This was about 40% of the number in November, when Meta became the first ‘big tech’ firm to trim the over-hiring of the pandemic period and reassure investors that it was cutting costs to improve profitability. Yet even this scale of lay-offs accounts for only a small share of the tech workers taken on since the pandemic started.
- Venture capitalists are pivoting to fund firms focused on permanent post-pandemic changes, implying that lay-offs will hit other start-ups.
- Non-tech jobs at tech firms are the most vulnerable.
- Severance payments account for nearly half of big tech’s USD10bn fourth-quarter restructuring charges, real estate for most of the rest.
- Job cuts may not revive faltering efforts to unionise the tech sector for as long as labour markets remain tight.