The layoffs have been coming fast and furious for tech workers. Thousands of jobs have been lost at major public companies including Google, Amazon, and Microsoft. It’s a brutal reality, especially for the employees who are left behind with no income to cover their families’ living expenses and student loans. The days of job security in big-name tech companies are a thing of the past as automation and AI tools continue to streamline many roles.
The most troubling part of all this is that the tech industry had always been thought of as layoff-proof, at least in comparison to other industries. This has made it harder for workers to feel legitimately loyal to their employers as they reckon with the possibility of being laid off themselves. This can have a huge impact on morale and productivity, as well as on fostering the next generation of tech leaders.
One reason for the tech layoffs is a slowdown in business. Some of the big names have been losing money on their core products and services due to slowing demand, low sales, and a bearish stock market. In some cases, slashing headcount can help to boost profits and stabilize company stock.
Some of the companies are blaming macroeconomic factors such as high interest rates and declining industry revenue. Others are citing a need to cut down on bloat, particularly in the case of companies that have business models that rely on some type of physical good or service like Skyscanner or Meta.
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