Most of the companies are downsizing their employees with 1405 rounds the 760 tech companies worldwide went through layoffs affecting 219,959 workers in the year 2022 so far. The 2023 forecast of economic growth does not seem to be very promising hence this number of layoffs will continue to swell. The year 2022 has not been rewarding for the substantial number of employees as tremors were sent down with massive layoffs that put their future in jeopardy.
A large number of qualified workers suddenly find themselves without a job. The layoffs are ranging from a few hundred in some companies to thousands in some like Meta and Amazon. The overall decline of economic growth and the turbulence has prompted widespread job cuts in the technology industry. With the ongoing war in Ukraine which disturbed the supply chain, increase in fuel cost, higher interest rates, decline in sales, the fear of recession looming around due to the global economic slowdown the companies are trying hard to lower their operating costs.