tech companies. As a consequence, companies across the world have yet to overcome all economic challenges, examples of which are rising material and labor costs, as well as decreasing profit margins. To address such difficulties, tech companies have appointed business plans. For instance, in the United States, tech firms planned to focus more on consumer retention, automating software, and cutting operating expenses.

A June 2021 report investigated the extent of redundancies in the museum industry of the United Kingdom after a year of the coronavirus (COVID-19) pandemic. The study identified that as of ********** roughly ***** jobs were deemed as surplus since the beginning of the pandemic. Specifically, there were ***** proposed redundancies in addition to ***** confirmed redundancies as of the period considered.

Percentage of businesses with layoffs since the start of the COVID-19 pandemic, by North American Industry Classification System (NAICS), business employment size, type of business, business activity and majority ownership.

The tech industry had a rough start to 2024. Technology companies worldwide saw a significant reduction in their workforce in the first quarter of 2024, with over 57 thousand employees being laid off. By the second quarter, layoffs impacted more than 43 thousand tech employees. In the final quarter of the year around 12 thousand employees were laid off. Layoffs impacting all global tech giants Layoffs in the global market escalated dramatically in the first quarter of 2023, when the sector saw a staggering record high of 167.6 thousand employees losing their jobs. Major tech giants such as Google, Microsoft, Meta, and IBM all contributed to this figure during this quarter. Amazon, in particular, conducted the most rounds of layoffs with the highest number of employees laid off among global tech giants. Industries most affected include the consumer, hardware, food, and healthcare sectors. Notable companies that have laid off a significant number of staff include Flink, Booking.com, Uber, PayPal, LinkedIn, and Peloton, among others. Overhiring led the trend, but will AI keep it going? Layoffs in the technology sector started following an overhiring spree during the COVID-19 pandemic. Initially, companies expanded their workforce to meet increased demand for digital services during lockdowns. However, as lockdowns ended, economic uncertainties persisted and companies reevaluated their strategies, layoffs became inevitable, resulting in a record number of 263 thousand laid off employees in the global tech sector by trhe end of 2022. Moreover, it is still unclear how advancements in artificial intelligence (AI) will impact layoff trends in the tech sector. AI-driven automation can replace manual tasks leading to workforce redundancies. Whether through chatbots handling customer inquiries or predictive algorithms optimizing supply chains, the pursuit of efficiency and cost savings may result in more tech industry layoffs in the future.

Compared to February 2020, roughly 24.4 thousand people have become unemployed and 39.2 thousand people temporarily laid off mainly because of the coronavirus (COVID-19) pandemic in Finland. As of November 2020, the highest spike in the numbers of unemployed jobseekers and temporary layoffs during 2020 was recorded between March 30 and April 5 (week 14).

COVID-19 impact on unemployment Although the full-blown consequences of the coronavirus pandemic remain uncertain, the monthly unemployment rate spiked in Finland in May 2020. While many people have lost their jobs, even a larger group of people have been temporarily laid off. In order to avoid mass layoffs in companies, the Finnish government reduced the period of notice before layoff until 31 December 2020. However, it remains to be seen, to what extent temporary coronavirus layoffs turn permanent in the long run. Nonetheless, based on a forecast, the unemployment is expected to stay at a higher level in the upcoming years than before the COVID-19 outbreak.

Uneven prospects As of April 2020, the majority of Finnish people were still not particularly worried about the risk of losing a job or income because of the coronavirus pandemic. However, especially students are at risk of losing their income, as seasonal work has become scarce due to restrictions and business closures. This can potentially lead to long-term negative consequences for the income and career development of young people.

Graph and download economic data for Layoffs and Discharges: Total Nonfarm (JTSLDL) from Dec 2000 to May 2025 about discharges, layoffs, nonfarm, and USA.

Workers displaced during the pandemic recession experienced better earnings and employment outcomes than workers displaced during previous recessions. A sharp recovery in aggregate labor market conditions after the pandemic recession accounts for these better outcomes. The industry and occupation composition of displaced workers, the prevalence of recalls, and increased take-up of unemployment insurance benefits are unlikely explanations.JEL Classification: E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity J63 Labor Turnover; Vacancies; Layoffs J64 Unemployment: Models, Duration, Incidence, and Job Search J65 Unemployment Insurance; Severance Pay; Plant Closings

The outbreak of coronavirus in 2020 will have a massive impact on the functioning of most companies in Poland. If the state of the epidemic in Poland continues until mid-April, the number of companies that will be forced to lay off all their employees as a result of the outbreak of coronavirus in 2020 will almost double.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

In July 2020, nearly 40 percent of private enterprises in Tunisia did not recur to any employment adjustment following the coronavirus (COVID-19) crisis. In the same month, around 27 percent of businesses reduced working hours, almost five percent declared to have hired someone, while almost 18 percent fired personnel. Compared to April 2020, a period that particularly suffered the impact of the pandemic, redundancies increased significantly in July.

Eighty percent of the aviation and manufacturing companies are expecting to dismiss employees as a result of the coronavirus outbreak in Poland in March 2020. In the trade and catering sector, the percentage companies in need of such measures amounted to 60 percent.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

In light of the coronavirus outbreak, several individuals experienced lay offs in Sweden in March 2020. Notably, employees in the motor vehicle industry lost their jobs temporarily, amounting to 1,666 people. Other suffering industries were related to leasing and traveling (around 1,300 layoffs) and hotel and restaurants (1,000 layoffs). Meanwhile, only seven people were laid off in the water supply industry.

The first case of COVID-19 in Sweden was confirmed on February 4, 2020. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

Percentage of businesses with layoffs since the start of the COVID-19 pandemic, by North American Industry Classification System (NAICS), business employment size, type of business, business activity and majority ownership.

A June 2021 study investigated the types of jobs lost within the museum industry of the United Kingdom following the coronavirus (COVID-19) pandemic. At least 25 museums reported redundancies in jobs related to learning and engagement, whereas 24 museums confirmed redundancies in the front of house and visitor operations department. In contrast, the least affected departments were digital & IT and finance, with only three museums declaring redundancies for these types of jobs.

As a result of the coronavirus (COVID-19) outbreak in the beginning of 2020, many of the leading Norwegian companies have been forced to notify large numbers of employees about "permittering", or temporary layoffs. Approximately 7.5 thousand employees were laid off by one of the leading hotel chain in the Nordic and the Baltic regions, Nordic Choice Hotels.

The first case of COVID-19 in Norway was confirmed on February 26, 2020. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

In July 2024, it was announced that Redbox would lay off 1,000 employees, the second-highest number of terminations in the media industry so far. The largest layoff announcement so far was that of Spotify, when the streaming giant declared in December 2023 that it would let 1,500 employees go, making this the biggest media industry layoff case since 2020. SiriusXM’s layoff of 475 people in March 2023 ranked fourth on that list. Spotify’s layoffs in the grand scheme of things While Spotify’s employment changes were notable in the media world, put in perspective, the numbers seem modest. For example, compared to the layoffs in the tech industry, where Amazon announced in 2022 and 2023 the termination of 18,000 employees, Spotify’s 1,500 may seem a less drastic move. However, as it is, Spotify’s number of employees already decreased by 15 percent between 2021 and 2022, so the addition of over a dozen hundred dismissals indicates larger reorganization in the company. It is a significant move on the side of the streaming giant which for years boasted growing revenues as well as an expanding workforce. Layoffs in the media - the bigger picture Other media companies did not escape the trend of layoffs that started plaguing the United States in 2022. However, over the decades the sector has experienced a few dark periods in terms of employment losses. When the economy suffers, a popular cost-cutting solution is workforce restructuring, as payroll is always one of the biggest overheads for businesses to grapple with. The spikes in media industry job losses are commonly tied to recessions (e.g. in 2001 and 2008). In 2020, the culprit was the coronavirus pandemic. The most recent layoffs, though not as radical as the previous ones, are a result of numerous mergers and acquisitions, combined with economic factors, and a general shift to digital platforms.

Among companies that dismissed or planned to dismiss employees due to the situation caused by the COVID-19 pandemic in Russia, the majority planned job cuts up to ten percent of staff. However, approximately 19 percent of businesses planned dismissal of over 41 percent of their personnel, according to a survey from April 2020.

The COVID-19 pandemic caused unemployment and layoffs across the world, and hit youth particularly hard. This was particularly the case in South Asia, where the employment deficit was estimated to be above ** percent in 2020 and 2021, compared to 2019 employment levels. Meanwhile, the deficit was estimated to have turned in Western, Southern, and Northern Europe by 2022.

Demographic and workplace details.

In 2020, among the surveyed domestic private enterprises in Vietnam, ** percent of micro-sized private firms revealed that they laid off their employees due to the impacts of the COVID-19 pandemic. Meanwhile, among the surveyed FDI enterprises in the country, around ** percent of the large-sized firms reported that they reduced their workforces during the pandemic.

Effect of Lockdown on their regular activities, physical and mental health, and relationship.