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The boom in employment rates in 2020 in various tech and crypto firms and companies seems to have taken a turn for the worse in recent months. Amid rising inflation rates and slowing demand, multiple companies have had to cut jobs and hit the pause button on hiring new employees in the last four months of 2022. Some of the tech and crypto giants also seem to be facing massive layoffs and hiring freezes even though there are reports of a steady hire in other job sectors such as hospitality, education, business, etc.
Companies Experiencing Massive Layoffs And Hiring Freezes
Top 10 Tech and Crypto Firms that Announced Layoffs and Hiring Freezes
The fear of a recession and the increase in interest rates have led to many employees losing jobs or even having job offers rescinded in tech and crypto companies of all sizes. These 10 tech and crypto firms have had massive layoffs and hiring freezes in 2022.
Tesla
Elon Musk, Tesla’s CEO, has informed employees that there are plans to cut the company’s workforce by 10%. A large number of employees in the company means that 10% equals around ten thousand employees losing their jobs. The reason behind this massive layoff is that the company is overstaffed and Musk has “bad feelings” about the country’s economy.
Coinbase
Coinbase is one of the most popular crypto exchange platforms in the crypto space. The platform recently announced that there will be a hiring freeze in the firm for the foreseeable future. In addition to the hiring freeze, Coinbase will also be rescinding several job offers to people who have not started work. They also state they are taking full responsibility for the experience of the employees who are impacted by this action.
Netflix
A massive layoff at Netflix too was announced in order to reduce costs among the slowing revenue growth they are experiencing. The company states that the decision was made because of business needs rather than the employees’ performance. There were a total of 150 layoffs in the last couple of months. In addition to the layoffs in 2022, Netflix will also be pulling back on spending in order to control costs spent by the company.
Intel
Intel is another tech company that has recently announced a hiring freeze in 2022 as a part of a series of cost-cutting measures that the company is acting on. They are pausing all hiring and keeping job requisitions on hold for different divisions under the company, although current and outstanding job offers will be honored by the company. The main reason for this decision is for the company to be able to re-evaluate hiring priorities.
Gemini
Gemini is another crypto exchange that has recently decided to cut 10% of its staff. The increase in job cuts in the crypto space points towards a sag in the digital asset values which is a major turn of events as crypto was one of the largest hiring sectors. The firm has not disclosed the actual number of job cuts that were going to take place. However, this is the first time since the firm’s launch that a major layoff is being undertaken.
Stitch Fix
Stitch Fix is another firm that has announced that there will be a 15% layoff of employees with salaried positions. The high inflation and the ongoing war in Ukraine have led several American companies, including Stitch Fix to arrive at this decision. The layoffs in 2022 will be across different divisions in the company in order to reach a position for profitable growth in the company as a whole. The company expects to save several million dollars from the decision to lay off employees by 2023.
Meta Platforms
Meta Platforms is a social media, tech, and metaverse firm that has recently announced a hiring freeze in 2022 across the whole company. Some of the reasons for this decision are because of the low profits, a decrease in stock worth, and the company looking to prioritize assets. Although the company has had excellent results in some sectors, there are major setbacks that have led to the volatility of the stock prices leading to the decision to freeze hiring across the company.
Nvidia
Nvidia is a tech company and chip maker that has also recently decided to pause the hiring process. One of the main reasons given for this decision is to ensure that current employees are taken care of while inflation increases. The first half of the year has seen a successful hiring period for the company which will stop for the latter part of the year. Two of the major events that have led to this action being taken are the recent lockdowns in China and the closing of sales in Russia.
Salesforce
Salesforce is an American software company that has recently taken the decision to slow down the hiring process and cut back on expenses. The stock price of the company has also plunged almost 50% in the last six months which is one of the biggest market slumps faced by a tech firm since the pandemic began. This action is taken in the hopes to show the company’s financial stability after a multibillion-dollar acquisition.
Microsoft
A hiring freeze at Microsoft was also recently announced, slowing down the hiring process across different software groups within the company. One of the main reasons for this decision is the preparation for the new fiscal year. This will allow the right resources to be aligned to the right opportunities to allow growth and lead to an increase in the company’s share prices which have decreased in the last few months.
The decisions taken by many tech and crypto firms and companies point toward the slump that the stock market is heading towards. The action to have massive layoffs and hiring freezes in tech companies in 2022 are strategies that will hopefully let them continue to thrive in the difficult and volatile market.
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