Meta. Twitter. Snap. Amazon. The headcount in the tech industry is on a downwards spiral. . Job cuts are happening across all levels and in a variety of different functions. According to websites tracking layoffs, there have been more than 120,000 tech jobs cut. So, what’s the reasoning behind this?
- Companies grew too quickly
- As organizations moved online during the pandemic, tech companies thought that business would continue to thrive – but that’s not the case for many
- Market shifts
- The economy is changing, and companies are tightening various budgets, which has led to the elimination of certain tech jobs
- Companies cutting costs
- Slashing jobs and pay are one of the first ways that companies try to save money
- Consumer’s vision is changing
- There is less interest in things like virtual reality and self-driving cars, so companies must stop funneling money into those ideas and cut the jobs of the people behind them
However, as with any mass-layoffs, a new market of talent arises. Companies looking to grow their tech skills – or startups looking to really launch – can take advantage of this and maximize their hiring strategy.
If you’re looking to revamp your hiring strategy, let us know. Our practice leaders are happy to connect on market trends.
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