Who is Hiring Amid the Massive Tech layoff bloodbath?
‘There will be blood on streets,’: Big tech execs warn employees about tech layoffs
AI technology is contributing giant effects to the transformation of society and business in a positive manner. Although AI has multiple pros in upgrading and automation it also evolves some serious cons and Tech layoff is the result of automation technology.
Over 180 big tech companies and tech start-ups have slashed more than 36,000 staff from their teams in the global economic downturn, in the past six months The Stack declares as a tech layoff’s bloodbath remains in the face of a challenging macroeconomic climate. The figures, compiled from public reports presented by San Francisco-based entrepreneur Roger Lee, appeared as cybersecurity firm OneTrust gashed 950 staff or 25% of its workforce from its part on June 9. The company raised $300 million in a Series C in December 2020, at a $5.1 billion valuation. “I know this news is surprising, chiefly as all know last month that the business is on track with record quarters and expanding on customer demand,” OneTrust CEO Kabir Barday told shocked staff.
Microsoft started, and other big tech imitates
Microsoft: Satya Nadella’s Microsoft was the opening Big Tech company to announce layoffs and it affected nearly 1% of its 1,80,000-well build workforce across its offices and product division.
Netflix: Streaming big tech Netflix faced a tech layoff of 450 employees in May and June this year. Being a victim of fewer subscribers count and massive drops in revenue forced the company to cut costs to tackle an unpleasant situation.
Tesla: In June, Tesla closed its San Matteo office, laying off 229 of its employees from the “moderately low-skilled, low-wage” autopilot department. This incident occurred following reports revealing that Elon Musk had a “super-bad feeling about the economy” and was determined to slash at least 10% of Tesla’s employees.
Apple: A few days earlier, Apple- the iPhone maker slashed off nearly 100 of its contract-based recruiters s ‘part of a push to minimize its hiring and spending.’
Twitter: Twitter laid off around 100 employees to reduce excessive costs. It also slashed 30% of its talent acquisition team.
What is the situation of IT firms in India: More than 12,000 workers employed in tech start-ups in India have been disoriented from their jobs in 2022. A few months earlier ed-tech firms like Byju, and Unacademy also laid off employees.
After 2 consecutive quarters of lesser-than-expected earnings, Google warned employees of “dire consequences” unless things get on track in the next quarter. Google has already frozen it hiring this month, and not denying the possibility of layoffs, workers are worried for their jobs.
The post Who is Hiring Amid the Massive Tech layoff bloodbath? appeared first on Analytics Insight.
‘There will be blood on streets,’: Big tech execs warn employees about tech layoffs
AI technology is contributing giant effects to the transformation of society and business in a positive manner. Although AI has multiple pros in upgrading and automation it also evolves some serious cons and Tech layoff is the result of automation technology.
Over 180 big tech companies and tech start-ups have slashed more than 36,000 staff from their teams in the global economic downturn, in the past six months The Stack declares as a tech layoff’s bloodbath remains in the face of a challenging macroeconomic climate. The figures, compiled from public reports presented by San Francisco-based entrepreneur Roger Lee, appeared as cybersecurity firm OneTrust gashed 950 staff or 25% of its workforce from its part on June 9. The company raised $300 million in a Series C in December 2020, at a $5.1 billion valuation. “I know this news is surprising, chiefly as all know last month that the business is on track with record quarters and expanding on customer demand,” OneTrust CEO Kabir Barday told shocked staff.
Microsoft started, and other big tech imitates
Microsoft: Satya Nadella’s Microsoft was the opening Big Tech company to announce layoffs and it affected nearly 1% of its 1,80,000-well build workforce across its offices and product division.
Netflix: Streaming big tech Netflix faced a tech layoff of 450 employees in May and June this year. Being a victim of fewer subscribers count and massive drops in revenue forced the company to cut costs to tackle an unpleasant situation.
Tesla: In June, Tesla closed its San Matteo office, laying off 229 of its employees from the “moderately low-skilled, low-wage” autopilot department. This incident occurred following reports revealing that Elon Musk had a “super-bad feeling about the economy” and was determined to slash at least 10% of Tesla’s employees.
Apple: A few days earlier, Apple- the iPhone maker slashed off nearly 100 of its contract-based recruiters s ‘part of a push to minimize its hiring and spending.’
Twitter: Twitter laid off around 100 employees to reduce excessive costs. It also slashed 30% of its talent acquisition team.
What is the situation of IT firms in India: More than 12,000 workers employed in tech start-ups in India have been disoriented from their jobs in 2022. A few months earlier ed-tech firms like Byju, and Unacademy also laid off employees.
After 2 consecutive quarters of lesser-than-expected earnings, Google warned employees of “dire consequences” unless things get on track in the next quarter. Google has already frozen it hiring this month, and not denying the possibility of layoffs, workers are worried for their jobs.
The post Who is Hiring Amid the Massive Tech layoff bloodbath? appeared first on Analytics Insight.
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