Tech Industry Layoffs May Continue This Year Following Thousands of Job Cuts in 2023





This year has gotten off to a rough start for the tech industry.

Just two months into 2024, companies like PayPal, Amazon, Salesforce, and Microsoft have laid off employees, according to Just last week, networking company Cisco unveiled plans to cut more than 4,000 jobs from its global workforce.

This comes after tech workers were laid off in droves last year. Amazon, Meta, Google’s parent company Alphabet, Microsoft, Dell, and more have collectively eliminated thousands of positions, according to CNBC.

The layoffs are a product of industry being disproportionately impacted by surging inflation rates and a tepid consumer spending environment, resulting in weaker spending on advertisements, which drive revenues for some of the biggest tech companies. They also come after a glut of hirig during the pandemic, when millions of people were stuck at home and working and buying online.

Beyond the cuts, employers are dialing back benefits while demanding more of their employees with return-to-office requirements and stricter performance reviews, according to Yahoo! Finance.

The media and entertainment industries have also slashed positions while trying to adjust to a new business landscape amid the rise of cord cutting. NBC News, for example, made ‘double-digit’ cuts to its workforce in January.

Paramount is also considering chopping more than 1,000 jobs this year in an effort to achieve profitability while also struggling against a weak ad market streaming service losses.

It remains to be seen if these industries — particularly tech, which was once the epitome of a comfortable job — will stabilize in 2024.

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