Dismissal of technical staff becomes standard practice

In today's tech world, there is instability for tech professionals due to large-scale layoffs that have become the norm for many leading companies in the industry.

Here's What We Know

According to Layoffs.fyi and Challenger, Gray & Christmas, more than 50,000 employees have been laid off in 209 tech companies since the beginning of this year. This is a trend that, according to experts, may continue for a long time.

Among the companies that have made large-scale layoffs are Alphabet, Amazon, Cisco, eBay, Meta, Microsoft, SAP, and Unity Software, which have lost a significant portion of their employees. Even big players like PayPal have announced plans for staff reductions.

According to a CNBC report, the job search in the industry is becoming highly competitive, and many laid-off workers are facing difficulties in finding new employment. In addition, tech salaries have stagnated, making it even more difficult to find work.

Investors consider layoffs to be the new normal, which is driving share prices higher. This trend is justified by the profitability of companies and their desire to support share prices. However, for tech workers, this means a period of uncertainty and instability in their careers.

In 2023, tech companies cited the need to cut jobs following increased activity during the pandemic, as well as inflation and weak consumer demand. This year, however, inflation has fallen markedly, and many of these firms have seen their profitability rise.

Source: TechSpot