تحقیقی مثلث پارک - Should tech layoffs be considered a bellwether for the rest of the economy? If so then tougher times appear to be coming.
While many tech companies rapidly increased hiring following the onset of the COVID-19 pandemic resulting, two and a half years later, tech layoffs continue to lead headlines. They are not immune to the growing malady of a slowing economy.
“Meta, Alphabet, and Microsoft should be able to deal with ups and downs in revenue growth, as long as they can remain productive,” said Columbia Business School professor Dan Wang in an interview with CNN Business. But in the current environment “there is little evidence that these companies can maintain the same level of productivity.”
The latest company to announce layoffs is Facebook parent company Meta, with “many thousands” of jobs expected to be cut, according to reports in the وال سٹریٹ جرنل اور میں نیو یارک ٹائمز.
And that follows a week where Twitter, now owned by Elon Musk, began to cut 3,700 employees, about half of its workforce, and where Apple and Amazon both announced they would freeze hiring on new corporate roles.
Microsoft and Google parent Alphabet are also cutting back portions of the company and restructuring, though Google continues to hire for roles based in the Triangle. And Intel is expected to layoff as many as 20,000 workers, even though the company has announced major expansion plans in recent months, Bloomberg رپورٹ کے مطابق.
کیا ہو رہا ہے؟
Alphabet, the parent company of Google, delivered a recent quarterly earnings report that showed that advertising sales had slowed. Meta, too, showed a decrease in ad spending at their company’s platforms, and Twitter has had advertisers pull back from spending money on the platform.
“The revenue at the most well known tech companies comes from advertising,” said Jessica Mitsch Homes, co-founder and CEO of Momentum, in an interview with WRAL TechWire. “Marketing budgets tend to get scaled back when companies are looking to conserve cash in uncertain times.”
Consider Meta, as an example, said Homes. “Meta’s primary business model is driven by advertising,” she said. “Meta has also made a big bet on the metaverse, that bet is being met with investor skepticism and as a result, they’re announcing layoffs.”
It’s not just social media companies that rely on advertising dollars to drive revenue, though.
“Many of the companies that have announced layoffs are businesses that grew significantly during the pandemic,” said Homes. “We saw a lot of business growth during the pandemic due to the availability of cheap capital and in response to an unusual increase in demand for certain technology.”
But even though these companies may be household names, and even have workers in the region, there are hundreds of other employers in the region.
And those, said Homes, “are grounded in good fundamentals and didn’t experience the rapid but temporary growth in demand.”
Instead, the Triangle supports technology and technology needs across a “wide range of industries,” said Homes, adding that “diversification of industries will help soften the blow of any economic slowdown.”
For instance, the Triangle continues to attract economic development projects, including in technology, manufacturing, biotechnology, and pharmaceuticals, among others.
The numbers are growing
Outside of the Triangle and North Carolina, the number of job cuts that are occurring is growing, as this most recent edition of the WRAL TechWire Layoff Watch documents. For instance:
- layoffs.fyi reports that there have been nearly 9,000 tech startup layoffs already in November, not including any forthcoming layoffs at Meta. Further, there have now been more than 100,000 tech startup layoffs since January 1, 2022, according to the Layoffs.fyi database.
- Layoffs are occurring in the tech sector and in the real estate industry, two of the sectors most impacted by the Federal Reserve’s decision to increase interest rates, with four consecutive 75-basis point increases in recent months.
- And, further, tech sector layoffs have now risen to more than 52,000 as of November 4, according to TechCrunch.
Here’s the latest, from this week’s edition of the WRAL TechWire لی آف واچ which tracks job cuts and layoff news dating back to July.
Most recent layoffs
رپورٹ: ایپل جدید ترین ٹیک کمپنی ہے جس نے ملازمتوں کو منجمد کیا ہے۔
Late October layoffs
- 27 اکتوبر: Elon Musk completed the purchase of Twitter, and reportedly ordered job cuts, immediately, including the firing of three senior executives.
- 27 اکتوبر: Automotive supplier GKN is closing its Sanford facility and will lay off 47 workers
- 27 اکتوبر: Credit Suisse will cut ہزاروں ملازمتیں in a “radical” restructuring effort.
- 26 اکتوبر: Life science firm Medicago will cut 62 workers in a restructuring move.
- 26 اکتوبر: Zillow 300 کارکنوں کو چھوڑ دیا in order to focus on technology, with layoffs impacting Zillow Offers advisors, sales and back-end staff at Zillow Home Loans and Zillow Closing services, and other teams, TechCrunch reported. Zillow previously shut down Zillow Offers in the Triangle.
- 20 اکتوبر: U.K. company Arrival, which operates its U.S. headquarters in Charlotte, disclosed in a بیان ahead of its earnings report next month that the company will “restructure its business to focus resources on a family of Van products for the US market.” The firm announced job cuts, including ones that could impact workers in Charlotte, earlier this year. (The company has not yet responded to a request for comment from WRAL TechWire about how its announced restructuring plan will impact its North Carolina workforce.)
- 19 اکتوبر: Delivery company Gopuff, which has a North Carolina footprint and an office in Raleigh, is laying off more workers, Bloomberg رپورٹ کے مطابق. A TechCrunch ڈیٹا بیس notes that the company initially made layoffs in March, more followed in July, and a third round was announced in October, with about 2,200 total layoffs.
- 19 اکتوبر: Two property technology companies Zeus Living, based in سان فرانسسکو and Clever Real Estate, based in سینٹ لوئیس announced layoffs amidst concerns of a housing market slowdown.
ایمیزون کارپوریٹ کرداروں کے لیے نئے بھرتیوں پر 'توقف' کرے گا۔
Early October layoffs
- 14 اکتوبر: گوشت سے پرے lays off nearly one in five workers, or 19% of its workforce, as sales are lower than anticipated and the company is cutting back, according to CNBC.
- 12 اکتوبر: Salesforce makes job cuts and announces a hiring freeze, according to Protocol
- 11 اکتوبر: نمبر lays off about 10% of its workforce, or about 500 workers, according to TechCrunch, mostly among the company’s coaches, the second-such layoffs this year
- 11 اکتوبر: Udacity founder, president, and now executive chairman Sebastian Thrun برطرفی کا اعلان کیا۔ of 13% of its workforce, or 55 workers, citing “increasing market headwinds.”
- 7 اکتوبر: Impossible Foods is making layoffs, again, with an estimated 50 workers to get cut, according to ایس ایف گیٹ. That follows layoffs made earlier this year.
- 6 اکتوبر: Peloton will – again – lay off hundreds of workers in a move to “save” the company, according to its CEO
- 6 اکتوبر: Spotify will lay off less than 5% of its podcast staff, cancelling 11 original podcasts, according to a TechCrunch رپورٹ
- 6 اکتوبر: The so-called “crypto winter” continues, as Crypto.com will lay off an undisclosed number of workers. Originally, a رپورٹ from Ad Age suggested the layoffs could have impacted about 30% of the company’s remaining workforce, after it laid off more than 200 workers earlier in the year, but Tech in Asia رپورٹ کے مطابق on October 10 that the company said that was “inaccurate” despite Ad Age reporting that a spokesperson for the company did confirm there had been “targeted job reductions”
Peloton lays off hundreds more workers to ‘save’ the company, CEO says
Late September layoffs
- ستمبر 30: گوگل کرے گا shutter gaming studio Stadia
- ستمبر 30: Ashley Furniture shutting down Statesville, N.C., plant, with 111 affected workers
- ستمبر 30: Tech-enabled healthcare company Kepro laying off nearly 100 NC workers
- ستمبر 30: جے پی مورگن چیس ہے۔ expanding in North Carolina and, according to Reuters, plans to hire some 2,000 workers. But that doesn’t mean CEO Jamie Dimon believes there’s not a recession coming. Instead, Dimon told WRAL last week that there is “probably” a recession on the way.
- ستمبر 29: Meta has enacted a hiring freeze, according to بلومبرگ اور فوربس, and engadget reports that CEO Mark Zuckerberg also told employees there could be further restructuring or layoffs
- ستمبر 28: SoftBank will cut 150 of the 500 workers employed by the Vision Fund, the venture capital arm of the company, Bloomberg reported
- ستمبر 28: DocuSign to 671 کارکنوں کو فارغ کر دیا۔, 9% of company, as housing market slows, ایس ایف گیٹ reports. A day earlier, Divvy Homes, a startup backed by venture capital firm Andreessen Horowitz and Tiger Global Management, laid off about 12% of workers، معلومات کے مطابق۔
- ستمبر 27: Which workers are most vulnerable to layoffs?
More September layoffs
- ستمبر 26: Cuts at Goldman Sachs
- ستمبر 26: Cuts at Wells Fargo
- ستمبر 22۔ Pink Energy will آپریشنز بند کرو, according to a letter sent to all employees that was obtained by WRAL News. This came hours after a 5 On Your Side report about the company and its difficulties, and following a notice of facility closure and layoffs sent to the North Carolina Department of Commerce on September 12.
- ستمبر 22۔ ابھی خریدیں، بعد میں ادائیگی کریں۔ company Klarna will make another round of layoffs, four months after the company cut its workforce by 10%, with the new cuts affecting fewer than 100 workers, according to a رپورٹ from Sifted.
- ستمبر 22۔ Even as Google looks to implement cost-cutting moves and its CEO wants employees to be more efficient and productive, it seeks to hire more than 200 workers مثلث میں
- ستمبر 22۔ Kittyhawk, the air taxi company backed by Google co-founder Larry Page, will بند, though a joint project with Boeing will continue.
- ستمبر 21۔ Job cuts still sweeping across technology sector, but Meta and Google aren’t likely to call such cuts layoffs, WRAL TechWire reported.
- ستمبر 20۔ Real estate firm Compass, which is backed by Softbank to the tune of about $1 billion, will again make layoffs to its technology team, according to a رپورٹ from Bloomberg News.
- ستمبر 19۔ The number of open information technology jobs in North Carolina falls to an آٹھ ماہ کی کم ترین, according to the latest data from NC TECH.
جیسے جیسے برطرفی کا خطرہ بڑھتا ہے، کون سے کارکن سب سے زیادہ کمزور ہیں؟
More companies making layoffs
- ستمبر 15۔ Amazon confirms to WRAL TechWire that a Durham facility that employs some 400 workers is بند کیا جا رہا ہے, and a spokesperson tells WRAL TechWire that the company does not intend to lay off any workers, as every employee will be given the opportunity to transfer to another Amazon facility. Meanwhile, a group of Amazon employees who work in a Garner facility continue efforts to ایک یونین بنائیں.
- ستمبر 14۔ TRU Colors, a startup brewery in Wilmington, announced it would بند, and serial entrepreneur and founder George Taylor explains why.
- ستمبر 14۔ The cloud firm Twilio cuts 11% of workers and CEO Jeff Lawson explains why in a letter, noting that the company used an “Anti-Racist” lens in determining which employees would be laid off.
- ستمبر 12۔ Coats American, Inc. will close a Hendersonville plant and 51 کارکنوں کو فارغ کر دیا۔ by the end of November, according to a required legal notice sent by the company to the North Carolina Department of Commerce.
- ستمبر 12۔ Pink Energy, a solar company headquartered in the Charlotte area, announced it would 500 کارکنوں کو فارغ کر دیا۔ a few months after laying off 600 workers, with the CEO citing faulty equipment as the cause.
Pendo lays off about 5% of workforce, including workers in Raleigh
Early September layoffs
- ستمبر 8 – Avaya, with headquarters in Durham, announced it would reduce its workforce in order to lower costs to “position Avaya as a more agile and innovative organization,” the company’s new CEO told WRAL TechWire in a statement. The number of layoffs is not known; but the company allocated $11 million to be used to cover costs associated with laying off workers, as WRAL TechWire رپورٹ کے مطابق اگست میں.
- ستمبر 7 - Pendo layoffs affect 45 workers, less than 5% of its workforce, with half of those layoffs occurring in the company’s Raleigh headquarters location. WRAL TechWire confirmed the layoffs on September 12.
- ستمبر 2 – The latest data on the employment situation in the United States showed that the pace of job growth slowed in August but the economy added more jobs than expected during the month, a preliminary total of 315,000, though the unemployment rate increased as more people began to look for work and the labor force participation rate increased as well.
- ستمبر 1 - بے روزگاری کے فوائد claims fell, data showed.
یو این سی اکانومسٹ: لیبر فورس میں زیادہ لوگ شامل ہونا معیشت کے لیے 'سافٹ لینڈنگ' کی کلید ہے۔
August tech layoffs
Here’s a list of some of the layoffs that may affect North Carolina workers that occurred in August:
- اگست 31 - سنیپ چیٹ lays off about 20% of its global workforce of 6,400 workers.
- اگست 29 – Keter, US, Inc. will 68 کارکنوں کو فارغ کر دیا۔ in Stanley “due to changing business needs at the facility.”
- اگست 29 – 67 employees at UNC Rockingham Hospital in Eden face ملازمت میں کمی
- اگست 29 – Pandemic ‘winners’ including Peloton, Wayfair, Netflix, Zoom… are now losers
- 26 اگست۔ Novartis to close Wilson plant, affecting 240 workers.
- 25 اگست۔ Better, which has an office in Charlotte, makes its fourth round of layoffs in 2022 according to TechCrunch. Those four rounds of layoffs followed a mass layoff of 900 workers via a Zoom meeting in December 2021.
- 25 اگست۔ Outdoor furniture manufacturer Keter will 68 کارکنوں کو فارغ کر دیا۔ from a Gaston County facility, according to a notice filed with the North Carolina Department of Commerce.
- 25 اگست۔ Amazon will shut down the hybrid virtual and in-home care service, Amazon Care
- 25 اگست۔ Fewer Americans filed for بے روزگار فوائد than the prior week, but the four-week average rose, the Associated Press reported.
- 22 اگست۔ Ford announces layoffs of 3,000 white collar workers, CNN Business reported.
پریشان ٹیک فرم Avaya - ڈرہم میں ہیڈکوارٹر - کارکنوں کو فارغ کر رہی ہے۔
More August layoffs
NC’s economy takes a $1B hit in project cancellation – fifth announced this year
Even more August tech layoffs
- 4 اگست۔ Robinhood will make layoffs of 23% of its workforce, a few months after slashing 9% of workers. This includes 82 کارکنوں کو فارغ کیا گیا۔ in Charlotte and closing the company’s office facility there, at which it had promised to hire nearly 400 workers not more than 18 months ago
- 4 اگست۔ والمارٹ کریں گے cut 200 corporate jobs, according to a CNN report
- اگست 4 - Jobless benefit applications are again on the rise, according to the U.S. Labor Department, which is a sign that more layoffs are occurring
- 2 اگست۔ Job openings have plummeted since the last monthly survey, according to the data from the Bureau of Labor Statistics, the lowest since September 2021
- 1 اگست۔ Oracle reportedly to lay off thousands کارکنوں کی
NC ٹیک لیڈرز معیشت کے بارے میں زیادہ مایوسی کا شکار ہیں۔ 17.5% نے ہائرنگ فریز کو لاگو کیا ہے۔
Layoffs announced in July
- 29 جولائی۔ Cargo services firm in Charlotte cutting 154 workers
- 27 جولائی۔ ۔ تازہ ترین سروے کے نتائج from NC TECH show that 1.6% of surveyed companies have laid off, considered making layoffs, or furloughed workers, and another 17.5% have already implemented a hiring freeze.
- 27 جولائی۔ Automaker Rivian will lay off about 6% of its workforce, the founder and CEO sent in an email to employees (ٹیک کرنچ کی رپورٹ.)
- 26 جولائی۔ Layoffs at Shopify, with approximately 10% of global workforce slashed
ملازمتوں کی توقع سے بہتر رپورٹ کے باوجود برطرفی کا سلسلہ جاری ہے۔
Other reports, tech layoffs
More on layoffs announced earlier this year:
- Invitae announced it planned to lay off as many as 1,000 workers globally and Arrival, with a North American headquarters in Charlotte, announced it could cut 30% of its staff in the coming months. They’ll be making additional announcements in the coming weeks.
- Microsoft, which as recently as last month, told WRAL TechWire that it was hiring for hundreds of positions locally in the Triangle, has now also announced that it will سینکڑوں ملازمتیں کاٹ دیں۔. The firm is still hiring in North Carolina, according to the latest WRAL TechWire Jobs Report, though it does shows a drop off in the number of openings locally at the firm compared to earlier this year.
- Peloton, which had something of its own pandemic boom and bought a North Carolina company previously, announced it would no longer manufacture its own stationary exercise bicycles, and would تقریباً 600 کارکنوں کو فارغ کر دیا۔. (Editor’s Note: This was the first announcement from Peloton; the second announcement came later in the summer.)
- And Biogen, which has a big presence in RTP, برطرفی کا اعلان کیا۔ in a move to reduce costs last month, as well.
- Durham technology startup Adwerx announced it would 40 کارکنوں کو فارغ کر دیا۔, citing “macroeconomic uncertainty.”
Retention, retraining workers becomes focus for many employers in changing job market
More Triangle tech layoffs coverage
شمالی کیرولائنا کی سولر کمپنی نے 500 ملازمین کو فارغ کر دیا۔ سی ای او نے ناقص آلات کا الزام لگایا
Snapchat is latest tech firm to cut jobs: 20% of global workforce
مزید برطرفی: Wayfair اپنی عالمی افرادی قوت کا 5% کم کر رہا ہے۔
جینیٹکس فرم Invitae، موریس ول کی سہولت کے ساتھ، 1,000 سے زیادہ کارکنوں کو فارغ کرنے کے لیے
متعدد رپورٹس اوریکل کے ہزاروں کارکنوں کو فارغ کرنے کے فیصلے کا خاکہ پیش کرتی ہیں۔
برطرفیوں نے مائیکروسافٹ کو نشانہ بنایا: ٹیک دیو کا کہنا ہے کہ سینکڑوں کارکنوں کو چھوڑ دیا جائے گا۔
Job cuts at Biogen, which has big RTP presence, help drug giant reduce costs 40%
NC میں مزید برطرفی - میڈلائن سیلسبری کی سہولت کو بند کرنے سے، تقریباً 100 کارکنوں کو کاٹ دیا جائے گا
آٹوموٹو بنانے والی کمپنی چائنا گروو پلانٹ بند کر دے گی، 81 کارکنوں کو فارغ کر دیا گیا ہے۔
برطرفیوں نے مائیکروسافٹ کو نشانہ بنایا: ٹیک دیو کا کہنا ہے کہ سینکڑوں کارکنوں کو چھوڑ دیا جائے گا۔
پیلوٹن، جس کے پاس بڑے این سی پلانٹ کا منصوبہ تھا، بائیک بنانا بند کر دے گا۔ 600 نوکریوں سے محروم
