Despite Booming Economy And Record Profits Google, Amazon, Microsoft And More Lay Off Over 42,000 So Far In 2024::Despite a booming U.S. economy and significant advancements in the tech sector, including a robust performance by companies like Nvidia Corp. and a thriving artificial intelligence (AI) industry, tech companies have continued to lay off workers at an alarming rate in 2024. The tech-heavy Nasdaq index has shown an impressive uptick and the U.S. economy added 353,000 jobs in January, outpacing economists’ forecasts. However, this overall economic strength masks a wave of layoffs in the tech sector
They need to free up the cash to pay the CEO bonuses somehow.
Fucking seriously. My company (in the tech industry) has gone through a few rounds of layoffs recently. We keep hearing about how things are absolutely in the shitter and how we’re all struggling to survive tough times.
Then they shared their financials last week and we had a 20% profit margin!! I was expecting a negative profit based on all the layoffs and doom and gloom. Wtf!
It’s at the non-profits too. My work turned around suddenly in November claiming there was no money/funding for the work that had already been approved and highly praised. Gas lighting. Turning (or trying to) turn our colleagues against us. Yelling and crying (I kid you not, I was horrified at the time). Calling us disrespective and divisive (because we were trying to fix access/health and safety issues and had not only been given the go ahead, it was incorporated into our strategic plan in the summer and our boss repeatedly said that funding wasn’t an issue at the time).
Cue 3 weeks later in our AGM, where the auditors come in to talk about the financials.
“We have to be careful not to give the illusion that we’re hoarding money because we have so much in the bank”.
All because my bosses feelings were fucking hurt and she’s the definition of a fragile neo-liberal white lady who thinks she’s a radical leftist.
(We’ve now been in mediation for three months, surpriiiiise, lol. And I have lawyers on hand in case they don’t get their heads out of their asses, which seems more and more likely as time goes by becauze they broke labour law and my province’s human rights code)