We haven’t seen a tsunami of layoffs like this since the Great Recession. According to Challenger, Gray & Christmas, the number of job cuts announced in January and February was 427% higher than the same period in 2022. Unfortunately, mass layoffs continued here in March. If business leaders believed that economic conditions would improve soon, they wouldn’t. Unfortunately, they can see what the rest of us can see. Economic conditions are rapidly deteriorating, and at this point even some of the wealthiest and most successful companies in the entire country are giving ax to large numbers of workers.
For example, Amazon just announced that 9,000 other workers will be laid off in their second round of mass layoffs…
Amazon on Monday announced plans to cut an additional 9,000 positions, its second round of mass layoffs in recent months.
The company will target roles in its cloud computing unit, human resources division, advertising and Twitch, according to a letter to employees from CEO Andy Jassy.
Amazon is the leading online retailer in the United States.
If Amazon executives expected 2023 to be a buoyant year for the company, they wouldn’t be shedding valuable employees.
Meanwhile, Facebook has Just announced another round of five-figure layoffs…
Facebook parent company Meta earlier this month announced plans to lay off another 10,000 workers after cutting 11,000 employees in 2022, and Google announced in January that it would cut about 12,000 jobs.
At one point, Facebook was swimming in more money than it knew what to do with.
But now Facebook executives are ruthlessly disposing of their bodies.
Another tech company that has already decided to implement a second round of layoffs is Waymo…
Alphabet’s Waymo released its second round of layoffs this year, the company confirmed to TechCrunch. Combined with the initial cuts in January, the standalone tech company laid off 8%, or 209 employees, of its workforce.
The layoffs – mostly engineering positions – are part of a wider organizational restructuring that follows a “budget-disciplined approach,” according to a Waymo spokesperson. In other words, the company is cutting costs where it can while continuing to develop and deploy its technology.
Unfortunately, this sort of thing is happening across the tech industry right now.
Chipper Cash Cross-Border Payments Platform significantly reduced payroll less than three months after carrying out a first wave of very painful layoffs…
African cross-border payments platform Chipper Cash made a second round of layoffs last Friday, just 10 weeks later. cut about 12.5% of its workforce (affecting his engineering team the most).
The company’s VP of Revenue shared the news on LinkedIn, saying “all areas” of Chipper Cash’s markets have been hit this time. “Friday was a sad day for Cash shredderbecause many talented people have been made redundant,” his message read. “For my network: there is an incredibly talented group of people in the US, UK, South Africa, Nigeria, Kenya, etc. They are all very experienced in managing teams and projects very complex and multicultural in the fintech space. All areas have been affected, from recruiting, HR, marketing, pricing, products, analytics, user experience, research, legal, etc. .
Overall, 503 technology companies laid off a total of 148,165 employees so far in 2023.
But I don’t want to give you the impression that this only happens in the tech industry.
For example, a major player in the pharmaceutical industry is also in its second round of layoffs…
Amgen Inc said on Thursday it would cut 450 jobs, or less than 2% of its workforce, making it the company’s second round of layoffs this year amid growing pressure on drug prices and high inflation.
“We have made these changes to realign our spending base in the face of mounting drug price pressure and high levels of inflation,” a company spokeswoman said in a statement to Reuters.
Nearly two-thirds of all Americans are currently living paycheck to paycheck, and many who lose their jobs will quickly be unable to pay their bills if they are unable to find a new job.
Much like during the Great Recession, we are likely to see large numbers of people losing their homes in the months and years to come.
And that means the ranks of the poor and homeless will soon swell.
This is truly bad news, as our rapidly growing homelessness crisis is already making headlines. around the world…
Shabby tent camps erected in city parks, along streets and under overpasses. Homeless people, many with mental health or drug problems, sprawl on sidewalks or subway seats. Needles and other accessories often nearby.
The scourge of homelessness in the United States is enormous and shows few signs of improving.
California is by far the most affected. It has about a third of all homeless people in the country, and Los Angeles, San Jose, Oakland and other cities in the Golden State have some of the highest numbers of homeless people in the country.
Things are particularly bad in Los Angeles.
It is reported that more than 65,000 people are currently sleeping on the streets of Los Angeles, and many of them are drug addicts who leave behind used needles and human feces. wherever they go…
Los Angeles City Council member Joe Buscaino has complained that children in his city have to “step over needles” and “human waste” on their way to school because of those crashing into them. residential areas.
“No child in America should be afraid to walk to school, and what we found in Los Angeles is that children are afraid to walk to school,” said the Democrat during a TV interview late last year.
“They tell their parents that they have to step over needles, human waste and deal with individuals who unfortunately suffer from psychotic behaviors – right next to their playground.”
This is our country now.
And the conditions will only get worse over time.
If you currently have a job that is important to you, I encourage you to hold on to it with all your might.
And I encourage you too prepare for the extremely difficult economic conditions ahead, because the years ahead will be completely different from those we have just experienced.
Decades of very foolish decisions have brought us to this point, and now our society will reap exactly what it sowed.