Google and Wayfair join tech companies announcing big layoffs

Google and Wayfair join tech companies announcing big layoffs

Google and Wayfair join tech companies announcing big layoffs


Google and Wayfair join tech companies announcing big layoffs

02:04

BOSTON – Layoffs have been sweeping the nation and hit a fever pitch during the last week.

Google, Microsoft, Salesforce, and Boston-based Wayfair all introduced main cuts to their workforce within the final seven days. It has resulted in tens of hundreds of layoffs simply this month. 

Wayfair made its announcement Friday morning that the corporate will let go of greater than 1,700 staff. That’s on high of the almost 900 the corporate laid off in August of 2022. 

In a memo to staff the corporate stated, “These modifications replicate efforts to remove administration layers and reorganize to be extra agile.” 

Peter Ireland has taught economics at Boston College for the previous 20 years. “There is not any method you may spin this as excellent news,” Ireland stated. “Those (companies) are all sectors of the economic system that actually boomed whereas the remainder of the economic system was struggling within the pandemic and its aftermath.” 

Ireland stated every of those companies decreasing their workforces fall within the class of tech, monetary or on-line retail. All sectors of the economic system that flourished throughout the pandemic and precipitated fast hiring tendencies to maintain up with demand.  

Sundar Pichai, the CEO of Google, introduced a discount of 10,000 jobs Friday. In a press release to the corporate Pichai stated, “Over the previous two years we have seen intervals of dramatic progress. To match and gas that progress, we employed for a special financial actuality than the one we face as we speak.”