A terrible year for world economy, 2022 has been marked by troubles with supply changes that appear to never end, decreased spending, rising gas prices, and a stock market that has collapsed. The U.S. hasn’t been immune to economic problems, despite the fact that the currency is at its best point in a very long time.
Companies trying to cut cost in advance of uncertain times are seeing their stock ticker symbols decline while profits decline. They can only do so much in terms of limiting travel, stopping hiring, reducing benefits, and breaking leases before they must look at their headcount to determine where they can stay afloat.
The tech sector has suffered the most as customers spending and remote employment have altered the market. Some of the biggest digital businesses, including Facebook/Instagram, Peloton, Shopify, and Amazon, have announced layoffs. The top 32 announced layoffs this year, ranked by the numbers of people affected, are listed below. Based on reports layoffs from publicly available announcements or filings, all figures are approximations.
With restructurings and labor reductions, businesses began to tighten their belts earlier in the year, but direct layoffs in the second part of the year really speed up the process. The majority of the significant layoffs at the larger, more well-known companies happened in August and September, but they really peaked (so far) in October and November, particularly when Salesforce, San Fransisco’s largest employer, experience a rare wave of layoffs and Meta let go of 11,000 of its members.
Nearly 20,000 tech workers were laid off, according to announcements made by Meta, Salesforce, Stripe, GoPuff, and Twitter in the months of October and November.