{"id":22703,"date":"2022-11-20T12:29:04","date_gmt":"2022-11-20T12:29:04","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/what-is-behind-the-big-tech-companies-job-cuts"},"modified":"2022-11-20T12:49:19","modified_gmt":"2022-11-20T12:49:19","slug":"what-is-behind-the-big-tech-companies-job-cuts","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/what-is-behind-the-big-tech-companies-job-cuts","title":{"rendered":"What is behind the big tech companies\u2019 job cuts?"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>The first sign of job cuts at Amazon came from LinkedIn posts from laid-off employees. Then, Amazon\u2019s devices boss, Dave Limp, announced: \u201cIt pains me.
\n. We will lose talented Amazonians from the devices & services org\u201d. Across the tech industry, at firms like Twitter, Meta, Coinbase and Snap, workers have announced they are \u201cseeking new opportunities\u201d.<\/p>\n

Worldwide, more than 120,000 jobs have been lost, according to the Layoffs. fyi website, which tracks tech job cuts. Different firms cut employees for different reasons but there are common themes.<\/p>\n

As our lives moved online during the pandemic, the tech giants\u2019 businesses boomed, and executives believed the good times \u2013 for them \u2013 would continue to roll.<\/p>\n

Meta, for example, took on more than 15,000 people in the first nine months of this year. Now executives announcing cuts have said they miscalculated.<\/p>\n

\u201cI made the decision to significantly increase our investments,\u201d chief executive Mark Zuckerberg told Meta employees, as he laid off 13% of them.<\/p>\n

\u201cUnfortunately, this did not play out the way I expected.<\/p>\n

\u201d Market shifts Online adverts are the chief source of income for many tech firms, but for the advertising business, dark clouds have been gathering.<\/p>\n

Firms have faced growing opposition to intrusive advertising practices. For example, Apple made it harder to track people\u2019s online activity and sell that data to advertisers.<\/p>\n

And as the economy ran into trouble, many firms slashed their online advertising budgets. In the financial technology sector, rising interest rates have also hit companies.<\/p>\n

\u201cIt\u2019s been a really a disappointing quarter of earnings for many of the big tech companies,\u201d said technology analyst Paolo Pescatore of PP Foresight.<\/p>\n

\u201cNo-one\u2019s immune.
\n\u201d Even Apple has signalled caution, with chief executive Tim Cook saying the firm was \u201cstill hiring\u201d, but only on a \u201cdeliberate basis. \u201d Amazon attributed its job cuts to an \u201cunusual and uncertain macroeconomic environment\u201d forcing it to prioritize on what mattered most to customers.<\/p>\n

\u201cAs part of our annual operating planning review process, we always look at each of our businesses and what we believe we should change,\u201d spokeswoman Kelly Nantel said.<\/p>\n

\u201cAs we\u2019ve gone through this, given the current macro-economic environment (as well as several years of rapid hiring), some teams are making adjustments, which in some cases means certain roles are no longer necessary.<\/p>\n

We don\u2019t take these decisions lightly, and we are working to support any employees who may be affected. \u201d Cut the bloat Investors have also piled on the pressure to cut costs, accusing firms of being bloated and slow to respond to signs of slowdown.<\/p>\n

In an open letter to Alphabet, parent company of Google and YouTube, activist investor Sir Christopher Hohn urged the firm to slash jobs and pay. Alphabet had to be more disciplined about costs, he wrote, and cut losses from projects like its self-driving car company, Waymo.<\/p>\n

Elon Musk is certainly of the view that there is room to cut costs at his latest investment, Twitter, which has struggled to either turn a profit or attract new users.<\/p>\n

Added to that, many commentators argue Mr Musk paid over the odds for the firm, and the pressure is on to make his investment worthwhile. He laid off half the firm\u2019s employees; and for those who remain an \u201cextreme\u201d work ethic is promised.<\/p>\n

According to US media reports on Tuesday, Mr Musk told staff they needed to commit to a \u201chardcore\u201d culture of \u201clong hours at high intensity\u201d or leave.<\/p>\n

Scoop: Elon Musk just sent an email to all staff outlining \u201cTwitter 2.0\u2032\u2032, writing it will\u201dneed to be extremely hardcore\u201d. Long hours, high intensity. People need to click \u201cyes\u201d to confirm being part of this by 5pm ET tomorrow, else they get 3 months severance. More details: No more blue skies<\/p>\n

Industry watcher Scott Kessler also says there is less tolerance for big spending on high-tech gambles like virtual reality or driverless cars that may not pay off in the short term.<\/p>\n

Investors also see the high wages and cushy perks some enjoy in the industry as unsustainable. \u201cSome companies have had to face harsh realities,\u201d he said.<\/p>\n

Mike Morini, from WorkForce Software, which provides digital management tools said it appeared to be a turning point. \u201cThe tech industry is exiting a period of growth at all costs,\u201d he said.<\/p>\n

But while the big tech firms may be buffeted by economic headwinds, they are not broken. Amazon\u2019s proposed 10,000 job cuts in corporate and technology roles \u2013 its biggest such reduction to date \u2013 represents only 3% of its office staff.<\/p>\n

And the lay-offs may also be the start of new businesses as talented staff, dumped by the big firms, join or create start-ups. As veteran Silicon Valley watcher Mike Malone recently told the: \u201cI won\u2019t write the Valley off yet. I still have a lot of hope.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. The first sign of job cuts at Amazon came from LinkedIn posts from laid-off employees. Then, Amazon\u2019s devices boss, Dave Limp, announced: \u201cIt pains me. . We will lose talented Amazonians from the devices & services org\u201d. Across the tech industry, at firms like Twitter, Meta, Coinbase and Snap, workers have announced […]<\/p>\n","protected":false},"author":84,"featured_media":22702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,245,192,241],"class_list":["post-22703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-mauritius","tag-amazon","tag-mauritius"],"yoast_head":"\nWhat is behind the big tech companies\u2019 job cuts? - Mauritius<\/title>\n<meta name=\"description\" content=\"The first sign of job cuts at Amazon came from LinkedIn posts from laid-off employees. 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