Amazon is anticipated to announce job layoffs that might affect up to 10,000 employees, adding to the difficult circumstances in Silicon Valley.
Amazon is the next major tech company to implement layoffs following Microsoft, Twitter, Snap, Meta, and Twitter.
Apple and other companies have also reported a decrease in recruiting. Given that the Covid-19-induced acceleration and growth have not kept up, the largest IT businesses are preparing for challenging times to come.
Technology companies typically thought of as big spenders, are now turning to cost-cutting due to talk of a global recession. Here is a list of all the layoffs and turbulence that major tech businesses are experiencing.
Amazon to layoff 10,000 employees
As early as this week, Amazon will let go of “around 10,000 individuals in business and technical roles.” With Black Friday, one of the largest sales days in the US, taking place next weekend, Amazon’s announcement comes just in time for the Christmas shopping season.
Meta layoff 11,000 employees
Facebook’s parent company, Meta, disclosed intentions to let off 11,000 workers on November 9. This figure represents around 13% of the company’s personnel. Following the firings, the CEO of Meta Mark Zuckerberg wrote a lengthy post in which he accepted responsibility for the same. He, too, attributed the unexpected results to the Covid-19-induced acceleration in IT businesses.
Byjus lays off 2500 employee
On Wednesday of last week, edtech giant BYJU’S announced that it would be letting go of some 2,500 workers, or 5% of its staff, from its product, content, media, and technology divisions.
Reasons for layoff
There are a number of reasons why big tech companies like Google and Meta may be slowing down their hiring or even laying off employees. The first reason is the overall slowdown in the economy. When the economy slows down, businesses of all sizes tend to cut back on their hiring in order to save money.
Another reason why these companies may be slowing down their hiring is that they are facing increased regulation. In recent years, there has been a growing movement to regulate the tech industry, and this has led to increased scrutiny of tech companies.
At last, the technological landscape is constantly changing, and companies need to be able to adapt quickly to stay competitive.
This often means investing in research and development, rather than hiring new employees.
Bottom line
The big tech companies are slowing down their hiring because they are facing an uncertain future.
They are unsure about the future demand for their products and services, and they are also facing increased competition from other companies.
In addition, these companies are also facing pressure from shareholders to cut costs and increase profits.
These factors have all contributed to the decision of these companies to lay off employees and slow down their hiring. It is a way for them to save money and increase their profits.
While it is unfortunate for the employees who are affected by these decisions, it is the reality of the business world.
The big tech companies are not the only ones who are facing these challenges. Many other companies are also facing similar challenges.
The only difference is that the big tech companies are more visible because of their size and their impact on the economy.
