As we have seen in 2022 which is continuing in 2023, companies are laying off massively. In 2022, companies are laying off massively. In 2022, 1024 Tech companies laid off 1,54,000 employees.

Recently Google laid off 12000 employees, Amazon cut off 18,000 workforces and other companies such as meta, Netflix, Microsoft and Apple also laid off their employees in Big numbers. This has made other employees insecure in their Jobs.

Now the question arises why all the companies are doing this. To understand this let's get back to the COVID-19 time. During that time people were using digital systems like mobile phones and laptops very much due to which the profits of companies went high and they started Hiring online in a massive amount. This led to an increase in their profit as well as the workforce.

After the end of COVID, everything was fine but then the global recession came due to which companies realized that they have to cut off their spending. There are majorly 3 reasons for the global.

1. The Russia-Ukraine War.

2. The Persistent consequences of COVID, Particularly in China.

3. High inflation and tighter monetary policy.

Therefore these are the main reasons why companies cut off their workforces.

According to the study, this global recession will go on till the end of 2023.