Tech Industry Retrenches 20,000 Employees

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In the last few days, the technology industry have witnessed the highest laid off of employees in more than a decade, as over 20,000 employees have been

LEADERSHIP findings revealed that technology companies like Twitter, Snap, Meta, Lyft, Netflix and Amazon, among others, planned to lay off a huge percentage of their workers.

For instance, Meta said, it will lay off about 11,000 out of 87,314, representing 13 per cent of its workforce; Amazon also planned to lay off 10,000 out of 1,544,000 of its employees; twitter to lay off 3,700 out of 7,500 of its workers, Lyft to sack 700 out of 5,064 workers and Netflix retrenched 450 out of 11,300 employees.

Executives of the companies concerned, said the reason for the mass retrenchment was due to overzealous hiring during the pandemic and a slowdown in e-commerce activity, among others. For instance, Amazon CEO, Andy Jassy said, the company began a cost-cutting review, which included scaling down businesses that haven’t been profitable, such as its devices unit.Also, in a message to employees, Amazon’s senior vice president of people experience and technology, Beth Galetti, announced that the decision was made by Jassy and the leadership team due to the uncertain economy and in light of how many people Amazon has hired in recent years.

 

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