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The U.S. economy is booming. So why are tech companies laying off workers?
(www.washingtonpost.com)
This is the best summary I could come up with:
Chavez is one of hundreds of thousands of tech workers who’ve been laid off in the past two years in what now seems like a never-ending wave of cuts that has upended the culture of Silicon Valley and the expectations of those who work at some of America’s richest and most powerful companies.
Last year, tech companies laid off more than 260,000 workers according to layoff tracker Layoffs.fyi, cuts that executives mostly blamed on “over-hiring” during the pandemic and high interest rates making it harder to invest in new business ventures.
And where we can find efficiencies and do more with less, we’re going to do that as well,” Amazon Chief Financial Officer Brian Olsavsky said in response to a reporter’s question during a Thursday media earnings call.
Unable to get back to the showstopping revenue growth of years past, tech executives are opting instead to put a positive spin on things for Wall Street by continuously cutting high-paid workers instead.
Even with several years of experience in software engineering, data science and manufacturing, including at Microsoft, laid-off Amazon contractor Jennifer Pearl said landing an interview has been tough.
For a former Meta user experience researcher in the Bay Area, who spoke on the condition of anonymity to avoid hurting her future employment prospects, the job hunt has been tough since her layoff last April.
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