Indeed, the trajectory of job losses across sectors over time is disconcerting.
Several businesses are now undertaking massive layoffs of employees. Experts claimed that the pandemic is the primary culprit of this. In the peak of Covid-19, they must adopt the online paradigm and hire personnel because it quarantines the entire world.
Normalcy returns, forcing businesses to start physically pushing them to lay off workers. Meanwhile, the conflict between Russia and Ukraine has exacerbated this crisis and led to a global economic downturn. Thus, the global economy is currently in recession.
Furthermore, technological advancement has always fueled economic growth, which is another reason to consider mass layoffs. Several businesses must adapt to the reasons why technology must replace their employees and limit manual labor.
Numerous businesses recently announced significant layoffs. The CEO of Amazon stated their intention to eliminate 18,000 employees globally as part of their cost-cutting plan. Data management and hybrid cloud services provider NetApp said that it would let go of 8% of its workforce. On January 20, Alphabet, the parent company of Google, announced that 12,000 positions would be lost.
The companies mentioned aren’t the only ones facing mass layoffs; numerous huge businesses around the world anticipate doing so as well. More layoffs will occur this year.