Workers feel the brunt of tech losses

The tech industry has been hit multiple times this year and the cracks are finally starting to show. Layoffs and hiring freezes are being widely implemented. The latest company to join the fray is Coinbase, a cryptocurrency exchange platform that recently released a statement announcing that it will be cutting 18% of its current staff. Wealthsimple, BlockFi and OneTrust also announced that they will begin laying off hundreds of workers. Uber, Twitter, and Microsoft have also slowed down hiring.

The fears of a possible recession, the cryptocurrency crash and the volatility in tech stocks, all seem to have increased the uncertainty within the sector and the companies seem to be dealing with it by cutting jobs. However, the crypto companies seem to be faring much worse than other tech contemporaries.

Regardless, some experts believe that these layoffs are not significant overall and that the number of job postings for the tech sector remains incredibly high. While some companies are laying off (majorly crypto-based businesses), others are still offering sizeable packages to newly available hires on the market.

The following sources were used for the article:

  • Tech companies rocked by layoffs as industry faces biggest downturn in two decades, CBS News
  • How bad is Big Tech’s hiring freeze?, Financial Times
  • Tech Layoffs Might Ease IT Hiring Woes, The Wall Street Journal

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