Big Tech Is Firing Employees by the Thousands. Why? and How Worried Should We Be?

In the last year, more than 70,000 people globally were laid off by Big Tech companies.

HIGHLIGHTS Tech companies decreased ad spend due to fear of global recession The sector is said to grow this year again, despite duller atmosphere Most layoff numbers are only small percentage of COVID hiring drive Tech companies are always in the news, usually touting the next big thing. However, the tech news cycle recently hasn't been dominated by the latest gadget or innovation. Instead, layoffs are in the headlines. In the last year, more than 70,000 people globally have been laid off by Big Tech companies – and that doesn't count the downstream effect of contractors (and other organisations) losing business as budgets tighten.What exactly led to this massive shakeout? And what does it mean for the industry, and you? What's the damage? Since the end of the pandemic hiring spree, large numbers of employees have been fired from major tech companies, including Alphabet (12,000 employees), Amazon (18,000), Meta (11,000), Twitter (4,000), Microsoft (10,000), and Salesforce (8,000).