Though technology companies announced massive layoffs last year, 2023 has been much worse. Layoffs have far outpaced last year’s cuts, as tech giants including Amazon,Cisco, Facebook parent company Meta, Microsoft, Google, IBM, SAP, and Salesforce — as well as many smaller companies — announce sweeping job cuts.
The problem: Big Tech went on a hiring binge during the pandemic when lockdowns sparked a tech buying spree to support remote work and an uptick in e-commerce, and now they face revenue declines.
Continuing supply chain issues, inflation, and the war in Ukraine are also having an impact on both business and consumer spending, leading to fears of recession.
To read this article in full, please click here
Source:: Computerworld