Tech Layoffs Around The World in 2022

The current wave of layoffs still haunts many companies from various industries, one of which is the most affected by startups and tech companies.

Every month, many media reports that several companies in various countries have laid off their employees. According to data published by TrueUp, there were 573 tech companies worldwide that laid off their employees in July 2022. In which the layoffs affected 19,583 people.

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A wave of tech layoffs in the United States

The United States is a country that contributes to many companies that do layoffs. Based on research conducted by Crunchbase News, there are at least 143 tech companies in the United States that have laid off more than 24,000 people.

Even big companies like Netflix also can’t seem to hide from the phenomenon. Entering 2022, this giant streaming service is reportedly cutting hundreds of US-based employees.

Besides Netflix, other big names are also doing the same thing like Robinhood, Glossier, Better, and many more. This is due to over hiring during the pandemic as well as a decline in Netflix subscribers.

The market instability in 2022 has hit many companies such as inflation concerns, rising interest rates, and other geopolitical issues that can cause a wave of layoffs to occur.

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There is still a talent crunch during a layoffs wafe in Southeast Asia

In other regions, the wave of layoffs also swept many companies in Southeast Asian countries such as Singapore, Malaysia, Indonesia, and Vietnam.

Several companies such as JD.ID, Crypto.com, and Sea were among those affected. Even fintech startups are also one of the industries that are prone to layoffs this year.

However, in this phenomenon of layoffs, it seems that Southeast Asia is still experiencing a talent crunch or lack of talent for tech positions. One example is Singapore, although several companies based in that country have the most layoffs and recruitment freezes. Currently, they still face limited tech talent.

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