Amazon, Apple, Meta, Twitter-One of the big news right now is the acquisition of Elon Musk on Twitter and the massive layoffs on the social platform.However, Twitter isn’t the only tech company that’s making drastic changes to its staff right now.In fact, there is a trend going on at tech companies, which are seeing massive layoffs and hiring freezes.
Why are so many tech companies laying off employees?
When it comes to careers, tech has long been advertised as a safe bet in job security.
Fast-paced days and fluids when it comes to choice, it can undoubtedly be a stressful working environment – but the pay is generally good and after all, the world will always need people who can work in tech .
Household names recently include Amazon, Apple, Google, Meta, Microsoft, and Twitter.
The reason? Unfortunately, the same reason we’re seeing this trend across the board in business right now.
High interest rates and the cost of living crisis means consumers are spending less money. That, in turn, impacts the revenue for these companies. Less revenue, of course, means businesses need to cut costs.
The current climate seems to indicate that investors are bracing themselves for the upcoming economic downturn – and potential recession that follows.
Planning the worst?
There seems to be a general consensus. While a full-scale recession is still just speculation, when big names like Amazon, Apple and Microsoft — some of the world’s richest companies — announce layoffs and freezes, it can feel like the inevitable. Used to be.
Major tech companies are announcing layoffs and recruitment freezes
The e-commerce giant has halted “new incremental” recruitment to its workforce.
Apple has “stopped almost all hiring,” a decision that could last until the end of 2023.
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The last time BT cut some jobs in 2018, the firm slashed 13,000 roles over three years as part of a cost-cutting strategy. Now, it’s likely to lay off even more.
Lyft announced in early November that it would cut 700 jobs.
For the first time in history, the social media giant Meta is considering a hiring freeze and potential job cuts.
Last month, Microsoft cut nearly 1,000 jobs.
Elon Musk began laying off staff on Friday (Nov. 4) as part of his new, self-appointed role of “Chief Tweet” — or “Twitter complaints hotline operator,” according to his Twitter bio.