Many of the world’s largest corporations enacted massive layoffs in 2022, with a total of 154,336 people in the tech industry losing their jobs. This wave of labor force reduction in the tech sector affects other industries as a result. Meta laid off the most workers, with around 11,000 people who lost their jobs in November, while Amazon was a close second at 10,000 employees laid off.
A primary reason for the major loss in tech jobs in 2022 was the amplified hiring during the pandemic. With people staying home, shopping, working, and seeking entertainment online, the demand was heightened for related jobs. When society returned to their jobs, the need for extra customer service and online employment was no longer as pressing. Stock markets have also taken a big hit over the past year given the persistent inflation, increased interest rates, and the general concern that we are headed towards another recession.
TradingPedia charted the ten companies that cut the most jobs in 2022.