Recently, the tech giants have embarked on major staff cuts.
Meta is rumored to be laying off 11,000 people, Netflix 3% of its staff, Shopify 10% and Snap 20%. Twitter will also move in the same context.
These companies started seeing huge increases in their revenue from 2016.
But after the period of the Covid 19 pandemic, the increase was even greater as more people spent more time online.
That’s why they had to hire more people. At the same time, a race to claim talent began so that they could offer the best.
But things changed in 2021 when the global economy began to show signs of recession.
That’s why the mass layoffs began, so that there could be a preventive cost reduction.
[Source: http://www.wsj.com]
