Microsoft Makes Biggest Layoffs in Years. Take These Steps if You're Worried About Your Job
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Microsoft is the latest tech giant to announce significant job cuts, with plans to lay off 10,000 workers in the coming months. The cuts represent about 5% of the workforce, and, according to the New York Times, it's the biggest round of layoffs the company has made in eight years.
What's driving Microsoft's layoffs
In a note to staff, Microsoft Chairman and Chief Executive Officer Satya Nadella said, "Were living through times of significant change." He explained there were several factors behind the layoffs, one being economic uncertainty -- parts of the world are already in a recession and others are preparing for one. Plus, customers who spent more during the pandemic are now cutting back. Finally, on a positive note, he said that advances in AI mean a new wave of computing is emerging.
The job loss announcement comes as other tech and banking companies shed jobs. Amazon, Meta, and Twitter have all cut back on staff recently, as have Goldman Sachs and Morgan Stanley. As of yet, other sectors have not been so affected. But the fear is that cost-cutting measures will spread to other industries, particularly if the U.S. enters a recession.
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