This year, 2023, will continue the trend of tech layoffs from the previous year - Amazon, Salesforce, and other companies have had to make job cuts.
Last year saw many major tech companies, such as Twitter, Tesla, Shopify, Microsoft, and Netflix, lay off staff, with the trend set to continue into 2023. Here is a timeline of the companies that have had to make redundancies in 2022 and 2023.
Amazon has recently announced that 18,000 of their staff will be let go, due to a leak. This is the second round of job losses in the last two months, with 10,000 roles being cut previously. No details have been released yet regarding which areas the cuts will affect.
Salesforce announced the reduction of 10% of its staff at the beginning of the year, citing an excessive hiring rate as the cause. Additionally, some of their physical offices will be closed.
TuSimple, a self-driving truck company, has announced that it will be laying off 25% of its staff, amounting to approximately 350 employees. CEO Cheng Lu expressed his regret for the situation but stated that it was a necessary step for the company to take to move forward toward commercialization.
Approximately 100 positions have been eliminated by Adobe, mainly in the sales department. The company noted that it is not conducting a company-wide reduction in the workforce and is still recruiting for essential roles.
"Due to current economic challenges, including inflation, rising interest rates, and a deteriorating environment, U.S. companies are facing the need to reduce costs, including through layoffs. This is particularly relevant after many firms over-hired during the post-pandemic boom in 2021."
Here are some tips that may help you navigate a tough economy where jobs may be scarce:
1. Stay informed: Keep track of what's going on in the economy, both locally and nationally, so that you can understand the context for any job loss or other financial challenges you may face.
2. Cut expenses: Look for ways to reduce your costs, so that you can stretch your budget further. This may include cutting back on non-essential spending, negotiating lower bills or fees, or finding ways to save on everyday expenses.
3. Boost your income: If you're able to, consider ways to increase your revenue, whether through taking on extra work, starting a side hustle, or finding ways to monetize a hobby or skill.
4. Seek support: Be bold and reach out to friends, family, or community resources for help. Many people find it helpful to connect with others who are going through similar challenges.
5. Keep your skills up to date: Make sure you keep your skills and knowledge up to date, as this will make you more competitive in the job market. Consider taking online courses or seeking out other opportunities to learn and grow.
6. Stay positive: It can be challenging to stay positive during tough economic times, but try to focus on the things you can control and the steps you are taking to improve your situation.