Big Tech Layoffs +Hiring Freezes-What Should You Be Doing?

Every week in 2021, it seemed like a new tech start-up was being created and given a crazy evaluation. These crazy evaluations lead to these companies being valued high, raising tons of money, and doing mass hiring. If you have been working in the tech field for a while, and have a LinkedIn profile, there is a good chance you have had recruiters spamming your inbox about new opportunities.

However, what goes up, must come down. Just as fast as some of these companies were doing mass hirings, many are doing mass firings and hiring freezes now. This is not only limited to tech startups. Many established tech companies are also leaning toward this. Tech giants Netflix, Meta(Facebook), and salesforce are examples of this, recently announcing hiring freezes and layoffs to cut costs and prepare for the higher interest rates.

Other tech companies with high layoffs:

• Tesla is cutting about 10% of its staff
• BlockFi is cutting about 20% of its staff
• Coinbase is laying off 18% of its staff
• Redfin is laying off about 470 employees
• Unity has laid off 4%

Other companies that have slowed down mass hiring:

• Nvidia
• Microsoft