The tech boom has receded to little more than an echo of late. Falling stock prices, an abrupt downturn in digital advertising and fears of a recession have sparked waves of job cuts across the sector. Meta has laid off more than 11,000 employees, or 13 per cent of its workforce, in the latest example of the painful retrenchment.
Yet chief technology officers of businesses outside the Silicon Valley bubble are still struggling to hire enough tech workers. Staff shed by tech giants should be quickly absorbed elsewhere. The Great Rotation should be followed by a Great Redistribution of talent.
Tech groups have announced 106,000 job cuts so far in 2022, according to Layoffs.fyi, a crowdsourced site that tracks redundancies in the tech industry. Lyft, Stripe, Snap and Twitter are among companies that are culling staff. Even those that have been relatively resilient — such as Apple and Alphabet — have paused or slowed hiring.