Tens of thousands of tech workers have been laid off within days, as tech giants including Meta, Twitter, Salesforce and others shed headcount going into the final stretch of the year. At least 20,300 U.S. tech workers were let go from their jobs in November, and more than 100,000 since the beginning of the year, according to Layoffs.fyi, which tracks layoffs in the field.
Tech workers reported huge drops in confidence in their job security through the summer, as news of layoffs, hiring freezes and rescinded offers put a damper on what’s so far been a worker-driven Covid pandemic recovery.
But the latest headlines are all converging at once as businesses course-correct on over-hiring and acknowledge how rising interest rates are thwarting their growth plans, says ZipRecruiter chief economist Julia Pollak.
She says layoff numbers, even in the thousands, are “not surprising” given how the Fed’s raising of interest rates has made it…
