Communications of the ACM
Pace of Layoffs Picks Up Speed In Tech Sector
Tech firms are cutting workers as government reports show overall U.S. payrolls maintaining steady growth.
Technology-driven companies across industries have been laying off workers at the fastest pace since the COVID-19 pandemic shocked the global economy in 2020, according to one data tracker.
Collectively, employers in the slumping tech sector cut more than 150,000 jobs in 2022, based on estimates from Layoffs.fyi, a website that tracks the events in media reports and company releases. The estimates include large employers as well as smaller businesses in the U.S. and abroad.
The figures are estimates but reflect a trend that is playing out in many of the largest tech companies. For years, many aggressively added workers. Now, the same businesses are laying off employees, implementing hiring freezes, and cutting costs. Some CEOs have said they grew their payrolls too fast.
From The Wall Street Journal
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