Nearly 60,000 Laid Off In January So Far As Major Firms Increase Cuts
Nearly 60,000 employees lost their jobs in large corporate layoffs in the U.S. so far this month—the highest monthly total since Forbes began tracking layoffs fueled by recession fears last year—with Google, Microsoft, Amazon, Goldman Sachs and Salesforce cutting thousands of employees.
https://www.forbes.com/sites/brianbushard/2023/01/21/nearly-60000-laid-off-in-january-so-far-as-major-firms-increase-cuts/
Working on mainstream technology has finally become an internationally exchangeable commodity employment pool.
Expertise level skills are not only discounted, but now not a major requirement for most workers.
Say goodbye to high salaries and profit sharing, we are mostly all just tiny cogs in a gear on this global machine, and we are expendable and easy to replace parts not at all necessary to its overall function.
If you think differently on above about yourself; great, but you are living in a dream world.
IMHO, Depends on what you mean by "tech sector". The infrastructure side of tech have hit a saturation point, including cloud - no growth, no disruptive technology in that area in the last decade (except cloud), be that Cisco or any of it's competitors. Growth in tech, in terms of demand, as of last couple years, has been in ML/AI ops, AI/ML generic, some data science (albeit not nearly as much money) , DeFi (if you'd be interested in finance) and possibly the unravelling quantum computing and communication space. CR talks about these areas in his Davos interview where he also claims (duplicitously) that "there will be no further layoffs"! But Cisco, even though they tend to put AI/ML in almost all powerpoints and LC has been talking "quantum" in some recent blogs, has no investment or business plan to grow on those as it stands today. They are, still, essentially, a box seller with exponentially complex licensing model in an effort to become a "software house" with marketing blurb. A long way to put money where their mouth is. Total failure there!