Large technology companies started cutting costs through employee layoffs in 2022. It appears the trend will continue in 2023.
Large tech companies such as Alphabet, Microsoft, Twitter, Twilio, Yahoo, Zoom, and eBay have announced cuts for 2023. Amazon has announced job cuts of up to 18,000.
Most of these companies were beneficiaries of the pandemic-era policies. These policies included money being poured into the economy and a work-from-home strategy for many employees. So, what about other types of businesses?
Some non-tech businesses are also looking for ways to cut costs. For example, utility company Duke Energy Corp is pushing a $300 million cost and job-cutting plan.
Big banks are also announcing layoffs because mortgage and investment activities are slowing down. Banks such as Morgan Stanley, Goldman Sachs, and Citigroup are making the changes.
For now, it does not appear that manufacturing companies are forecasting any layoffs. The 2023 manufacturing outlook indicates the labor market will remain tight and talent retention strategies will be needed.
Trickle Down to Smaller Businesses
We were happy to find that the manufacturing outlook is pretty good, but know that forecasts can change quickly. Our 40 years of experience tell us that.
We are a small machine shop that machines and fabricates all sorts of components. Most of our customers are larger businesses. We have no current plans for layoffs.
This blog post was faithfully researched and written by a human being.