Why are there so many layoffs in the tech industry?

The domain of computers and technology dates back decades ago in the 1950s. Since then there has been a tremendous amount of innovation.

Let us go back to the 2000s when the dot com bubble burst and produced several technology companies.

Tech companies have been growing at a rapid pace over the last few decades.

Current times portray unfortunate situations where above 200,000 lays-off occurred since the start of 2022.

The living expense also increased at a daunting rate with businesses making cutbacks in operations.

Businesses were looking to reduce costs by reducing employee counts

The global banks increased the interest rates significantly in order to contain the purchasing power of consumers

On the one hand tech layoffs are causing alarming situations for professionals.

There will be hiring and firing in any industry. But it is crucial to understand that the tech industry is growing and it will keep on growing.