In May this year, as start-ups and large technology companies were squeezed by rising interest rates and a wave of stock market selling, they laid off workers at the fastest pace in two years. According to the technology employment tracking website layoff According to FYI's data, 66 technology companies around the world issued up to 16800 dismissal notices last month, more than 13600 layoffs in 52 companies in the first four months of 2022, the largest number of layoffs in a single month since may2020.
Access:
Previously, supported by low interest rates and soaring stock prices, technology companies recruited heavily at the end of 2020 and 2021 to compete for talents. Since then, the flow of funds has basically stopped. The Nasdaq composite index, dominated by technology stocks, has dropped by 23.2% this year, and venture capital funds have gradually dried up.
What makes many technology workers more frustrated is that Marc Andreessen, a legendary venture capitalist and member of the meta board of directors, said on twitter in April this year that there is still more room for layoffs in technology companies. "Excellent large companies have twice the number of employees overstaffed, and poor large companies have four times or more overstaffed." He said.
Large technology companies such as meta and twitter, the parent company of Facebook, have frozen the recruitment of some departments, while other companies such as Microsoft, snap, Uber, salesforce, instacart and coinbase have also slowed down the recruitment speed.