Layoffs in Education Sector Predicted as Demand for e-Learning Fades

As the technology and media industries feel the weight of the global economic slump, leading chief financial officers (CFOs) have warned of widespread job cutbacks in the education sector over the next six months. According to Coupa, a Cloud-based platform, in the study of 600 CFOs, 100% of CFOs in the education sector answered with "decrease staff" for steps they need to take in the next six to twelve months to promote growth in the case of a recession, according to Fox Business.

According to Zippia data, educational services in the United States shed 136,000 employees between June 2021 and June 2022.

What do the studies show of Education Sector?

• The education industry's "workforce decreases in the next half year to year will balance any issues in the case of a recession," according to Coupa CFO Tony Tiscornia.
• According to the study, e-learning giant Udemy has eliminated 10% of its personnel, and Seattle Public Schools is preparing for layoffs due to a $131 million budget deficit.
• According to significant startup news website Inc42, approximately 23,000 people have been laid off by 78 startups in India, including unicorns like Unacademy, Vedantu, Chargebee, Cars24, LEAD,  BYJU'S, Ola, OYO, Meesho, MPL, Innovaccer, Udaan, and others.
• Most ed-tech personnel were laid off, with 18 ed-tech businesses laying off almost 8,200 people.According to the US report, other industries most impacted include communications, with 60% of the sector's CFOs citing layoffs as a solution.
• According to the poll, just 20% of CFOs in healthcare and accounting believe layoffs are likely in the next six to twelve months. "Proper planning, digitalization, and optimization will minimise or completely avoid the impact of layoffs," Tiscornia said.

• During the next six to twelve months, 33% of finance leaders across all industries indicated they were most worried about supply and demand, 32% about cost saving, and 27% about personnel attrition.