Job Crisis in IT: This year many big companies have cut their workforce citing different reasons. These include companies like Meta, Twitter, Netflix, Tesla and Microsoft. Let us tell you why the top IT companies are engaged in laying off their employees.
layoff of employees in facebook-meta
Facebook’s parent company Meta is cutting 13% of its staff (more than 11,000 employees). The company has also announced this. The reason for this has been attributed to the loss incurred by the company. META has been providing six months health cover to the laid-off employees along with 16 weeks salary, 2 weeks more benefit every one year.
Twitter lays off employees
According to the information, after the sale of Twitter, Elon Musk laid off about 3,700 employees. This number is almost half of the total workforce of Twitter. Musk has given the reason behind this, the financial loss to Twitter. The employees being fired from the company have been given three months’ time.
Microsoft lays off employees
Tech company Microsoft is also going to cut its workforce by 1%, which will be around 1,000. The company has announced this. The reason for this layoff is attributed to the very slow growth of the company in the last five years.
Tesla lays off employees
Tesla, another company owned by Elon Musk, will also lose 10% of its employees. In the mail to his employees, Musk has said that there will be more staff in some sections of the company.
Netflix lays off employees
Netflix has also laid off about 450 employees in its staff due to slow revenue growth. The company described this step as necessary for the betterment in the coming times.