For tech industry, 2022 was a year of mass layoffs; 2023 likely to be worse

The tech layoffs this year have exceeded the job cuts the sector faced globally during the financial crisis of 2008-2009 triggered by the Lehman Brothers' collapse

For the past several days, 42-year-old Rahul Chavan’s (name changed) two children have been asking him why he changed his job. “I don’t know what to tell them,” said Chavan, who is among the 400-plus employees who were recently laid off by global fintech software provider Fidelity National Information Services (FIS) as part of its plan to restructure its business in India.

Chavan had seen it coming. His negotiations with clients on contracts had become much harder. And managers had started hinting at possible layoffs. Chavan acted early and managed to secure another job, but his role isn’t the same.