Tech Jobs Malfunction?

As hindsight is 20/20, it is easy to see that the pandemic caused a boom in tech and other industries, and now that the shutdown and immediate aftermath is over, the pendulum is swinging the other way. The slowdown in business is causing turmoil in economies around the world. Weak consumer demand, and especially the downturn in China have already forced many businesses to lay off workers, and even more layoffs are expected. A white-collar recession seems to be looming, according to many experts. Consumers have been changing their spending habits and keeping one eye on the possible looming recession, and this does not bode well for the economy as a whole.

Tech Troubles Continue

The economy and indeed the world have been on a roller coaster ride for the last several years, and the average person is just waiting for the ride to come to an end so they can get back to their normal life. With the Great Resignation that occurred after the pandemic, when workers realized they could find a better job or they could live without the paycheck entirely, many companies rushed to hire more workers. Unfortunately, some of these companies hired too many. When people started pulling back from discretionary spending with a possible recession looming, there were too many workers. The tech world has been trying to right the ship since this realization was made.

According to a report from Reuters, “Tech companies shed more than 150,000 workers in 2022, according to tracking site Layoffs.fyi, and more layoffs are expected as growth in the world’s biggest economies start to slow.”

And it seems like it will be white-collar workers that bear the brunt of the layoffs this year. Forbes Magazine explained the mayhem quite clearly. Meta had the biggest workforce change of any company in 2022, laying off employees in November. The parent of Facebook said it would cut 13% of its workforce, which constituted 11,000 employees. They cite mounting costs and a weak advertising market. Additionally, Amazon axed 3% of their workforce, or 10,000 employees. And not to mention Twitter, with Elon Musk at the helm, who got rid of a full 50% of its workforce.

The entertainment world is not faring any better, according to Reuters, with cable TV network AMC Networks cutting 20% of its U.S. workforce, just as CEO…