‘Bloodbath’ in store for Canadian tech sector as wave of layoffs looms, industry players say
Sophia Kunthara
June 6, 2022
Tech companies as big as Netflix have slashed jobs this year, with some citing the effects of the COVID-19 pandemic and others pointing to overhiring during periods of rapid growth. Robinhood, Glossier and Better are just a few of the tech companies that have notably trimmed their headcount in 2022.
To keep tabs, we’ve compiled a list of U.S.-based tech companies that have laid off employees so far this year.
New additions in the past week include Carbon Health, Loom, and Policygenius.
Most recently updated: June 6, 2022 SEENotable U.S. tech layoffs are included below. Please note that layoff and workforce figures are best estimates based on reporting. Columns are searchable and sortable.
The public markets have been hit hard in 2022, and that’s trickled down to the private markets. Inflation concerns, rising interest rates and geopolitical issues have all contributed to a roller coaster stock market.
Startups—especially the ones who benefited from a pandemic boom that’s starting to cool—are starting to feel the pressure too. Valuations, particularly at the late stage, have started to dip, and startups say it’s much more difficult to raise new funding in this environment.
Startups—especially the ones who benefited from a pandemic boom that’s starting to cool—are starting to feel the pressure too. Valuations, particularly at the late stage, have started to dip, and startups say it’s much more difficult to raise new funding in this environment.
Methodology
We’ve included both startups and publicly traded companies that are based in the U.S. We’ve also included companies based elsewhere that have a sizable team in the United States, such as Klarna, even when it’s unclear how much of the U.S. workforce has been affected by layoffs.
We sourced the layoffs from media reports, social media posts and layoffs.fyi, a crowdsourced database of tech layoffs.
Are we missing something?
Our hope is that this database will be as comprehensive as possible, so if we’ve missed any companies or if your company goes through layoffs, please let us know by filling out this form.
This layoff tracker will be updated at least weekly, if not more frequently.
A wave of layoffs hits tech
By Theunis Bates, Editor at LinkedIn News
Updated 2 weeks ago
The tech sector has had a tumultuous year. That trouble is now starting to translate into layoffs, with venture capital-backed firms being hit especially hard as investors abandon risky bets and seek immediate returns. So far this week, firms including fintech unicorns Bolt and Klarna and delivery startups Gorillas and Getir have announced workforce cuts. Tech giants such as Netflix and PayPal are also shedding jobs, while Uber, Lyft, Snap and Meta have slowed hiring.
Jake Heisler, CFP®• 3rd+Principal | Host of Wealth Mgt Mixtape Podcast2w •
2 weeks ago
VC is tightening their belts, and instructing their founders to do the same.
Unemployment is at VERY low levels (see chart).
The easiest way to tighten? Reduce labor expenses (aka layoffs) to lengthen the runway. While this is never a welcome sight, it is part of a normal economic cycle.
From Kenrick Cai: this might present some opportunities for young tech companies to poach some talent - https://lnkd.in/gjj4eHtK
#layoffs #venturecapital #founders #economics #startup
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Ramona Schindelheim
• 3rd+Journalist, Writer, Producer, Moderator, & Podcast Host2w •
2 weeks ago
There are about 10 million people in the tech industry in the U.S.
Half work for full-on tech companies, but sometime not even in a tech role – think customer service, administration, finance, sales, etc. The other half fill tech roles – IT, data analysis, cybersecurity, etc. – at companies in which technology is not their core business.
Despite "big tech" layoffs, many employers are desperate for tech talent, according to Todd Thibodeaux, president and CEO of CompTIA
“We see all over the world, there are just big gaps in talent pools where companies need more people. And it's not just the big-name companies. That's the misnomer about tech employment. A lot of times, the media will focus on Silicon Valley and use that as a proxy for the tech industry and employment,” Thibodeaux tells me in an interview for Work in Progress: A WorkingNation Podcast, out next Tuesday.
“You see some layoffs, which are happening in some companies now, and you're starting to see some people slowing their hiring, that's not the case in the rest of the tech employment space. You have lots of medium- and small-sized companies who are dying for talent, and they're not slowing down their hiring at all,” he adds.
You can listen to my full interview with Todd Thibodeaux Tuesday. Download the Work in Progress podcast wherever you get your podcasts or listen at our WorkingNation website. https://lnkd.in/ghU2U24M
A wave of layoffs hits tech
Market turmoil and an investor pullback are leading to job cuts at tech firms, with VC-backed startups and industry leaders all announcing layoffs and hiring freezes.View news story
Susanna Vogel(She/Her) • 3rd+Reporter, HR Brew2w •
2 weeks ago
In this week alone, at least 16 companies laid off more than 7,000 tech employees worldwide. As I was writing this story, we had to revise that count twice to keep pace with what felt at times like a cascade of layoff announcements.
Layoffs are tough news to absorb even as an outsider—so how did leadership announce the decision to individuals who were losing their livelihoods? We took a look.
https://lnkd.in/gvBWbbmw
#layoffs #tech #hr
Ramona Schindelheim
• 3rd+Journalist, Writer, Producer, Moderator, & Podcast Host2w •
2 weeks ago
There are about 10 million people in the tech industry in the U.S.
Half work for full-on tech companies, but sometime not even in a tech role – think customer service, administration, finance, sales, etc. The other half fill tech roles – IT, data analysis, cybersecurity, etc. – at companies in which technology is not their core business.
Despite "big tech" layoffs, many employers are desperate for tech talent, according to Todd Thibodeaux, president and CEO of CompTIA
“We see all over the world, there are just big gaps in talent pools where companies need more people. And it's not just the big-name companies. That's the misnomer about tech employment. A lot of times, the media will focus on Silicon Valley and use that as a proxy for the tech industry and employment,” Thibodeaux tells me in an interview for Work in Progress: A WorkingNation Podcast, out next Tuesday.
“You see some layoffs, which are happening in some companies now, and you're starting to see some people slowing their hiring, that's not the case in the rest of the tech employment space. You have lots of medium- and small-sized companies who are dying for talent, and they're not slowing down their hiring at all,” he adds.
You can listen to my full interview with Todd Thibodeaux Tuesday. Download the Work in Progress podcast wherever you get your podcasts or listen at our WorkingNation website. https://lnkd.in/ghU2U24M
A wave of layoffs hits tech
Market turmoil and an investor pullback are leading to job cuts at tech firms, with VC-backed startups and industry leaders all announcing layoffs and hiring freezes.View news story
Susanna Vogel(She/Her) • 3rd+Reporter, HR Brew2w •
2 weeks ago
In this week alone, at least 16 companies laid off more than 7,000 tech employees worldwide. As I was writing this story, we had to revise that count twice to keep pace with what felt at times like a cascade of layoff announcements.
Layoffs are tough news to absorb even as an outsider—so how did leadership announce the decision to individuals who were losing their livelihoods? We took a look.
https://lnkd.in/gvBWbbmw
#layoffs #tech #hr
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