According to data available at Layoffs.ai, nearly 700 tech companies have laid off employees this year, resulting in about 198,000 unemployed people. In comparison, 1,000 tech companies laid off more than 161,000 employees in 2022.
The signs of trouble for the tech sector were visible as early as January this year when tech majors such as Microsoft, Amazon, Google, and Salesforce announced additional job cuts that affected employees globally.The recent rise in artificial intelligence capabilities has also fuelled further job cuts. Telecom, a significant BT in the U.K.
More bad news is in store for Meta's employees that bet big on the metaverse last year but is not preparing for another round of job cuts in the real world. While the exact number is expected to be announced next week, reports suggest thatMeanwhile, at Microsoft, the laying off has been put on hold, but so have the possibilities of an increase in salaries for employees, including senior ones, this year.
Put together, nearly 360,000 employees have been laid off in the past year and a half, and there does not seem to be any sign of the situation improving in the coming months—tough times ahead for tech employees.
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