Business

PayPal is the most recent tech company to conduct layoffs, this time slashing 7% of its workforce.

According to the 2022-2023 SHRM State of the Workplace report, recruiting and retaining employees are among the biggest priorities for HR leaders this year.

Because recent layoffs have left several tech professionals in career limbo, other companies have been able to easily swoop in and fill in their own labor gaps.

Companies expected pandemic-era levels of demand to continue far into the future, but that just isn’t the case.

This week, the firm announced that 2,500 manufacturing jobs would be cut after experiencing disappointing fourth-quarter results.

Noncompetes prevent workers from pursuing better opportunities or becoming entrepreneurs — both of which are essential for nurturing a healthy, competitive economy.

“In hindsight, I was too ambitious in investing ahead of our revenue growth,” wrote Spotify CEO Daniel Ek.

Pichai cited problems with overhiring in recent years as a reason for the job cuts – a shared sentiment across the tech industry.

LinkedIn Economic researchers analyzed millions of jobs from the beginning of 2018 to July 2022 and were able to determine the 25 fastest-growing jobs of the last five years.

According to reports, the job cuts will impact around 11,000 of the company’s workforce, mainly across its human resources and engineering teams.