Tech Layoffs 2022 & 2023

The tech industry has seen a dramatic increase in layoffs in recent years. In 2022, according to Crunchbase, over 93,000 tech jobs were cut. This year (2023), depending upon your source, that number has skyrocketed to anywhere from almost 189,000 (Crunchbase) to 248,000 (Layoffs.fyi)! Whichever number you choose, that’s quite an increase and it makes one wonder what 2024 has in store. 📩

While the term “tech” has often been intertwined with “startup”, major companies like Meta, Twitter, Salesforce, Netflix, Spotify, and Stripe have all been forced to implement layoffs, impacting hundreds of thousands of employees and their families. 👨🏻‍💻

So, what’s driving this trend? Several factors are at play, including:

Economic downturn: The global economy is facing a number of challenges, including rising interest rates and inflation. This has led to decreased demand for tech products and services, forcing companies to cut costs.

💡 Changing market trends: The tech industry is constantly evolving, and some companies are struggling to adapt to new technologies and trends. This can lead to redundancies and job losses.

💡 Over-hiring: During the boom times of the past few years, many tech companies hired aggressively. Now, with the economy slowing down, they are having to adjust their workforces accordingly.

💡The impact of these layoffs is far-reaching. Not only are affected employees facing financial hardship, but they are also experiencing feelings of uncertainty and anxiety about the future. These concerns impact even those firms where layoffs haven’t happened. 🏢

What does this mean for the future of the tech industry? It’s still unclear. However, it’s likely that we will continue to see some consolidation and job losses in the short term.

In the long term, the tech industry will likely adapt and emerge stronger than ever. But for now, the focus should be on supporting those who have been affected by these layoffs and helping them find new opportunities. 👆🏻

#techlayoffs #jobmarket #techindustry #futureofwork