Most U.S. companies report their staff numbers are strong, but this year some very large companies are seeing some very large layoffs. From Twitter and Peloton to Zillow and Netflix...2022 pink slips abounded. Houston metro market manager for Robert Half Technology Robert Vaughn saying large companies could influence smaller ones. "People are always uncertain of their future. I know that these big companies can drive a big trend that smaller companies might want to follow ---- BUT --- when you look at how people are responding now, I'm still encouraged about what we are seeing here."
Vaughn sees no indicators of any of the 20+ Fortune 500 companies in this area following suit in the next year although he says some people applying for new positions may perceive a slower process. Big Tech layoffs and hiring freezes could be a worrying sign for other large companies that a recession is near. However, Vaughn isn't seeing it here for Houston's 20+ Fortune 500 businesses.
"The data still tells us that there are great opportunities in the labor market...and that there are more opportunities than there are people to fill them --- which is a good thing!" Still, CEOs from Snapchat to Carvana are readying their companies for the possible repercussions of growing “too quickly” during a bull market...so more massive layoffs may come in 2023.
Notable Company Layoffs in 2022:
Twitter layoffs: 50% of workforce
Snapchat layoffs: 20%
Opensea layoffs: 20%
Peloton layoffs: 32%
Opensea layoffs: 20%
Cameo layoffs: 25%
Virgin Hyperloop layoffs: 50% of workforce laid off (February, 2022)
photo" Getty
Big Tech seeing massive layoffs.