fbpx Skip to content
Premium Symbol Premium content

Tech redundancies: Managing the process and reputational risks in the UK

tech redundancies

Last month, Meta and Twitter, two of the tech sector’s largest players, announced they were making large-scale redundancies. While significant, this is unfortunately not surprising – the UK economy is expected to be in recession until the middle of 2023 and the tech sector in particular appears to be struggling to sustain the growth it has enjoyed over recent years.

High energy prices, elevated inflation, rising interest rates and global economic weakness have all led to businesses having to look elsewhere to make cost savings – and headcount is often the first port of call.

The tech sector has been hit particularly hard and the headlines speak for themselves: Snapchat cut 1,300 jobs back in August 2022 after failing to meet its growth plans, Meta cut 11,000 jobs this month following serious revenue losses, Twitter made 7,500 redundancies reportedly by simply revoking employees’ access to their systems, and Amazon plans to cut around 10,000 jobs from its corporate workforce due to underperforming units of business such as Alexa....

Topics