I ran a LTC company for 10 years. One of our 30 facilities was unionized in the mid-90s (UFCW) primarily due to mismanagement by the administrator and lack of oversight by the corporate staff assigned to that region.
Last year was, by all accounts, a bloodbath for the tech industry, with more than 260,000 jobs vanishing — the worst 12 months for Silicon Valley since the dot-com crash of the early 2000s.
Executives justified the mass layoffs by citing a pandemic hiring binge, high inflation and weak consumer demand.
Now in 2024, tech company workforces have largely returned to pre-pandemic levels, inflation is half of what it was this time last year and consumer confidence is rebounding.
Yet, in the first four weeks of this year, nearly 100 tech companies, including Meta, Amazon, Microsoft, Google, TikTok and Salesforce have collectively let go of about 25,000 employees, according to layoffs.fyi, which tracks the technology sector.
All of the major tech companies conducting another wave of layoffs this year are sitting atop mountains of cash and are wildly profitable, so the job-shedding is far from a matter of necessity or survival.
Then what is driving it?
"There is a herding effect in tech," said Jeff Shulman, a professor at the University of Washington's Foster School of Business, who follows the tech industry. "The layoffs seem to be helping their stock prices, so these companies see no reason to stop."
Some smaller tech startups are running out of cash and facing fundraising struggles with the era of easy money now over, which has prompted workforce reductions. But experts say for most large and publicly-traded tech firms, the layoff trend this month is aimed at satisfying investors.
Shulman adds: "They're getting away with it because everybody is doing it. And they're getting away with it because now it's the new normal," he said. "Workers are more comfortable with it, stock investors are appreciating it, and so I think we'll see it continue for some time."…[remainder is free via the link above]
i could forgo TJ'sKinda like the Chik-fil-a "boycott" years ago: if you go to TJ's, you ain't quittin TJ's.
Now places like Hobby Lobby on the other hand. Those get a quick ax.
yeah this is a weird situation for me. also I have a lot of shirts and hoodies I like.i'm going to have a difficult time boycotting sierra nevada beers. sorry barca.