Approximately 12,000 people were laid off from Google only a few weeks into 2023. This comes after Microsoft, Salesforce, Amazon, and Twitter were also host to mass layoffs.
The layoffs are likely due to mass hiring during the pandemic, and the subsequent plummet into recession. Economists are comparing the latest layoff trends to those of the 2008 recession, though the recessions each have unique causes.
Good Morning Everyone! Layoffs announced YTD:
– Google: 12,000 (6% of workforce)
– Microsoft: 10,000 (5%)
– Salesforce: 8,000 (10%)
– Amazon: 8,000 (2%)
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38,815Â tech workers have been laid off in 2023 pic.twitter.com/dN1RCD8Phe— Genevieve Roch-Decter, CFA (@GRDecter) January 20, 2023
The collapse of the subprime mortgage market is what primarily fueled the 2008 recession, while the 2023 recession is likely a result of several factors at play during the COVID-19 pandemic.
Oh yes … I remember the rounds of #layoffs that kept coming in the early 2000s. #techhttps://t.co/nLjsKAiGzC via @trippmickle @nytimes
— Theodora (Theo) Lau – 劉䂀曼 ???? (@psb_dc) January 20, 2023
The fluctuating cost of living due to inflation as many of America’s cities shift out of lockdown gave many little room to prepare for the worst case scenario of a layoff.
It is really sad to see all these #layoffs happening right now. I see people tweeting, "that's why you need to save." people, saving is luxury now. Saving is hard for many people due to high-cost living.
— Melissa Zárate (@Meli_Nicole_) January 20, 2023
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Others offer a different perspective–that the layoffs may not be a result of the recession, but of a lack of hiring planning from these major companies during the unprecedented pandemic.
Reminder that these #layoffs are not an indication of the economy but rather poor planning by these companies.
They likely laid off a lot of people during the pandemic.
And then over-hired.
Instead of cutting costs elsewhere, like executive pay, they're on a firing binge.
— Erin | VA Coach (@ErinBoothVA) January 20, 2023
The layoffs are not only effecting newer employees. Many long time workers were abruptly let go via a company wide email today.
It's hard for me to believe that after 20 years at #Google I unexpectedly find out about my last day via an email. What a slap in the face. I wish I could have said goodbye to everyone face to face.
#layoffs— Jeremy Joslin (@jcj) January 20, 2023
Twitter’s layoffs were a unique case–investor and entrepreneur Elon Musk bought the platform in late 2022. He laid off a data center, janitors at the company’s headquarters, and employees that fell under a variety of other titles.
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Wayfair, a furniture company based in Boston, Massachusetts, will reportedly be next to lay off thousands of tech employees.
A new report indicates that the next big tech employer planning thousands of layoffs is Boston-based Wayfair Inc. https://t.co/EuY9SY9HYN
— NBC10 Boston (@NBC10Boston) January 20, 2023
Tech is the latest industry to hit with layoffs, as several large media companies began laying off employees in December 2022. Notably, these were CNN, NBC, and Vice. Today, Vox Media announced they would lay off seven percent of their workforce.
Vox Media owns Thrillist, The DoDo, NowThis News, and Seeker. Journalists and designers have taken to Twitter to seek freelance work amid the abrupt layoffs.
Soooo, guess who got laid off from Thrillist! It's me! I'm available to work—the ideal is FT—the ideal is doing Entertainment again (since I wasn't doing that the last several months) but I also have no idea what I'm currently doing so I'm open to whatever but money pleasseeeee
— Kerensa Cadenas (@kerensacadenas) January 20, 2023
The stress of being laid off can be daunting, but TikTok has become a hub for people let go from their jobs across numerous fields. Many provide emotional support for one another, and offer solutions about finding work.
@yourrichbff Unfortunately, layoffs are likely in the next 6-12 months. #money #job #career #work #boss #corporate #9to5 #layoff #personalfinance #greenscreen
Others grieve the loss of jobs at their dream companies after years of hard work.
@meganarielll After days of waiting, today I got laid off. #techlayoffs #metalayoff #nontechnicalintech #jobless #funemployed
While the loss of a job can certainly contribute to financial stress, it can also be a huge trigger for emotional stress. Mental health professionals on TikTok have taken to the platform to remind people to give themselves grace during the difficult process. Some are taking their layoffs as an opportunity to change career paths and try out creative passions.
@avesinger A late night thought to all of those who have been laidoff. It’s all about the journey and am here for you. We got this ???????? #tech #careeradvice #motivation
Others continue to theorize about the reasons behind the sudden string of layoffs.
@demitashe What do you think? It makes sense #layoffs #layoffseason
Some lawyers are explaining subtle signs about what to look out for before a wave of layoffs hits the workplace.
https://www.tiktok.com/@craigleveyesq/video/7186685394711416110?_r=1&_t=8ZCAtkLy6dq
Amid an uncertain economy, workers are encouraged to make themselves as visible as possible in their place of work by choosing more in-office hours, taking on extra projects and simply maintaining open communication. The financial status of a company is ultimately what determines who gets laid off, but proving one’s essential contributions in the office might be just the lifeline they need.
