Tech layoffs in 2022 worse than the Great Recession 2008-09 however things are far from over.
The Great Recession of 2008-09 which strangulated almost the entire Europe and America was one of the worst hit financial crisis the world has ever faced in the 21st century.
The crisis dubbed as the second worst economic period only after the Great Depression of 1929 saw a massive layoff of over 65000 people by tech firms in 2008. Fast forward to 2022, 965 tech firms led by Microsoft, Amazon, Meta, Twitter, Salesforce and Netflix have already laid off around 150,000 employees in 2022 alone which means more than twice the number in 2008, according to the data by MarketWatch.
Whats more frightening is the fact that the turmoil is far from over with many experts and reports fueling fears that the early 2023 will be worse when more layoffs will be witnessed across the globe.
According to a MarketWatch report, layoffs are part of a strategy by tech firms to maintain viability through 2023 and beyond.
Data from layoffs.fyi, a crowdsourced database of tech layoffs, showed that 1,495 tech companies have sacked 246,267 employees since the onset of Covid-19, but 2022 has been the worst year for the tech sector and early 2023 can even be grimmer.
As of mid-November, more than 73,000 workers in the US tech sector have been laid off in mass-level job cuts led by companies like Meta, Twitter, Salesforce, Netflix, Cisco, Roku, and others.
Over 17,000 tech employees have been shown the door in India too.
Big Tech companies like Amazon and PC and printer major HP Inc have joined the global layoff season, and were set to lay off more than 20,000 and up to 6,000 employees in days to come, respectively.
Networking giant Meta has started slashing nearly 4,000 jobs globally.
Google is reportedly bracing for a massive layoffs early next year and Alphabet and Google CEO Sundar Pichai has reportedly offered no assurance to worried Google employees that it won’t happen.
The holiday season this year starts on a grim note and unfortunately the new year season is unlikely to start on a good one either.
