{"id":24005,"date":"2022-06-15T09:47:40","date_gmt":"2022-06-15T13:47:40","guid":{"rendered":"https:\/\/www.technewsday.com\/?p=24005"},"modified":"2022-06-16T12:05:05","modified_gmt":"2022-06-16T16:05:05","slug":"tech-companies-lay-off-workers-in-face-of-industry-downturn","status":"publish","type":"post","link":"https:\/\/technewsday.com\/staging\/tech-companies-lay-off-workers-in-face-of-industry-downturn\/","title":{"rendered":"Tech Companies Lay Off Workers In Face Of Industry Downturn"},"content":{"rendered":"<p id=\"arIndex_1\" data-ar-index=\"1\">Tech companies are relieving workers of their duties as they look to combat the economic downturn that is shaking the sector. According to Layoffs.fyi, a platform that tracks job cuts in the industry, tech companies have laid off a total of 35,000 workers.<\/p>\n<p id=\"arIndex_2\" data-ar-index=\"2\">Tech companies are now reversing previous hiring plans. Established tech companies like Meta and Twitter have slowed or suspended hiring plans, while Netflix, Peloton and Robinhood are laying off workers.<\/p>\n<p id=\"arIndex_3\" data-ar-index=\"3\">Other companies affected include cryptocurrency exchange Coinbase, which plans to reduce its workforce by 18%, privacy and marketing firm OneTrust, which has laid off 950 staff, Stitch Fix, ID.me, PolicyGenius and others.<\/p>\n<p id=\"arIndex_4\" data-ar-index=\"4\">While the sharp decline in cryptocurrencies has affected some of these companies, inflation and the ongoing crisis in Ukraine remain important factors for others.<\/p>\n<p id=\"arIndex_5\" data-ar-index=\"5\">&#8220;Many technology startups that saw tremendous growth in 2020, particularly in the real estate, financial and delivery sectors, are seeing a slowdown in users,&#8221; Andrew Challenger, senior vice president of outplacement firm Challenger, Gray &amp; Chris, said in a statement.<\/p>\n<p id=\"arIndex_6\" data-ar-index=\"6\">The sources for this piece include an article in <a href=\"https:\/\/www.cbsnews.com\/news\/tech-companies-layoffs-stock-market-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\">CBS NEWS<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tech companies are relieving workers of their duties as they look to combat the economic downturn that is shaking the sector. According to Layoffs.fyi, a platform that tracks job cuts in the industry, tech companies have laid off a total of 35,000 workers. Tech companies are now reversing previous hiring plans. Established tech companies like [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,57,381,69],"tags":[],"class_list":["post-24005","post","type-post","status-publish","format-standard","hentry","category-careers-education","category-companies","category-operations","category-people"],"acf":[],"_links":{"self":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/24005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/comments?post=24005"}],"version-history":[{"count":2,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/24005\/revisions"}],"predecessor-version":[{"id":24007,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/24005\/revisions\/24007"}],"wp:attachment":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/media?parent=24005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/categories?post=24005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/tags?post=24005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}