Tech layoffs is one of the most trendy topics of the month. Several top tech companies from around the world said ” You Quit” to its employees.
Like most businesses, IT companies have been impacted by the worldwide financial downturn this year. Many economic experts attribute these economic crises and thus tech layoffs to the impact of COVID 19 and the Russian-Ukraine war. This economic downturn has also led to layoffs in various other industries.
Mass firing of employees or tech layoffs has been all over the internet for quite some time. Even if you are not a tech savvy, you must have at least heard of the recent mass firing of the employees by Twitter. This mass layoff was followed by mass resignations. So, it has been a trending topic all over the internet. We used to see people talking about what is trending on Twitter earlier, however, following the acquisition of the company by Elon Musk, Twitter has been the town of talk itself.
So, there is no way you would not have come across the mass tech layoffs by the “weird genius”, billionaire Elon Musk ( unless you have no clue what the internet is or do not read news at all). While everyone must be aware of the mass tech layoffs done by Elon Musk, here are some other major giant tech companies that announced mass firing of their employees this November:
HP- One of the recent tech layoffs announced this month
HP declared that it will eliminate 4,000–6,000 positions during the following three years. This declaration is not very shocking considering the trending tech layoffs by top companies from around the world. The world renowned company, HP announced its intention of firing such large number of employees on November 2022.
By the conclusion of its fiscal year in 2025, the firm expects to save at least $1.4 billion annually on costs through restructuring and other measures, according to an announcement from the corporation.
HP places the responsibility on weak PC sales, which spiked during the corona outbreak but have subsequently been declining.
Although Google tried its best not to follow the trend of mass tech layoffs like the several other major tech companies, it failed to do so. And now, it has finally made an announcement of its intention to fire large number of employees based on their performance evaluation.
Google will adopt a performance improvement plan to progressively let rid of 10,000 employees. According to reports, the decision was made in retaliation to pressure from poor market conditions, activist hedge fund and the need to cut costs. Employees with poor performance reviews will be fired by the top tech company.
The performance management system may also utilize the evaluations to stop offering out bonuses and stock rewards. The tech giant is expected to start mass tech layoffs early on next year.
Twitter- One of the cruelest and biggest tech layoffs of 2022
After buying Twitter for $44 billion, it only took Elon Musk a week to terminate half of the company’s employees. Perhaps it did not come as a huge surprise to us. There were many reports of layoffs in the weeks prior to the acquisition. And we know the infamous Elon Musk does what he says. So, the tech layoffs was really inevitable.
The email on Friday, November 4, 2022 revealed the destiny of several of the Twitter employees . Those who are still employed will no longer be allowed to work remotely. They will be required to come into the office.
It is one of the most ruthless and largest tech layoffs this year. Twitter’s transition to the Elon Musk administration has been fraught with controversies, and things are likely to stay that way for some time to come.
Following the cruel tech layoffs, around 1200 Twitter employees resigned from the company themselves. This mass resignation of Twitter employees happened in the past few days. The situation at Twitter has finally cooled down a little. And after the major layoffs and resignations, Elon Musk’s company is finally open to recruitments now.
Meta’s plan to make significant layoffs has been verified. Mark Zuckerberg acknowledged in a statement that 11,000 positions, or 10% of the company’s staff, would be eliminated. Those affected will get 16 weeks of severance compensation in addition to two additional weeks of salary for each year of employment. Additionally, they will benefit from more career and health advantages.
Considering the other cruel tech layoffs that happened this November, this mass layoff by Meta seems quite considerate.
Also read: Tech Trends- Top Technology Trends of 2022
On Tuesday, November 15, the tech giant, Amazon, announced regional authorities in California that it will lay off approximately 260 workers at several locations. This tech layoff would implicate data scientists, software engineers, and other corporate staff working with the company. The mass tech layoffs will take effect starting o January 17, 2023.
Beyond the reported 260 layoffs, Amazon has not stated how many more may be planned. However, based on the pattern of large-scale layoffs in the technology industry, we may anticipate additional tech layoffs. Amazon employs more than 1.5 million employees worldwide.
Similar to other tech and social media companies, the online retail giant saw significant revenues during the COVID-19 outbreak as buyers increased their online shopping while locked in their own houses. But when the pandemic’s worst symptoms subsided and customers turned less and less to online shopping, revenue growth slowed.