For years the tech sector was booming and companies within the industry were expanding, but massive tech layoffs have been making headlines in the past few months as the industry weathers an uncertain economy, The Wall Street Journal reported Jan. 8.
As COVID-19 set in, the rush to hire went into overdrive as technology companies tried to cash in on the increased demand of their services. For example, tech companies that were offering lucrative pay packages and investing heavily in new endeavors during the beginning of 2020 are now being more frugal about their spending and hiring practices.
In recent months, companies such as Amazon, Salesforce and Meta have been cutting their workforce as the business climate deteriorates due to increased inflation and other factors.
According to layoffs.fyi, a website that tracks job cuts as they surface in media reports and company releases, more than 1,000 tech companies have laid off over 150,000 employees since the beginning of last year.