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Why are there Layoffs in Tech: Reinventing Career and Thriving Again

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Why are there Layoffs in Tech

Recent layoffs in Tech create many questions in the minds of career enthusiasts. Jobseekers find jobs after lots of hardship, and there comes a time when they lose them. Many employees and jobseekers face a tough time seeing the present layoffs in the Tech industry. This testing time started in the last few months of the year 2022 and has yet to stop. Still, even after a few days, we hear the same news repeatedly that some or other companies have sacked so many employees.

There will be reasons for the employer to take such an action, but doing so creates a challenge and an atmosphere of uncertainty for many.

What nos. say about the present layoffs in Tech:

There is a Downsizing of employees by major IT companies of the world right from 2022 to the current year. Last year, Microsoft, Google, Amazon, Twitter, and other tech companies removed 70000+ employees. The number is still increasing this year.
Taking insights from this link here is the table to show the enormous decrease in employee strength in 2023 from different sectors.

A Chart to Show Layoffs in Tech in different Sectors in 2023:
Tech Layoffs

This data from different Industries shows the number of job losses in famous companies from Jan 2023 to Feb 2023. The various sectors covered here are Technology, Cloud Technology, Financial Services, Automobiles, Telecommunications, Manufacturing, Retail, Real Estate, Consumer Durables, Chemicals, eCommerce, Transportation, Edutech, Aviation, and more. Amongst different industries covered here, 40000+ downsizing of employees happened in the Technology sector just in two months, which is the highest so far.
 Chart to Show Layoffs in Tech in different Sectors in 2023
Employees losing their jobs during a time when people are already facing other significant issues like retarded growth rate, fears of a recession in the year, and increased interest rates due to inflation has created an additional negative impact.

Diving in-depth to find reasons behind these layoffs in Tech:
There are several reasons behind the cut-down given by different companies. Trying to bring some important ones to your notice during COVID, the online market grew rapidly. The technology sector saw a huge demand for tech experts, and they were hired in enormous numbers. But after COVID became stable, the increased demand started decreasing. Hence the number of hiring that grew during this time had to cut down.

moving through this article here are some highlights:
• Google highlights the reason for the cut downs saying that the investors withdrew, seeing the impacts of the Recession. Also, customers have decreased buying, seeing the inflation and pandemic-based budget cuts.
• Microsoft too highlights a similar statement as the reason for the present downsizing done from its end.
• But the reason that the analysts presume for the present job cuts is the observed chances of Recession in the United States and Europe for the year 2023. And some of the additional reasons behind this scenario are decreased consumer demands, investor pressure, increasing rate hikes, and company cost-cutting.

GetAJob Delivering at its Best:
GetAJob has placed around 300+ job seekers

During this challenging time due to current layoffs in tech, it’s not so that there are no jobs available in the market. You must reach out to the correct source to get things done. During these challenging few months, GetAJob has placed around 300+ job seekers in different IT domains in the USA. People are better at utilizing this time to check opportunities in various fields. Some use it to learn new skills and pursue opportunities in that sector.

We need to be aware of the present trend but never lose hope, as there is always a way out; we need to check for it. And to all those who are determined to thrive back and reinvent in the Technology sector, GetAJob is there for you to the best of our expertise. To understand how we work check our website

To all the brave hearts looking for job opportunities in the USA, GetAJob Experts are here to assist. Please connect wecare@geta-job.com or call +1(614)593-3274.

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