These Are The Tech Companies That Have Made Lay Offs So Far

After two years of mass hirings, we’re now in a reversal period.

Tech companies both large and small have cut jobs, including Netflix, who cited the effects of the COVID-19 pandemic and overhiring during rapid growth periods. Other tech giants like Robinhood, Twitter, Robinhood, Glossier and Better are a part of a growing list that are continually letting people go.

Recent data from LinkedIn show that fintech has also been trimming their workforce as well. Forbes reported that Chicago-based debit card company M1, reduced their team of 369 people to 349 in one month. Neobank reported a slight decrease in employees on LinkedIn as well. went also March to 135 today. PointCard, a debit rewards startup reported 105 employees in January and now it’s down to 61.

Retail tech is also taking a hit. USA Today recently reported that Shopify is cutting 10% of its staff, or nearly 1,000 employees, as a result of a sales downturn in recent months.

In a statement shared with employees in July, Tobias “Tobi” Lütke, the company’s founder and CEO, revealed that lay offs will happen across their recruiting, support and sales departments. They also said they’ll be doing away with “over-specialized and duplicate roles”, as well as positions that were “convenient to have but too far removed from building products.”

He continued, “As a consequence, we have to say goodbye to some of you today and I’m deeply sorry for that,” Lütke said.

Hopefully, this trend will stop soon as Harvard Business Review pointed out that layoffs are awful for companies. A study they raised showed that even just a 1% downsizing would lead to a 31% increase in people quitting, and survivors of layoffs have a 41% decline in job satisfaction and a 20% decline in job performance and productivity.

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