Layoff Watch: Tech sector getting slammed in 2023 – should you be concerned? – WRAL TechWire

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Image by Niek Verlaan from Pixabay
by Jason Parker — January 10, 2023
Editor’s note: Layoff Watch is a regularly updated report exclusive to WRAL TechWire about job cuts and trends primarily in the high tech sector of the economy.
RESEARCH TRIANGLE PARK – Layoffs continue to pile up in the tech economy, but in North Carolina, there were the fewest number of mass layoff events and the fewest number of workers affected by a mass layoff in at least 25 years, according to a WRAL TechWire analysis of North Carolina Department of Commerce data.
Still, layoffs are sweeping across the technology sector, including impacting some in North Carolina, here in the first few weeks of 2023.
Headline examples: Today, Coinbase announced it would cut 20% of its workforce, about 950 workers, the second time the company has cut jobs in the last year. And, Cisco has begun layoffs and StitchFix announced it would cut 20% of its workforce. Also, last week, Salesforce said it was cutting staff by 10%.
Some laid off workers are forming communities online, including on LinkedIn, WRAL TechWire and CNN reported earlier this week.
But it’s possible that the U.S. economy could slip into a recession without hundreds of thousands of workers getting axed, Dr. Michael Walden, an economist, wrote earlier this month.
Still, Walden said at an event last week that unemployment in Cary and across the Triangle is likely to tick upwards during 2023 and that 50,000 workers in North Carolina could be terminated by their employers in 2023.
Mass layoffs, plant closures in NC hit lowest levels in 25 years despite slowing economy

Even without an active recession, job losses in the tech sector are already mounting in 2023.  Through mid-day on January 10, there had been at least 18,392 workers affected by tech layoffs at 37 different companies, according to a database maintained by Layoffs.FYI.
That comes after 2022, when there were 1,013 tech companies that decided to cut jobs in 2022, with at least 153,160 employees laid off, as tracked by Layoffs.FYI.
The latest layoffs include:
Scared you will be laid off? Here’s how to prep – or ‘cushion’ – for change

Here’s the latest on layoffs, from this week’s edition of the WRAL TechWire Layoff Watch, which tracks job cuts and layoff news dating back to July.
Tech employment climbs for 25th straight month – but layoffs are surging

Layoffs continued to sweep across the Triangle and the nation in the early part of December, despite the coming winter holidays.
Layoffs surge in tech – but not in ‘diversified’ North Carolina (so far)

Here’s the latest, from this week’s edition of the WRAL TechWire Layoff Watch which tracks job cuts and layoff news dating back to July.
Layoff fallout spills to LinkedIn: News feeds are filling up with job hunts

Report: Apple is the latest tech giant to implement hiring freeze

Amazon will ‘pause’ on new hires for corporate roles

Peloton lays off hundreds more workers to ‘save’ the company, CEO says

As threat of layoffs grows, which workers are the most vulnerable?

Pendo lays off about 5% of workforce, including workers in Raleigh

UNC economist: More people joining labor force is key to a ‘soft landing’ for economy

Here’s a list of some of the layoffs that may affect North Carolina workers that occurred in August:
Troubled tech firm Avaya – HQ in Durham – is laying off workers

NC’s economy takes a $1B hit in project cancellation – fifth announced this year

NC tech leaders grow more pessimistic about economy; 17.5% have implemented hiring freeze

Layoffs still keep coming despite better-than-expected jobs report

More on layoffs announced earlier this year:
Retention, retraining workers becomes focus for many employers in changing job market

More NC layoffs as Coats American to close Hendersonville facility, lay off 51 workers

North Carolina solar company lays off 500; CEO blames faulty equipment

Snapchat is latest tech firm to cut jobs: 20% of global workforce

More layoffs: Wayfair is cutting 5% of its global workforce

Genetics firm Invitae, with Morrisville facility, to lay off more than 1,000 workers

Multiple reports outline Oracle’s decision to lay off thousands of workers

Layoffs hit Microsoft: Tech giant says hundreds of workers to be let go

Job cuts at Biogen, which has big RTP presence, help drug giant reduce costs 40%

More layoffs in NC – Medline closing Salisbury facility, will cut nearly 100 workers

Automotive manufacturer to close China Grove plant, lay off 81 workers

Layoffs hit Microsoft: Tech giant says hundreds of workers to be let go

Peloton, which had plans for big NC plant, will stop making bikes; 600 to lose jobs


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