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Nearly 25,000 tech workers were laid off in the first weeks of 2024. Why is that? (www.npr.org)

submitted 6 months ago by L4s@lemmy.world to c/technology@lemmy.world

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Nearly 25,000 tech workers were laid off in the first weeks of 2024. Why is that?::undefined

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[–] JasSmith@sh.itjust.works 9 points 6 months ago (1 children)

There hasn’t been the same purge here in Europe. I think the US tech industry is very large, and covid saw demand surge, resulting in a lot of hiring. Demand slumped which led to this. We’re not seeing the same purge in other industries. Headcount just needs to normalise again, which I think won’t take much longer. Unfortunately there is a compounding factor: interest rates. Tech was propped up by free money. Without that, we might see larger structural issues in the industry. If companies start failing then we enter a new phase in the layoffs.

[–] Evotech@lemmy.world 2 points 6 months ago

Yeah very large at more at will employment so you can just Hoover up anyone and then see if you needed then later..