Acceleration In The Trend For Tech Layoffs Has Been Increase Significantly, Proves Google Search Data

Google Trend's data shows that the tech sector has faced a great layoff rate in the US during 2022.

Just after one day in November, when significant online companies such as Twitter, Meta, and others have declared that they will lay off a substantial number of their working employees, internet searches for tech layoffs in the same month of 2022 have increased by 1,300% in the United States.

In the year 2022, the new CEO of Twitter, Elon Musk reduced by 3,700, half the number of employees at his organization. Facebook’s main firm Meta described their way of layoff of 11,000 employees as the biggest-ever round of layoffs, which constitutes 13% of the total population of workers at the company. Similarly, Netflix too announced its two rounds of layoffs, which cleaned 450 workers from the company and Netflix’s stock badly went down to 58%. Then Lyft and Stripe announced their job cuts of around 13% and 14%, respectively. On the other hand, organizations like Snap and Robinhood also laid off their staff by 20% and 23% each.

PitchGrade, a site that creates innovative AI apps for business owners and offers real-time feedback on startup financing, provided the data from online searches that shows the spike of interest in tech layoffs to 14 times than weekly regular searches in the month of November. Luciano Colos, the CEO of the company describes this sudden interest as strange and unfamiliar. He claims that the flood of tech layoffs is making things complicated for young, experienced IT professionals. According to him, the majority of people after termination either search for new employment with a firm that is also terminating workers or with numerous startups which have more trouble acquiring funding. Most of the employees who get successful in maintaining their jobs are felt either lucky or bound or sometimes both simultaneously as they are unwilling to quit their jobs just because of the concern that they would be unable to get another one as good as the current one.

Macroeconomic issues are a recurring feature in the layoffs on this list. Smaller corporate earnings as a result of inflation, increasing interest rates, and the possibility of a recession upset investors. But a secret element—overzealous pandemic hiring practices—increases these hazards.

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