Many of us can witness that top tech giants are firing their employees by multiple thousands in the count.
Recently, Google world's largest tech giant laid off 12,000 employees all of a sudden. Amszon cuts 18,000 jobs as well.
Even Meta another tech giant laid off 11,000 employees without any notice.
Twitter also laid off half of its employees after Elon Musk acquired it. Then Microsoft announced of laying 10,000 employees this year.
During the pandemic, there is an unprecedented rise in digital users all across the world.
To provide great tech experience, companies hired more employees.
Even companies paid huge salaries to top talents in the company.
But now due to the economic slowdown because of Russian -Ukraine War and covid pandemic.
The post-pandemic results in a decline in digital users and also there is a decrease in digital usage compared during the pandemic.
So, now the company is generating low revenues because of decline in users. Even companies are not getting funding from the VCs as well.
Ultimately, the company started cutdown costs by laying off their employees.