On average, 1,600 tech workers have been laid off every single day in 2023 according to a recent report.
across the organization, including those in its Reality Labs division, which manages metaverse initiatives.
After aggressive hiring and expansion by tech companies during the pandemic, a wave of layoffs began last year. This trend has continued into 2023 as earnings declined across the board amid worries about an impending recession.it was eliminating over 8,000 jobs. The media company Vimeo and the supply chain software provider Flexport are two other tech companies that have reduced headcount.
Not only the tech industry is laying off employees. As dealmaking slows, financial giant Goldman Sachs began terminating 3,000 employees globally last week. For the first time in four years, BlackRock, the biggest asset management company in the world, is also eliminating up to 500 positions. Marc Benioff, the CEO of Salesforce’s CEO, explained his company’s reasoning for the downsizing in a memo to staff, saying: “as our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that.”
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