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Recently, we have witnessed that several tech companies around the world have started laying off their employees. For example, we all have heard the news of Amazon, Netflix, Twitter, Meta, and other giant tech companies laying off, and this is major because they had done a lot of hiring and automation during the covid 19 years.

During Covid 19 Pandemic, most people were required to work from home, and several companies initially saw people being laid off, but then suddenly as companies realized that every work or purchase is done via online services, so they kept on hiring new talents.

Tech companies made a lot of money during these two years, because of this they thought that this was the new normal, and then people will continue using online means of dealing with their necessities.

But this actually backfired, as post-Covid 19 pandemics, people started falling back to their pre covid 19 lifestyle, and didn't use online mediums as much as they used to do!

Having said that big companies who initially required online video calls and conferencing technologies were also now aiming for their employees to come back and work in offices, because of which tech companies lost their revenue. Now, people were spending less time on their laptops watching web series and were more inclined towards exploring the world.

This all together created a series of miscalculations and build-ups, that made big tech companies take this decision of laying off people.

We are not going to talk about any single company, but all the tech companies around the world faced this challenge also because they were heavily invested in their new products and services, which they thought will be the near future.

Progress and Research did in VR technology by Microsoft or even Meta was a well-known example of how even big companies take things too further. Although these technologies are a big leap in the future, they still require a lot of refinement before they can be launched, and hence the R&D Teams which were hired were also laid off.

But it is actually sad because there are several people around the world who had their dreams in mind and that they wanted to build careers, which got shattered, but there is another aspect of this whole drama that we all have to go through, and that is,

Even big companies cannot guarantee job security ...

I have seen companies of age more than 42 years with 33k employees working in 22 businesses laying off people who have worked with the company for 3 decades.

This is sarcasm because then these companies expect "Employee Loyalty".

But before ending this answer, there is one more thing to consider, are big giants using this opportunity to cut fat from their organizations?

If yes, they are actually doing it just to increase profit margins for investors, and not because of any losses. Still, we cannot jump to any conclusion and will have to wait and watch!