Together, four of the biggest tech companies have cut 50,000 jobs. Twitter’s incoming new boss, Elon Musk, is said to have fired half of the company’s employees at the end of last year. So, what is the true reason for these mass cuts that have left tens of thousands (80% of them in the US) out of work? The experts at 365 Data Science attempted to get to the bottom of this with their own analysis. Not surprisingly, tech companies—buoyed by record revenues during Covid—undertook a hiring spree with salaries and perks hitting record levels and are now looking to cut back. In addition, the median level of experience held by those who were let go is 11.5 years, so higher salaried employees were targeted, as were many in the HR function. While highly disruptive to personal lives of those affected, these layoffs present a vast reserve of experienced talent for employers. Please reach out to me to discuss your view and how it affects your company.
