Note: Sometimes I find that the India Times website is much more helpful than domestic ones when I want to see reporting on US and other tech companies around the word.
218 tech companies have laid off workers this year. Incidentally, often times this year when news outlets listed Microsoft they were specifically meaning, Xbox. Executive Summary: Here are three big reasons: There was over-hiring during the pandemic. This led to over-staffing when growth slowed. Economic uncertainty and rising interest rates. Shift to AI.
Some of the reasons provided by the companies include: Reallocation of resources (like AI, notice a pattern?). Cost-cutting optimization. This is what Amazon said, for example, after their aggressive expansion during the pandemic. Another reason is restructuring and evolving priorities. This explanation is about their efforts to manage what happens to them under changing market conditions.
Positive notes: Tech companies are innovative and in a way are still developing new types of jobs (relatively recent examples include cybersecurity and cloud computing), many still hire BUT more selectively as many of my personal friends and also lots of colleges on LinkedIn, this is all too familiar. Another is of course networking as you may see on LinkedIn but LinkedIn needs to be part of a suite, part of a very large portfolio of other tools & ideas for those of you who are looking for new work. I’m sure most of you can achieve it with very diligent work. And in the end my own personal experience is I’ve had the most success in these endeavors from my friends. I’ve changed the tune of this article a little bit and I’d like to wish everyone the best wins in your pursuits.