Identity access management company Okta Inc. and online collaborative whiteboard startup Miro today became the latest two companies to announce layoffs amid the biggest layoffs in the tech industry in more than 20 years.

Okta is laying off 5% of its workforce, about 300 employees, citing macroeconomic challenges as its motivating factor. Chief Executive Officer Todd McKinnon said in an email to employees that the decision to cut the company’s headcount was “very difficult” but noted that the company had no choice.

“We entered fiscal 2023 with a growth plan based on the demand we experienced in the prior year,” McKinnon wrote. “This led us to overhire for the macroeconomic reality we’re in today.”

Okta employees being laid off in the U.S. are being offered a minimum of 13 weeks of severance pay, healthcare benefits through June 30, restricted stock unit vesting through March 15, eligibility for the FY23 annual bonus or sales incentives and career support. Employees being laid off who are in the U.S. on visas are also being offered immigration support.

McKinnon said that looking ahead, Okta will operate its business in a way that allows it to execute through any market condition.

“That means reducing spend, improving our profitability and investing in the key areas of innovation and growth that will build on our market leadership over the long term,” McKinnon said. “A workforce reduction is just one of several actions we’re taking to create a stronger path to profitable growth.”

Miro, which first joined the unicorn club when it raised $400 million on a $17.5 billion valuation in January 2022, announced that it was cutting 119 employees, 7% of its full-time workforce.

Andrey Khusid, chief executive officer and co-founder of Miro, officially named RealtimeBoard Inc., took a deep dive into where the company stood in an email to employees.”Like many companies across a number of industries – we’re not immune to the macroeconomic environment,” he said.

“We’ve taken a hard look at our spending and operating efficiency across the business and realized that we needed to make adjustments to meet our go-forward strategic priorities,” Khusid added. “Ultimately, it’s imperative our investments and spending match the changing realities around us. That means reducing expenses to give us the flexibility to invest in areas that are critical to our future.”

Also announcing layoffs in the last 24 hours was Pinterest Inc., cutting about 150 employees, slightly under 5% of its workforce. The company said it was making organizational changes to “further set us up to deliver against our company priorities and our long-term strategy.”

Other companies laying off staff recently include Splunk Inc. and Rivian Automotive Inc., which announced cuts of 4% and 6% of their workforces respectively yesterday, Feb. 1. Layoffs on Jan. 31 included PayPal Holdings Inc., Workday Inc., HubSpot Inc. and NetApp Inc.

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