Are Big Tech Layoffs a Strategy to Maintain Viability Through 2023?

Big tech layoffs are having treacherous effects on the livelihoods of the thousands of people

Thousands of tech workers have been laid over the past couple of days by tech companies. Major tech companies like Amazon, Meta, Twitter, and others had to fire employees and conduct massive hiring freezes in order to meet the growing economic and financial constraints due to the ongoing recession. Experts believe that this recession will continue until 2023 and will be the cause of another extensive session of big tech layoffs. Extensive layoffs like this is quite common in tech, but it is important for aspirants to understand what the future holds when it comes to applying for tech jobs in the future. Recent reports claim that big tech layoffs have surpassed the levels of the great recession and more loss awaits in 2023 for tech companies and aspirants.

Back in 2008, tech companies laid off almost 65,000 employees, and a similar number of workers were laid off in 2009 again. Reports state that 965 tech companies have laid off more than 150,000 employees this year globally, surpassing the Great Recession levels of 2008-2009.

Coming to the scenario in 2022, tech layoffs are being conducted by major tech giants like Meta and Amazon, and early next year, the situation is speculated to worsen amid the ongoing macroeconomic conflicts. Expert analysts claim that layoffs are a part of companies to maintain viability through 2023 and the emerging years after that, but the question is what will happen eventually to the livelihoods of the millions of people who are already and will be fired by these companies?

If the situation is yet to worsen in 2023, it is best advised that tech aspirants understand the changing industrial dynamics and pursue courses that will upskill them and enable them to brace the incoming requirements of the industry.