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The Tech Bloodbath: What is causing a mass layoff in 2022?
This year, Tech giants such as Meta (formerly known as Facebook), Twitter, Stripe, and the like have begun firing employees in thousands, which is now being called the ‘tech bloodbath.’ While Twitter’s Elon Musk received massive backlash for unceremoniously laying off employees after buying the company in October this year, people praised the founders of Meta and Stripe for handling the situation with more empathy.
What is the reason behind this mass layoff?
At the beginning of the pandemic, most things were rapidly moved online and the usage of digital technologies and e-commerce increased to a great extent. This caused many CEOs in the tech industry to make the mistake of assuming that this ‘pandemic boom’ would last long after the pandemic. Therefore, most of them fell into the trap of overhiring. However, things did not go as per their plan and hence the tech companies are trying to rectify this mistake by laying off a certain percentage of their employees. The inflation in America is another possible reason for such a massive reduction in the workforce.
What comes next?
After taking such a big step of cutting down employees, the spokespersons of the above-mentioned companies as well as a few other tech giants have insinuated that they have done so in hopes of becoming more capital efficient. The job cuts indicate that payroll reduction is their top priority given the current economic scenario.
Amidst the chaos, Elon Musk tweeted, “Unfortunately there is no choice when the company is losing over $4M/day,” while Mark Zuckerberg wrote in a memo, “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected.” This indicates that these companies, and as a matter of fact, many more, have been suffering severe losses post the pandemic and have hence decided to cut down their costs by firing a percentage of their employees.
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