January was a tough month for tech employees around the world. Big Tech companies such as Microsoft and Google have joined the growing list of firms that are letting go of their staff, with an average of 3,400 people being laid off every day. In total, over 68 thousand employees in 219 different tech companies have been dismissed so far this year – and it looks like further layoffs may be on the horizon.
The majority of these job cuts were concentrated in North America; however Europe has also seen a significant number of redundancies across various industries including software development and telecommunications services. The impact is not limited to just those who lost their jobs either: many other workers are facing reduced hours or pay cuts due to budget constraints caused by Covid-19 related economic downturns.
It’s clear that there will be no quick recovery from this crisis for many businesses within the technology sector – but hopefully they can find ways to support their existing workforce while still managing costs effectively during these challenging times ahead. Companies should strive towards creating more sustainable working environments where everyone feels safe and secure regardless if they’re employed full time or part time; now more than ever it’s important for employers to look after those who remain loyal through thick and thin.