Over 150,000 people were laid off in 2022. The US alone saw 91,000 layoffs in just the tech industry. The otherwise perpetually booming sector began to experience this shocking trend a few months back – and the issue is a lot more severe than it sounds.
From Robinhood to Meta, mass layoffs have ranged from the termination of 800 to 8000 employees. The firm Challenger, Gray, and Christmas, which tracked layoffs for 30 years, noted a shocking statistic in a recently released report. November 2022 recorded the biggest spike in layoffs – 53,000 cuts, to be exact.
But for some workers, losing their jobs is about more than losing just their paycheck. Research from 2019 shows that almost a quarter of the STEM workers in the US are immigrants. For such people, a loss of employment could mean a hard deadline of up to 60 days – find another job or pack up and leave. This is devastating news for those with families, houses, and settled life.
When attrition rates hit the roof during the global pandemic, corporates started to grapple with the genuine issue of retaining employees. To get them to stay, employers like Microsoft were offering even to double the salary hikes. But soon enough, reality set in and corporate budgets became a giant problem. What quickly followed on the heels of these salary hikes were layoffs like the tech world has never experienced before.
If the reports are anything to go by, these mass layoffs will not be stopping at the strike of new years, and layoffs will continue well into the first half of 2023, with some speculating that the situation might even worsen.
A few of the companies rumored to be on the list include the usual suspects, Meta, Twitter, and Amazon, alongside brands like Salesforce and Microsoft.