Major Layoffs Sweeping the Tech Industry

November 21, 2022

For a long time, tech giants of the Silicon Valley with the likes of Google, Apple and Facebook have dominated the industry as the poster child of what tech spaces should be. The chance to work with innovators on the cutting edge while enjoying all the best perks in the workplace was the promise so many yearned for. That's how they managed to acquire the best talents in the world.

It turned out that the last several years, especially the pandemic, have begun to reveal the cracks in the facade of each company, from data leaks to worker mistreatment lawsuits to leadership tumult.

Add to this the latest round of layoffs in companies like Meta and Amazon, not to mention the dumpster fire that makes daily headlines - Twitter may be enough, apparently, to tarnish the formerly lauded dream companies everyone was looking to work for.

After laying off 3,700 employees on Nov. 4, only 11% of Twitter's remaining employees believe the company will succeed under Elon Musk's management. 

Even as the Apple and Facebook scandals make the headlines, layoff stories could have an outsized impact on whether people say a certain company is a good place to work. the latest round of dramatic cuts by Silicon Valley's Big Tech darlings could indicate that the recent scandals have eroded the luster of the industry's next generation of public tech unicorns.

Despite The Layoffs, Tech Workers Don't Need To Worry.. Yet

Whether you work in the technology industry or anywhere else, demand for workers with technology skills is still very high. In October, there were 317,000 job openings in tech industry, and higher than the periods before the pandemic.

Most employers are struggling to recruit people for certain roles, such as data science, cybersecurity, or cloud systems engineering, which are currently inhigh demand. Recruiters are looking to scoop up the unemployed and those left out of the talent war.

The success of companies cutting costs after a recession is dependent on how well tech job applicants tolerate risk, says Daphne E. Jones, founder of The Board Curators, a consultancy that prepares senior leaders to serve on paid boards. "If job security is the goal, you can be a huge fish in a small pond and leverage your reputation within the industry and where your skills lie, but if you like innovation and are excited by new technologies, Big Tech is where you want to go," Ms. Jones says.

In Conclusion

Layoffs are sadly a part of corporate life. However, they are often caused by bad management choices. It's understandable for companies are run by people and people make mistakes. But these mistakes can and will affect the innocent workers that are loyal and supported the business, forcing them into financial precarity, potential deportation and limited access to healthcare.

To mitigate this, businesses need to know the impact they're making and whether the additional overhead is required. Besides hiring in-house, outsourcing can also be a viable option. That's the arrangement we've made successfully at Mad Creative Beanstalk to help businesses manage their finances better. With our help, they're able to get the designs their brand deserves at an affordable price that doesn't require unnecessary layoffs when times are rough.

Whatsapp icon