What’s going on:
Unity Software – a well-known video game software developer – is planning to lay off approximately 600 employees, according to a recent SEC filing.
The software company is on the growing list of tech companies that have already announced massive layoffs in 2023. This is Unity Software’s third round of layoffs in recent months. The company has previously slashed 248 jobs in January, and around 225 jobs in June of last year, according to CNBC.
Massive tech giants like Google, Microsoft, and Salesforce, have all announced their own respective plans at the start of 2023. In January, Google announced plans to lay off more the 12,000 employees, Microsoft announced it would lay off 10,000 employees, and Salesforce announced it would lay off 7,000 employees, according to Tech Crunch.
Why it matters:
Tech layoffs are a response to the current economic environment and the increasing need for companies to adapt to factors – like high inflation.
Layoffs from the technology industry in 2023 are making a big impact on the job market as there are now more skilled workers looking for new jobs. The increase in layoffs of skilled technology workers could make it harder for those searching for new jobs in the sector.
How it’ll impact the future:
The recent Unity layoffs, along with other significant workforce reductions in the tech industry, represent a major shift in how economic factors are impacting the workforce. This could result in lower wages and reduced job security for some workers.
Job growth within the tech industry is expected to slow down significantly in the upcoming year as tech giants like Unity, Meta, Twitter, Amazon, IBM, Google, Microsoft, and many others lay off thousands of staff.