Key facts
- Over 56,000 Indian tech professionals from 20 major global companies are now actively seeking new employment.
- This number has increased more than fourfold in the past month.
- US tech companies have announced approximately 154,000 layoffs through November.
- Tech job postings have decreased by 33% since early 2020.
- Business confidence has reached a five-year low.
A significant surge of over 56,000 Indian tech professionals from major global companies are now actively seeking new jobs, a fourfold increase in the past month. This influx of talent follows widespread global tech layoffs, intensifying competition in India's job market.
According to a study by specialist staffing firm Xpheno, these professionals hail from 20 major tech companies that have each undertaken more than 1,000 global layoffs since January. A month ago, the number of actively seeking professionals stood at just over 12,000.
In the United States, tech companies have announced approximately 154,000 layoffs through November, a 17% increase from the previous year. Major players like Amazon, Microsoft, Meta, Google, and Tesla have each planned cuts of at least 10,000 employees. This challenging environment means that even experienced professionals, like Mody Khan, a former cloud solution architect at Microsoft, are struggling to secure interviews and are depleting savings.
The broader tech job market has seen a decline in available openings, with postings on Indeed down 33% from early 2020 levels. Companies are taking longer to fill remaining roles, and hiring rates are at their slowest since 2013 amid economic uncertainty and the early effects of AI adoption.
In the UK, business confidence has fallen to a five-year low, influenced by fears surrounding potential pro-union labor reforms and rising costs.