Alphabet, Amazon and Microsoft are planning to lay off more than 40,000 workers in total, but reading the numbers alone misses an important question about the tech industry.
While that’s a lot of people losing their jobs, it is a small percentage of the employees of those companies, which have hired hundreds of thousands of workers collectively since the COVID-19 pandemic began in 2020.When people hear layoffs, that is a highly charged word. It triggers emotions. But you have to understand this in the broader context, which is there was explosive growth during the pandemic, and all that growth was unexpected.
For example, Amazon announced projected layoffs of 18,000 — but the company hired hundreds of thousands of workers during the pandemic, becoming the second largest private employer in the U.S. behind Walmart.Source: SEC filings, quarterly reportsSource: SEC filings, quarterly reportsMany companies that didn’t accelerate their hiring to the same degree during the pandemic, like Apple, have not announced any plans for layoffs. At least not yet.
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