Who Was Laid-off by Big Tech Firms in 2022-2023?

This video presents insights into the people 
laid off by Big Tech companies like Alphabet,   Microsoft, Meta, and Twitter in late 
2022 and 2023. To do this, 365 Data   Science researched 1,157 LinkedIn profiles 
of professionals impacted by the layoffs.  We collected data on gender, age bracket, 
position, time spent on the job, total work   experience, educational degree, and whether 
an individual could find a new occupation and   list it on their LinkedIn profile by January 30, 
2023. Company quotas were assigned to limit bias,   and convenience sampling was employed 
due to data accessibility limitations.  Tech companies—especially Big Tech firms—conducted   a hiring spree during the pandemic as 
the world moved online.

Perhaps in 2022,   they realized this isn’t sustainable 
in the current economic situation.  For example, the numbers show us that Apple—the 
company which grew its employee base the   least—has yet to announce any layoffs.
Some of the businesses that resorted to   layoffs are very profitable.
According to Yahoo Finance,   each of these firms posted impressive 
trailing 12-month net income results.  Moreover, these entities are famous 
for their cash-rich balance sheets.  Perhaps the true reason for the layoffs was not a 
pressing need for financial resources but rather   an adjustment to the new economic reality in 
which tech firms expect to grow slower due   to an uncertain macroeconomic environment and 
fears of recession. Therefore, companies try to   be more efficient by cutting personnel costs.
This is why we wanted to explore the profile   of individuals impacted by layoffs and 
provide independently collected data.  Let’s look at the study’s findings and try to 
understand who was impacted by the layoffs.  Surprisingly, data shows that 56% of all 
laid-off employees were female.

This is   unexpected because Big Tech firms have been 
famous for their efforts to promote diversity   and decrease the gender gap in the tech sector.
According to our research, nearly half of those   impacted are between 30 and 40 years old. More 
junior hires accounted for 36%, and unfortunately,   even some senior professionals aged 40 to 
50 and 50 to 60 were among those who lost   their jobs. This indicates that the layoffs did 
not convey the letting go of junior personnel.   The average length of working experience 
in our sample was 12 years—that is,   senior professionals who are typically expected 
to be more productive and ready to contribute.  On average, the individuals included in our 
cohort worked for Big Tech companies for 2.5   years before being laid off. This coincides with 
the lockdown period, which proves the theory that   many who were recruited during the COVID-19 boom 
are being let go now. Another valid question is   whether big companies managed to onboard these 
professionals as they should have, as this   probably happened in a remote working environment.
Considering the hiring freezes in many companies   that announced layoffs, it isn’t surprising 
that many HRs and recruiters lost their jobs   amid the 2022 and 2023 job cuts by Big 
Tech firms.

Leave a Reply

Your email address will not be published. Required fields are marked *