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Study: 42% Of Tech Workers Were Semi-Surprised By 2022 Layoffs

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Economic instability in the wake of the pandemic continues to ebb and flow as a combination of surges in COVID-19 across communities, rampant inflation, and the ongoing Great Resignation, force businesses of all sizes to reconsider their operating costs to stabilize profitability. Unable to gauge or even keep up with cost and supply lines, many organizations are turning to one of the few lines on their P&L sheet that they can control to reduce costs: labor. 

Layoffs typically occur during economic slowdown to help businesses survive the lean times between economic booms, especially in the technology sphere. As portions of the economy began to recover earlier this year in 2022, tech industry experts in the media started talking about just how chaotic the tech industry has performed, with data showing that the market segment has experienced several cycles of growth and decline. 

These cycles are natural for the tech industry but often occur over much larger periods. The uncertainty has forced many established high-tech names to execute mass layoffs—that is, either laying off at least a third of their workforce in 30 days or 500 employees or more in less than 30 days, regardless of company size.

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Source
upcity.com
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