Tech Layoffs and Culture
1929 great depression, I believe nobody knows how many people lost employment, it looks happened across most of the business sectors, it seems around 15 million were unemployed and half of the banks collapsed in the United States, the share of steel was trading at the price of $262 and dropped to $22 in 1932.
Next, the great recession in the period of 2006-2009, saw the collapse of big financial institutions like Lehman Brothers, and Fannie Mae.
The next recession in the year 2020 due to the Covid-19 Pandemic, was felt hard by a lot of people who work in Auto, Transport, Hospitality, and various other sectors, Governments have to react with extreme measures and succeeded to a large extent.
History tells us that recession occurred due to the following scenarios
a. Wars, Natural disasters, Political events, and Health crises.
b. Bubble in asset prices.
c. When central Banks increase the interest rates.
d. Oil prices
Now the common thread in all this is our famous “Common man“, who takes the beating.
The recent tech layoffs in the tech industry are impacting a lot of workers, modern economies employ a lot of foreign workers, whose life gets impacted.
There is a difference between earlier recessions and this recession, here looks like the most impacted are the real estate and Tech sectors, here again, the culture of building up bubbles in real estate prices and projections on sales looks not right.
What is the impact on culture here!!
Some people are wary to join big tech companies again.
The brand value of big tech companies has taken a beating.
Computer science will not be a preferred major as it looks like before.