Tech Layoffs Look Terrible, But They’re Only A Pullback From Years Of Aggressive Hiring

  Tech has been accused of leading to job losses, but the reality is more nuanced. According to, 200 tech-related companies laid off nearly 60,000 employees in 2023. This can be attributed to their rapid hiring during the pandemic. Alphabet, the parent company of Google, laid off 12,000 workers in 2021, but this is still less than the number of new hires they made in the third quarter of 2022. Meta, the company behind the social media platform Facebook, laid off 11,000 workers, representing 13% of their workforce, in November. Amazon recently announced it would be separating more than 18,000 professionals from its payroll. Apple, however, has maintained a slower rate of hiring since 2016 and has not yet announced any cuts to its staff.

 In 2020, the Covid-19 pandemic caused people to resort to online platforms and software applications as a means of socialization and business operations. This shift to the digital world was a great advantage to large tech companies as many small businesses had to shut down and people remained isolated in their homes. Companies experienced an influx of capital and felt the pressure to hire and retain workers, even if they did not meet the complete scope of the job description. Once the Federal Reserve put an end to the printing of money, businesses’ hiring needs were no longer sustainable and layoffs were the common response. Despite the increasing number of layoffs, tech workers are finding new jobs quickly. A recent survey from ZipRecruiter showed that the majority of tech workers who were laid off found new roles within three months of starting their job search. Additionally, 40% of those laid off were able to find employment in less than a month.

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