Tech companies, such as Google, Amazon, Meta, and Microsoft, are currently undergoing large-scale layoffs, despite being known for being employee-friendly in the past. According to Hugh Langley, a correspondent at Business Insider, these layoffs are occurring for several reasons.
Firstly, the tech companies are experiencing the potential for a living recession.
Secondly, these companies went through a hyper-growth mode during the pandemic where they hired extensively to cater to consumers spending more on digital goods and services.
Lastly, investors are putting pressure on the companies to trim headcounts.
This situation has caused a wake-up call for employees who previously believed that these companies were like a "big happy family." Tech employees are now realizing that they may not have job security in the same way that they previously thought.
An advantage or something extra, such as money.
A reduction in the amount of money that a company spends.