As Tech Layoffs Continue, Small Businesses Show More Stability in Workforce Management

Posted under: SMB
Date: 2024-02-08
As Tech Layoffs Continue, Small Businesses Show More Stability in Workforce Management

Silicon Valley's tech industry, known for its profitability and innovation, also witnesses frequent layoffs, with nearly 263,000 jobs cut in 2023. Big tech firms like Google and Meta post record profits even amidst layoffs, which drive stock prices higher. These companies, employing 2.16 million people, prioritize profits over job stability. Binge-hiring followed by layoffs, influenced by AI advancements, characterizes the industry's employment trends. When prescriptive job cuts no longer seemed necessary, Silicon Valley giants found another reason to keep cutting: the incredible labor-saving potential of artificial intelligence applications they were developing themselves. But that may be the price to pay for earning all the glory and mega-profits that many Silicon Valley companies command. If so, that may mean casting aside ambitions to succeed while treating employees thoughtfully, factors that keep small businesses on a more human scale.

Read more at: www.inc.com