Communications of the ACM
Tech Layoffs Happening Faster Than at Any Time During the Pandemic
The pullback in tech hiring is happening at a time when the broader labor market has showed signs of resilience.
Credit: Layoffs.fyi
Data tracker Layoffs.fyi estimates technology industry layoffs are occurring at the fastest rate since the pandemic began, with employers slashing more than 150,000 jobs last year, versus approximately 80,000 layoffs in March-December 2020 and 15,000 throughout 2021.
Facebook parent company Meta Platforms announced more than 11,000 layoffs in November, while Amazon.com suggested about 10,000 possible job cuts.
For years, many tech companies aggressively boosted workforces amid strong revenue growth, and ramped up hiring as individuals and companies relied on technology to weather pandemic-related disruptions.
These same employers now are laying off workers, freezing hires, and cutting costs as spending on tech products decelerates and the outlook for digital advertising declines.
These trends do not reflect steady growth of U.S. payrolls overall, which may be partly attributable to many laid-off tech workers finding new jobs quickly.
From The Wall Street Journal
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