Boom or bust in '24? | Major corps are stuck in a hiring loop that needs to end

Over the past 18 months, we’ve seen an unprecedented volume of layoffs from market-leading firms, spearheaded by the ‘big tech’ industry.

The likes of Alphabet (the parent company behind Google), Amazon and Microsoft were responsible for tens of thousands of job cuts throughout 2023, with Crunchbase reporting that just these three firms alone shed over 38,000 staff.

Of course, as anyone who has kept up with global news headlines is aware, the wider shedding of staff throughout the year was much vaster in scope. Marketwatch data states that the tech industry has seen more than 240,000 jobs lost in 2023. This number was a stonking 50% higher than the previous year.

Now, as we look ahead to early months of 2024, the outlook isn’t much better. By the estimates of layoffs.fyi, the number of staff who have already faced redundancy within the year is swiftly exceeding 7,700 in the tech industry alone.