In the last month, the technological industry has seen a continued trend of layoffs, as companies aim to reduce costs and maximize profits. Technology giants like Amazon, Google, and Microsoft have all joined in, letting go of tens of thousands of employees to meet the demands of shareholders.
Terms like “Restructuring of the Company” or “States Debe” fail to capture the true magnitude of the situation.
According to Trueup, in 2023 alone, approximately 2,000 companies have cut a total of 428,836 jobs. On average, that amounts to 1,175 people losing their jobs each day. The trend has persisted since the beginning of the year, with over 45,000 technological employees already being dismissed.
Among the most significant layoffs are:
- Telefonica – 3,412 employees
- Xerox – 3,075 employees
- PayPal – 2,500 employees
- Microsoft Activision Blizzard – 1,900 employees
- Unity Software – 1,800 employees
- Google division responsible for mobile gadgets – 1,000 employees
- eBay – 1,000 employees
- Twitch streaming service – 500 employees
Of particular concern are the layoffs at VROOM, an e-commerce company, where 800 employees, representing 90% of the entire workforce, have been let go. Additionally, German software development company SAP has cut approximately 8,000 employees.
This trend of job cuts in the technological industry is only growing stronger as companies strive to adapt to changing market conditions and increase efficiency. However, these layoffs have left many hard-working individuals without jobs and without financial security.
If you are uncertain about the stability of your company, it may be a good time to start considering backup options.