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.

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

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

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

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

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Businesses were looking to reduce costs by reducing employee counts

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

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

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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.

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