Startup Layoffs Surge in November 2022

Technology & Telecommunications

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Adi Ahdiat 23/11/2022 11:20 WIB

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Layoffs in startups and established tech companies are on the rise globally.

Global Tech Layoffs: Startup and Tech Giant Employee Count (January-November 2022)

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Global Tech Layoffs: Startup and Tech Giant Employee Count (January-November 2022)

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The e-commerce enabler company SIRCLO recently laid off 160 employees. According to the company, this step was taken to improve efficiency and adapt to macroeconomic challenges.

"In the challenging macroeconomic climate, SIRCLO Group has undergone a series of internal evaluations and will implement significant changes, particularly in terms of business focus, to ensure the company's sustainability," said Brian Marshal, Founder and CEO of SIRCLO Group, in a press release on Tuesday (November 22, 2022).

SIRCLO's move adds to the growing list of layoffs among startups.

According to data from Layoffs.fyi, from the beginning of the year until November 23, 2022, 850 startups and established technology companies worldwide conducted layoffs. The total number of employees laid off reached 137,000.

Globally, the most significant layoffs occurred in November 2022, with approximately 45,000 people affected. This figure includes layoffs at Meta, Amazon, Twitter, GoTo, and SIRCLO.

In November 2022, Meta, the parent company of Facebook, Instagram, and WhatsApp, laid off 11,000 employees. In the same month, Amazon laid off 10,000 employees, Twitter 3,700, and GoTo 1,300.

According to Eddi Danusaputro, Chairman of the Indonesian Venture Capital Association for Startups (Amvesindo), this layoff trend is emerging because many startups are experiencing declining revenue and difficulty securing funding.

"We investors, while concerned about the impact of layoffs on employees and the economy, understand why the layoffs are being conducted," said Eddi, as reported by Katadata.co.id on Monday (November 21, 2022).

Meanwhile, business expert Rhenald Kasali believes that the wave of layoffs is not solely due to macroeconomic conditions but is also influenced by the trend of "burning money" among startups—spending capital on promotional activities without guaranteed returns.

"Don't look for scapegoats. Perhaps we are the ones with mismanagement. Open your financial statements and explain them thoroughly. Perhaps your 'money burning' is excessive," said Rhenald, as reported by Katadata.co.id on Monday (November 21, 2022).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Startup Layoffs Surge in November 2022

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Startup Layoffs Surge in November 2022

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