Asian Man Being Fired
In recent developments, Veho, a package delivery company, reduced its workforce by 20%, while Brex, a well-funded tech upstart, also announced significant staff cuts. Even tech giants like Microsoft and Google are not immune, with Microsoft recently laying off 1,900 employees and Google planning further reductions throughout the year.
To understand the extent of this trend, we turn to data from Layoffs.FYI. In September 2023, tech layoffs reached a low of 4,707 across 65 cuts. However, these numbers have escalated in the subsequent months, with over 8,000 layoffs in November and 7,000 in December, resulting from 72 and 56 known cuts, respectively.
This surge suggests a reversal from previous optimism, where rising valuations and targeted staffing reductions seemed to alleviate the need for large-scale layoffs. The current wave of layoffs indicates a more aggressive approach to cost-cutting and restructuring within the tech industry.
Analyzing these trends is crucial to understanding the dynamics of the tech labor market and the broader implications for the industry. As we delve deeper into the data, it becomes evident that the recent uptick in layoffs is not just anecdotal but a significant shift impacting the tech workforce at various levels.
