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Tech Giants Forecasting Incoming Decline Amid Layoffs

Tech Giants Forecasting Incoming Decline Amid Layoffs

Recently, many technology conglomerates like Meta, Twitter, and popular ride-sharing services are forecasting declines as many have entered hiring freezes and started layoffs. Lyft, a popular ride-sharing service, has announced it plans to reduce approximately 13% of its workforce. Not to mention the droves of layoffs at Twitter in the last week prompted by the new ownership of the social media platform.

What do these layoffs mean for the technology industry as a whole?

Most industries are cyclical, sure. However, many of us in the IT space are not used to seeing so many sharp declines at a time. Historically, despite economic downturns, hiring in the IT and technology industries has remained in steep demand. Even smaller technology companies, like Coinbase and Robinhood, financial cryptocurrency platforms, are not immune to this decline. Both of these organizations have announced layoffs.

According to the New York Times, “The companies are navigating the same problems as the rest of the economy. Pumped up by aggressive consumer spending during the pandemic, they invested to keep up with demand. Now, as that spending is slowing, they’re trying to adjust. It hasn’t been easy.”

At APC, we recognize how challenging it can be – even in the IT industry – to navigate what all these hiring freezes and layoffs mean for the forecast of the industry as a whole. But not to worry, you’re in good hands with us. No matter where you are in your hiring journey, APC can meet you where your needs are. Reach out to our team today!

And while you’re here, don’t forget to view all of APC’s thought-leadership pieces, which cover a range of informational articles for both employers and professionals on topics like resume help, a study on the Great Resignationtop tech hiring trends this year, and more!

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