Companies Planning the Biggest Mass Layoffs This Year
If 2022 was a year of mass resignations, towards the end of the year conditions changed, and companies began announcing mass layoffs – and this continued in 2023, perhaps in even greater force. In the first three months of 2023, layoffs in the tech sector alone are already nearing totals for the entirety of 2022. The job cuts come on the heels of the COVID-19 boom, when many large companies expanded their workforce to meet surging demand.
Though the tech sector has been hit hardest with layoffs this year, few industries are being spared – from communications and finance to health care and real estate.
Reviewing corporate press releases and media reports, including The Wall Street Journal, Forbes, and Business Insider, 24/7 Wall St. identified the companies laying off the most employees this year. We identified over two-dozen companies planning to cut at least 1,000 jobs (or what amounts to 1,000 jobs) in 2023 alone, though some of these are global layoffs and not necessarily in the U.S. This is not a comprehensive list.
The companies that have announced the most layoffs this year are largely confined to the tech sector. Companies such as Amazon, Google’s parent Alphabet, Meta (formerly Facebook), and Microsoft have announced plans to lay off at least 10,000 employees. (From 2022: Here is a look at American tech companies laying off the most people this year.)
Following an announcement that 2023 will be the “Year of Efficiency,” Meta CEO Mark Zuckerberg announced, in March 2023, 10,000 job cuts in the coming months. This is on top of 11,000 layoffs announced in November 2022. Combined, the cost-cutting measures will eliminate about a quarter of the company’s workforce.
No company has announced more layoffs this year than Amazon. In March 2023, CEO Andy Jassy announced an additional 9,000 layoffs, on top of the 18,000 jobs the company announced it plans to cut in January. The layoffs come in the face of an economic downturn and revenue falling short of expectations. (Here is a look at 17 terrible investments made by Amazon.)
While the technology sector has been hit especially hard, companies in other industries are facing similar challenges and are acting accordingly. Exactly how much further the contagion will spread remains to be seen.
Click here to see companies planning the biggest mass layoffs this year.
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