Tech giants continue to cut jobs
NEW YORK, UNITED STATES — Three years after tech firms went on hiring sprees, companies including Amazon, Microsoft, Google, and IBM announced massive job cuts.
Since January, employees retrenched by the said companies have already reached nearly 44,000. In 2022, the U.S. tech sector recorded 97,171 job cuts, a 649% increase compared to 2021, said consulting firm Challenger, Gray & Christmas Inc.
At the onset of the Covid-19 pandemic, tech firms aggressively hired staff to keep up with the uptick in e-commerce sparked by lockdowns all over the world.
Although global IT spending is expected to increase by 2.3 per cent in 2023 according to technological research and consulting firm Gartner, the prevailing supply chain issues, inflation, and the conflict in Ukraine are also having an impact on both business and consumer spending, leading to fears of recession.
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