It is the season of holidays or layoffs, we are here to see
The Big tech layoffs are going on. These tech layoffs have disturbed the employees. Layoff of thousand of employees have disturbed the tech world for sure but we are yet to see.
Following a holiday slowdown, additional layoffs are imminent, and starting in January, a number of businesses across the board—led by tech companies—plan to fire thousands of workers.
The greatest month for layoffs and discharges, per US Bureau of Labor Statistics data, is January.
“Business executives want to prepare their funds for prosperity in 2023. It’s a safe bet that tech firms that haven’t yet let staff go are carefully weighing their options “J.P. Gownder, vice president and chief analyst for the consulting company Forrester Research, says.
Since many businesses conclude their fiscal years in December, January is the best month for “organisational realignment and adjustment.”
David Solomon, the CEO of Goldman Sachs, has informed staff that headcount reductions and job layoffs will occur in the first part of January.
In his yearly year-end email to staff, the CEO of the investment bank forewarned them that major layoffs would start soon, according to The New York Post.
In early 2023, Google and Amazon plan to let go of thousands of workers. Employee performance is already being evaluated by Google using its Google Reviews and Development system (GRAD).
Google expects to fire around 6% of its full-time employees under the new structure.
“Under the new method, managers have been required to categorise 6% of employees, or around 10,000 people, as low achievers in terms of their influence for the business,” The Information claims.
It is difficult to miss the fact that the holiday season is a truly bad time for employees to be receiving pink slips as job layoffs spread through sectors like tech and media.
Despite the overall strength of the labour market, some well-known software companies, including Meta Platforms Inc., Salesforce Inc., and Amazon.com Inc., have recently made layoffs or announced intentions to do them. Recent managerial moves are being interpreted by some Google employees as a red flag that the business may be preparing for more extensive layoffs. According to a Crunchbase count, the US tech industry lost more than 91,000 workers as a result of widespread job cutbacks in 2022.
