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After Twitter, Meta and Google and other tech companies, Adobe has joined the list of tech companies that have laid off employees to cut costs.
It has laid off nearly 100 employees in domains concentrated on sales. The company, however, said it is not doing mass layoffs and is still hiring for critical roles. As per its Q3 2022 financial report, Adobe employed nearly 2,700 workers.
However, the scale of layoffs at Adobe is much less than companies like Meta, Amazon and Twitter. For example, in June 2022, Internet streaming giant, ‘Netflix’ laid off 300 employees—i.e., 4% of its workforce in the second round of job cuts.
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In July, Tesla laid off 229 annotation employees from its Autopilot team and shut down one of its US offices. In early November, Twitter laid off nearly 50% of its workforce and 4400 contractual workers, while Meta laid off nearly 11,000 employees comprising a little over one-tenth of its global workforce. The layoffs were the first major reductions to occur in the company’s 18-year history.
This spree of layoffs comes after tech giants such as Netflix, Meta, Amazon, Microsoft, Google parent Alphabet, and Apple have lost a combined market value of $2.5 trillion. Out of all the companies, Meta ranked the highest, where the company lost about $640 billion market cap.
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Meanwhile, Tech major Amazon is also set to fire about 20,000 employees to streamline costs.
At the same time, some Indian tech firms like BYJU’s, Josh, and HealthifyMe have also fired hundreds of employees in the last few weeks. Approximately 13,618 employees were laid off Indian startups in 2022.
For instance, edtech giant BYJU’S laid off 2,500 employees, about 5% of its 50,000 workforce. This decision by the management came after a decrease in its revenue.
Another Indian e-commerce unicorn, Udaan laid off nearly 350 employees. The company’s spokesperson said in a statement that this step was taken as a measure to achieve profitability, alongside increasing the efficiency of the business by reducing redundancies.
Indian IT wins in job stability
At a time when product companies are choosing to cut jobs to save costs, IT services major Accenture has promoted over 60,000 employees in India out of 157,000 promotions that it distributed globally during the financial year 2022. The number of promotions grew rapidly in the last one year when the tech talent war gained momentum.
Indian IT giants Infosys, TCS, Wipro and HCL are expected to hire a total of 1.57 lakh freshers before the end of this fiscal year.