29 Jul 2023
Are you one of those people who were affected by the all of a sudden layoff by your company? The substantial layoffs in the technology industry have left many people trying to understand the current employment status. With the ups and downs in the industry, we have witnessed quite a few changes in terms of hiring and firing.
Did you hear about the great layoffs made by Google in thousands of numbers? However, the dynamics and statistics in this industry change daily, making it difficult to assess the situation.
The recurring changes in the industry has affected the lives of people highly. They are somehow somewhere mentally unstable trying to cope up with the feeling of being fired out of nowhere for absolutely no reason whatsoever.
And what do we know about this? People are eager to know when the downsizing will subside, when the employment outlook will stabilize, and when companies will start hiring again. The truth is that all of these things are already happening, not just within the tech industry but across all industries that require IT experience.
What we have witnessed in the year of 2023 is that there has been significant layoffs by tech companies, both large and small. According to the online layoff tracker “layoffs.fyi”, as of late June 2023, 810 tech companies have laid off over 210,000 employees. This is compared to 1,058 tech companies that laid off nearly 165,000 employees in all of 2022.
The layoffs are not limited to big tech companies like Amazon, Alphabet, Microsoft, Meta, and Ericsson, but also include smaller tech companies and startups in various sectors. Smaller companies are struggling with funds leading to layoffs in a large number but what about bigger companies? Well, this is a question people have been asking and are still unknown about.
These are some of the statistics related to the IT sector layoffs. As we see the numbers, we witness that even though many people have been fired from the industry, the industry has seen a significant growth over some years.
After a decline in June 2020 due to COVID-19, IT employment started to recover and has now exceeded three million tech workers. By January 2023, there were nearly 3.12 million employees in the IT sector. The forecast for U.S. tech industry employment by 2032 is over 6.1 million people.
The layoffs in the tech industry have opened new opportunities for workers in other sectors. Industries such as hotel chains, retailers, investment firms, railroad companies, and even the Internal Revenue Service are actively hiring software engineers, data scientists, and cybersecurity specialists.
The federal government, in particular, is aiming to hire 22,000 tech workers in fiscal year 2023. Additionally, to keep in mind many people around the world have changed their fields due to the issues faced in the Tech industry of layoffs. The unexpected layoffs have greatly impacted the minds of people along with the health of their families.
Despite the layoffs, the tech industry itself is experiencing explosive growth and has the most aggressive hiring plans among all U.S. industries. This is driven by advancements in areas like artificial intelligence, machine learning, cloud computing, cybersecurity, and software development, which have a direct impact on companies in every sector.
The global IT market is projected to reach $4.6 trillion in 2023, despite economic turbulence. The artificial intelligence market alone is expected to be one of the fastest-growing industries, with a projected value of $328.34 billion in 2023 and a compound annual growth rate of 37.3% from 2023 to 2030.
The layoffs in the tech industry have been caused by a combination of factors, including the impact of COVID-19, economic slowdown, and poor business decisions. Companies may have over-hired during the pandemic, only to downsize later. Other factors contributing to layoffs include sales dips, recession fears, and geopolitical unrest. COVID 19 has brought out a massive change in many industries and low sales in the tech industry is one of the reasons.
How would you imagine your business to grow if you are unable to get clients? Why are we having trouble getting clients to our industry? There is no room for offline business in the market due to which people are lacking the tech material they need for their business growth leading to less sales and loss of clients.
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