Amazon’s increased target to cut 18,000 jobs is just the latest move by tech giants to do more with less, and the first expenses being trimmed are human beings
says more than 37,000 jobs have already been lost across the sector just since the start of this year.
In its most recent quarterly financials, for the period ending Sept. 30, Alphabet’s Google-centric, advertising-dependent main business line saw revenue rise only 2.4 per cent year-over-year, compared with 66-per-cent growth a year earlier. In the same quarter of 2022, Meta’s ad revenue fell 3.7 per cent, after 33-per-cent growth between 2020 and 2021.
For Jeffrey Pfeffer, an organizational behaviour professor at Stanford University’s Graduate School of Business, in the heart of Silicon Valley, that human cost may be largely unnecessary.or a lot of these companies – it’s not that they are losing money, or that they’re in any kind of financial danger if they did not lay people off,” Prof. Pfeffer said in an interview. “It’s just that they’re trying to maintain their margins and their profits.
“Oftentimes layoffs inhibit customer service and inhibit the innovation and product and service development that is necessary to build successful enterprises,” he said.
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