It is no lie that with the advancement of technology, much of the labor work is being reduced as AI took over most of it. The manual work which provided jobs to millions of people is now being taken over by technology and is resulting in companies laying off their workers. But is advanced technology or AI the only reason for these sudden layoffs?
Are Tech Workers Being Laid Off?
You must have heard of companies laying off their employees during the challenging period of the Covid outbreak which led to millions losing their livelihoods. But the laying-off effect enhanced vastly after the pandemic. It is believed that consumer needs and behavior took a huge turn during and after the pandemic when we saw consumers relying more on online shopping and working from home or remotely work. And if we go through some press releases or experts in this area, the overhiring of the workers, increase in inflation, and even the post-covid fall is to be blamed.
Many of the tech companies that are laying off their workers provided different reasons for this act but we can say that all those reasons are synonymous with each other. The increase in interest rates is considered a common reason among all such companies. Let’s learn more about these companies and why they had to lay off thousands of their workers.
Which Tech Companies Are Laying Off?
The news about the companies laying off their employees came into focus when Meta cut off about 11,000 jobs which shocked many of the tech employees. Similar decisions were later followed by many popular companies and many have notified that they are about to take the same path.
Lay Offs By Meta
Meta initiated the procedure of Lay-offs when more than 11,000 employees lost their jobs due to this decision last November. Not much after the mass lay-off, the company also notified that they will lay off 10,000 more employees in addition to the initial 11,000. Meta disappointed many with this decision but this major wiping-off also brought the company’s stocks to the lowest level for a long.
Lay Offs By Amazon
Amazon too laid off numerous employees around November which led to about 18,000 workers losing their jobs. Their recent announcement was to cut off more than 9,000 employees. The reason considered for this mass layoff is the huge amount of workers Amazon employed during the pandemic period. The uncertainty of the economy existing in the near future was the layoff reason provided by CEO Andy Jassy.
Lay Offs By Twitter
Elon Musk too shocked the world after taking over Twitter and removing about 3,700 Twitter employees. The reason given by him was his lack of choice as the platform was facing a loss. He wished for a work environment where employees are completely committed to their work and are hardcore which apparently Mr. Musk didn’t find at the Twitter office.
Lay Offs By Yahoo
Yahoo is next on the list with its decision to lay off about 1,000 employees. The cuts were made in the ad tech division of the company and they are determined to further downgrade half of their workforce. One of their spokespeople stated that the decision was of course hard but their focus is to provide their consumers with a better value after they are able to strengthen their advertising section.
Lay Offs By Google
Another not-so-shocking decision was taken by Google’s CEO Sundar Pichai when he stated in an email to the Google employees that they will be saying Goodbye to several talented people they worked with. The plans are to cut off about 12,000 jobs globally and the CEO accepted complete responsibility for this mass layoff. The reason behind this is considered to be the difficult economic situation that the company is facing and their wish to focus and keep the costs more for their priority works.
If you are a tech employee and are wondering if you should be worrying about your job then, of course, you should. With the enhancement of AI in almost every field, the first blow would be to all the tech employees and we have seen it in recent times. Technology did make everything easy but is also responsible for many employees losing their jobs. Be aware of the recent layoffs and those which are about to happen as most tech companies are keeping many of their employees on that radar.
Mysha is from a business background and holds a related degree. She is an industry geek and loves to keep a check on every fluctuation happening in the modern tech and business industry.