The fear of a global recession in 2023 is growing every day and tech companies are starting to feel the rumble as they announce thousands upon thousands of job cut-offs. The layoffs are targeting companies like Microsoft Corp, Amazon.com Inc., Meta Platforms Inc., where thousands of roles have been eliminated in human resources and engineering divisions. The news of massive job cuts has left a sense of fear in the air about the uncertain future. Many employees are concerned about their job security, as Microsoft Corp, in particular, is expected to start the layoffs soon. The unstable economy has done much detriment to many tech companies, leading many to drastically reduce costs and scale back employment. This is naturally very devastating for employees who now have to worry about finding a new job and struggling through such tough times.
The future of the tech industry, unfortunately, does not look so bright. With the current market climate continuing to be vulnerable, tech companies are hard-pressed to make wise decisions on how to remain afloat and profitable. Employers may have to choose to either lay off or reduce employee wages, both of which will affect the employees negatively. As the recession carries on, more tech companies are likely to join the procession and make similar cost-cutting decisions to produce returns and protect their bottom line. The situation is truly difficult, but as tech companies battle to keep their head above the waves, employees must look deep within themselves to search for a silver lining in the dismal times