How layoffs can have negative long-term consequences for companies

, but mass firings can often have a long-lasting negative impact on their business, according to research and workplace experts.In the first two months of the year, 435 tech companies laid off about 121,000 workers, according to data from Layoffs.fyi.

Though the number of companies doing layoffs fell in February, it's still the third-highest month for tech layoffs since 2020. The number of people laid off this year is already more than 75% of the way to 2022's total, noted Layoffs.fyi founder Roger Lee in an email.lose their jobs often see a decline in performance and feel less engaged at work, especially inLayoffs also can lead to more turnover, as folks — typically the top performers — jump from a sinking ship. Lately, there's been talk of people "The atmosphere of anxiety fostered by firings can lead to a souring in the culture, too.

"Technology continues to be an area of growth and investment. Will these companies need to hire workers [in the future]? The answer is yes." They'll likely face challenges finding talent, he added, noting that there are alternatives to layoffs — like finding new roles for employees in other divisions — somethingCompanies can also simply not replace people who leave. Delaney also mentions the possibility of furloughs or executives taking compensation cuts.

Microsoft published a similar take about 2 months before they had a massive layoff

As long as the shareholders get their dividends, corporations don't care.

After 24 years with my company, they laid me off with a nice severance package, allowing me to retire at 52. The tech sector is worse than ever to work in, but that’s OK, because tech infrastructure can be deployed virtually with just one smart guy behind a console.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Big home-flipping companies are basically as flawed as ticket scalpersInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Source: BusinessInsider - 🏆 729. / 51 Read more »

This emerging markets fund outperforms by finding ideas in small- and mid-cap companiesThe Matthews Emerging Markets Small Companies fund gets five stars from Morningstar, and is in the top 1% of funds in its category across 3-, 5- and 10 years.
Source: CNBC - 🏆 12. / 72 Read more »

Government Warns Tech Companies to 'Keep Your AI Claims in Check'With everyone and their mother getting into AI at the moment, the FTC firmly reminds businesses that it won't tolerate any BS marketing on AI products. We found this story so interesting that we had to create a short summary.
Source: futurism - 🏆 85. / 68 Read more »

Biden aims billions in taxpayer money at companies' labor, supply practicesU.S. President Joe Biden is using $1.5 trillion in new federal spending to continue his push to reshape the U.S. economy, redirect corporate profits and reverse a decades-old decline in the benefits that go to workers. Good. How about giving that money back to the taxpayers? So he’s going to make our economy even worse off. Great.
Source: ReutersScience - 🏆 559. / 51 Read more »

Shipping companies reach $97M California oil spill agreementAmplify Energy, the Houston-based company that operates the pipeline, said Wednesday that companies associated with the M/V Danit and M/V Beijing had agreed to the payments.
Source: KPBSnews - 🏆 240. / 63 Read more »

Snowflake plans to hire 1,000-plus workers this year as other tech companies cutWhile other software companies are trimming their workforces, Snowflake plans to continue hiring.
Source: MarketWatch - 🏆 3. / 97 Read more »