The pandemic resulted in remarkable revenue and employee headcount increases for tech companies.
The pandemic resulted in remarkable revenue and employee headcount increases for tech companies. However, millions of jobs are being cut presently.
Days after Twitter‘s new CEO Elon Musk cut in half the number of employees at his corporation, Facebook parent company Meta announced its biggest-ever round of layoffs. Meta laid off 13% of its workforce which is more than 11,000 people.
Last month, Meta reported falling sales for the second consecutive quarter and predicted further declines in the fourth quarter.
Digital advertisers are cutting back on their investment as growing inflation restricts consumer purchasing as a result of Apple’s iOS privacy change, which limited ad targeting and so apps like facebook are suffering.
The economy is in an uncertain state and the tech industry as a whole has faced a wave of layoffs in 2022.
The most recent ones are Meta, Salesforce, Twitter Lyft, Uber, Stripe, and big behemoths like Microsoft and Google have laid off workers and set a freeze on new hires.
Since thousands of tech people lost their jobs at Big Tech firms, the majority of them are finding it difficult to find new work, as practically every top firm has a hiring freeze due to global recession fears and macroeconomic conditions.
Indian-origin Nilesh Bhandare, 39, worked for Twitter as a data engineer. He said to the San Francisco Chronicle that he has noticed a dramatic shift in market job availability
Indian-origin Nilesh Bhandare, 39, worked for Twitter as a data engineer. He said to the San Francisco Chronicle that he has noticed a dramatic shift in market job availability.
The report stated that while several recruiters have approached him, only approximately 20% are interested in full-time opportunities.
The rest are looking for contract workers, who may be sacked more easily. The previous time Bhandare went job hunting, the situation was very different.
Bhandare, putting his opinion forward, said that no one wants to commit to full-time work right now because businesses are unsure about the economic situation.
In the midst of inflation pressures and economic worries, tens of thousands of recently laid-off workers are experiencing a stressful period.
According to the report by the San Francisco Chronicle, San Francisco’s tech sector has been experiencing months of job losses
According to the report by the San Francisco Chronicle, San Francisco’s tech sector has been experiencing months of job losses. According to job-search website ZipRecruiter, there were 41,718 tech job openings in the San Francisco-Oakland-Fremont metro area in January.
However, by November 1, there were 27,919 fewer jobs, a third fewer than before. Also, jobs in the San Jose-Sunnyvale-Santa Clara metro area decreased by a third, from 28,421 tech job postings on January 1 to 18,748 on November 1.
Even those who were hired after being laid off in earlier waves of layoffs seems to have a pessimistic outlook on the market.
A number of persons with Indian origin are left helpless because time is running out on their work permits.
In another case, IIT-Kharagpur alumnus Himanshu V, who had previously worked at Adobe, GitHub, and Flipkart, was fired by Meta.
Himanshu, in his LinkedIn post, wrote that he moved to Canada to work for Meta, but two days after he started, he was affected by the company’s major layoffs, which put an end to his journey in Meta.
Raju Kadam, who spent nine months working at Meta, claimed that he had good performance in all quarters since joining the social network and that he had not expected being laid off.
Meanwhile, Raju Kadam, who spent nine months working at Meta, claimed that he had good performance in all quarters since joining the social network and that he had not expected being laid off.
Kadam, posting pictures of his sons Yash and Arjun on LinkedIn, said that it had ended abruptly. He further asked for help to find a job because if he doesn’t, he will have to take his kids and leave the country. He added that he would do everything in his power to offer his sons the best chance to be successful in the United States.
So he urgently needed a new work in the USA. He claimed to have lived in the US for 16 years and to have experienced the greatest economic downturns, yet he never lost his job.
It is time for the government to step forward and control the employment sector with strict employment standards and laws, especially with layoffs on the rise and the rising inflation causing a hole in a consumer’s pocket.
Governments should endeavour to develop the market’s infrastructure for jobs in addition to implementing programmes for employment fairness.
The job market’s future is uncertain and unclear as a result of the increasing tech industry layoffs
edited and proofread by nikita sharma
