A worrying trend has been developing over the past few months. In an attempt to reduce costs, businesses are cutting back on their workforce after a surge in hiring at the world’s biggest companies.
Although it seems like yesterday that there were many job opportunities, companies are now preparing for a possible recession.
According to Crunchbase News, this is more than 37,000 tech workers who have been laid off in the U.S. so far this year.
Businesses increased their workforce to meet the skyrocketing demand in the months after widespread adoption of Covid-19. They didn’t know that rising inflation rates would slow down the demand.
Companies have one goal: to weather the recession.
Layoffs by some companies
TikTok
Employees of European TikTok were informed in July that their jobs might be at risk due to the company’s business restructuring efforts.
Anna Sopel, TikTok spokesperson at the time, stated that “there … Read more