Key Points
4%), per the data available.. The report said that almost half of those laid off belonged to the age group of 30-40 years and had an average work experience of 11.9 years..
Thus, the layoffs not only affected junior employees but seniors too as inflation, supply-chain issues, and geopolitical unrest hit these companies revenue growth...
Thats a drastic reversal of the situation during the pandemic when the tech sector was booming and hiring skyrocketed with larger-than-usual salary packages something that would have added to operational costs...
Many venture-backed tech startups that havegone for layoffs pointed to a drop in startup valuation and a slowdown in venture capital funding as factors that drove their decision...
Although these companies have not directly spoken about reducing payroll expenses to allocate cash flow towards building and developing AI tools, there is much speculation on the disruptive potential of advancements in AI and automation on employment across sectors...
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