Tech layoffs on rise: Job losses mount as companies pivot to emerging technologies
In a time of economic uncertainty, tech companies worldwide are turning to layoffs as a means of cost-cutting. Layoffs.fyi, a tracking site for job cuts, reports that on average, 1,600 tech sector workers have been laid off every day of 2023 so far.
91 tech companies have already axed 24,151 jobs, just 15 days into the new year.
While layoffs in the tech sector began in late 2022, they show no signs of slowing down in the new year.
Amazon, Meta, and Salesforce top the list of companies implementing significant job cuts, with 18,000, 11,000, and 8,000 layoffs respectively between November 2022 and January 2023.
However, it’s not just the tech sector feeling the pinch. Banking giant Goldman Sachs has announced plans to lay off 3,000 employees globally, while BlackRock, the world’s largest asset management firm, is cutting up to 500 roles for the first time in four years.
But amidst the layoffs and economic uncertainty, a glimmer of hope shines through. Many tech companies are pivoting towards new and emerging technologies, such as virtual and augmented reality and the metaverse, creating new job opportunities for those who have been laid off.
As the world adapts to a new normal, the tech industry is also evolving, and for those who are willing to upskill, new doors may open.
The layoffs may be a harsh reality for many, but it’s important to remember that the tech industry is constantly changing and evolving, and with that comes new opportunities.
So, to all tech workers who have been affected by layoffs, the future may be uncertain, but it’s also ripe with potential.