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The golden age of working in tech, marked by lavish benefits like free food, travel stipends, and gender affirmation surgeries, is ending. In 2024, approximately 75,000 tech workers have been laid off, with companies like Amazon, Google, and Meta leading the cuts. The once-coveted jobs in tech are no longer a dream due to global economic shifts and industry changes.
After the 2008 financial crisis, low-interest rates allowed tech companies to flourish, with the NASDAQ growing significantly from 2010 to 2019. Employees benefited from stock options, becoming wealthy as tech stocks soared. However, the COVID-19 pandemic and subsequent interest rate hikes disrupted this stability. Demand for digital services initially surged but later declined, prompting mass layoffs to cut costs. Companies like Google, Microsoft, and PayPal significantly reduced their workforces.
Despite the tech sector’s turmoil, the broader job market remains strong, with a low unemployment rate and job growth. However, tech job applications have decreased, with more graduates seeking government positions. The industry’s perceived instability has led many to reconsider their career paths, favoring sectors with steadier growth. Nonetheless, the tech industry remains vital, with ongoing opportunities for those ready to face its challenges.
Categories: Geeks, Nerds, And Tech Stuff
