IT Industry Faces Continued Layoffs: GitHub India and Disney to Cut Jobs

Last year in 2022, the IT industry has undergone significant changes as technology continues to rapidly evolve and companies adapt to the digital age. Unfortunately, one of the consequences of these changes has been a trend of ongoing layoffs within the industry. While some companies have experienced growth and success, others have struggled to keep up, leading to staff reductions and restructuring efforts. As we enter a new year, it appears that this trend of layoffs is set to continue, leaving many IT professionals uncertain about their job security and future in the industry.

Highlights

• Sources Report GitHub India Fires Over 140 Engineers in Latest Round of Tech Industry Layoffs.
• Disney Cuts 7,000 Jobs and Eliminates Metaverse Division in Initial Wave of Layoffs. 

GitHub India Layoffs:

Amid Downturn in Global Market Conditions, GitHub - Owned by Microsoft - Trims Expenses by Laying Off Almost All of Its Engineering Team in India. It has slashed 142 Engineering Jobs with Two Months' Severance Pay to the affected employees. In accordance with the restructuring plan announced in February, GitHub has implemented workforce reductions today. 

As per GitHub, these decisions were difficult but necessary to protect the health of the business in the short term and to give us the ability to invest in our long-term strategy moving forward. Last month GitHub stated its intention to cut 10% of its total workforce of around 3000, in order to reduce costs.

GitHub India is a subsidiary of GitHub which is owned by Microsoft. It has offices in Bengaluru and Hyderabad. The company provides a range of services to developers, including code hosting, collaboration, and project management tools. GitHub India also contributes to open-source communities and supports the growth of India's tech industry through various initiatives and partnerships.

Disney Layoffs:

According to a memo sent by Disney's CEO Iger, Disney is set to lay off 7,000 employees this week, as previously announced in February. The layoffs will affect a range of Disney's business segments, including media and distribution, parks and resorts, and ESPN. The job cuts were expected in the last week of March before Disney's annual shareholder meeting which is due on 3rd April.

As part of the upcoming layoffs, Disney has eliminated its metaverse division. The company has made this decision in an effort to reduce costs and streamline its operations. Disney has a target to save $5.5 billion in cost. Disney had established a dedicated unit focused on the Metaverse, which was riding the wave of excitement surrounding this emerging technology. 

Metaverse has been a trending topic in the tech industry, with many companies investing in this space to create immersive experiences for users. Some envision it as the future of the internet, with potential applications in entertainment, education, and commerce. However, the concept of the metaverse is still in its early stages, and there is much debate about how it will evolve and be implemented in the future. However, as part of the layoffs, all employees working in this unit have been asked to leave.

The layoffs at Disney and GitHub India are a stark reminder of the ongoing challenges faced by businesses in the face of shifting market conditions and emerging technologies. While companies must make difficult decisions to stay competitive and protect their bottom line, the impact on employees and their families can be significant. It remains to be seen how these layoffs will affect the future of both companies and their respective industries. As the business landscape continues to evolve, it is clear that companies must remain agile and adapt to changing circumstances in order to survive and thrive in a highly competitive global market.