This year 2023 has not started on a good note as this year we have seen so many layoffs by tech companies. A total of 125,000 tech layoffs have happened in the first 2 months of this year 2023 this is just the beginning. This is not the first time when we have seen this kind of layoffs in companies but this time the numbers are on the higher side. People are affected financially and this is not a good thing for the economy however because of the financial crisis companies have to take this kind of decision.
Any big take giant that you name has done the reduction in manpower. Be it Google, Amazon, meta, etc, and even this is not the end as we can see much more in the coming months. We are left with over 9 months for the year and in this period we may see a lot of it. The world is going through a financial crisis kind of situation and the recent banking crash in the US can make things even worse as we are yet to know the total exposure to both banks. When the pandemic started in 2020, that time also we have seen a lot in terms of employment loss and even after more than 2 years, we are seeing a similar situation. The reason is different this time but the impact remains the smae.
Many companies overestimated the demand during the pandemic and hired more workers than they could afford. Now they are cutting costs by letting go of thousands of employees, from big tech giants like Meta, Microsoft, and Amazon to startups and apps. Meta recently announced the largest job cuts so far, with 10,000 workers losing their positions.
Its difficult to predict the global financial situation but as of now its not going well and this is why such layoffs are happening. Companies are trying to reduce their operating costs and as part of that they are reducing manpower because this is one of the components where they can get more savings. Above is the snapshot that I have taken from telegram and this number is alarming. The layoff for 125k people in just 2 months is not an easy thing and that too when we dont know if this is going to continue the same way.
Its better to look for options where we can work on our and it might take a long but at least we are not dependent on any company. I do agree that this is not easy but its possible and we should look for better alternatives to deal with this situation. During covid, we learned that the source of a second income is a necessity and it remains the same even now because of no certainty of employment.
Crypto is a better place to create passive income opportunities where we can build something in less time as compared to other segments.
Thank you