tech industry layoffs

Tech industry layoffs occur when companies reduce their workforce, often as a response to financial challenges, shifts in market demand, or strategic changes. This means employees lose their jobs, which can impact productivity and company morale. Layoffs help companies cut costs and adapt to economic conditions, but they also reflect broader industry adjustments, such as overexpansion or technological changes. While difficult for those affected, layoffs are sometimes necessary for a company's long-term health, aiming to ensure sustainable growth and competitiveness in a rapidly evolving market.