Layoffs hit hard on tech workers in 2022
According to the data from the latest research, people that are working in tech companies were hugely affected by certain situations going on throughout the year, which affected tech companies of all sorts. Many employees lost their jobs.
According to a report by career transition According to Challenger, 13% of US tech employees lost their jobs in comparison to last year, with that figure expected to rise to 363,824 in 2022.
According to the report, certain factors had a significant impact on the companies, resulting in a large number of employees losing their jobs.Factors like the COVID-19 pandemic, the expiring of governmental aid programs, and many other factors that cause uncertainty were the highlighted factors that affected almost every sort of company.
Job cuts in 2022
Majorly affected companies that were affected by various factors in 2022 include tech companies, where almost 97,000 job cuts were made, the automotive sector, and the health care sector, which collectively made 30,000 cuts in each area.
Dividing the year in a seasonal term, the last quarter of 2022 resulted in about 155,000 job cuts, which made it the worst part of the whole year.
Along with this job cut analysis, the report also provides information about the sectors that made quite an improvement throughout the year. Companies like telecommunication, electronics, and apparel were among the list of companies that faced less cutoff in comparison to last year.
Despite the fact that many questions were raised about the failure of certain companies, they faced severe consequences in the form of a large number of job cuts. Despite these downfalls, many companies have experienced significant growth with the shift in industrial boundaries.
One recent ZipRecruiter study discovered that employees are still trying to manage to find re-employment pretty quickly, with 79% of tech workers being re-recruited within three months, despite the upsetting news that several thousand jobs are due to be axed by companies like Amazon and Salesforce in the first week of 2023.
Looking ahead, senior vice president Andrew Challenger of the business said, “Employers seem to be actively preparing for a slowdown, but the broader economy is still producing jobs.” As businesses become more cautious as 2023 approaches, hiring has stalled.
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