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

Tech corporations each large and small have cut jobs, including Netflix, which cited the results of the COVID-19 pandemic and overhiring during rapid growth periods. Other tech giants like Robinhood, Twitter, Glossier and Higher are a component of a growing list which can be continually letting people go.

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

Retail tech can be taking successful. USA Today recently reported that Shopify is cutting 10% of its staff, or nearly 1,000 employees, because of this of a sales downturn in recent months.

Unfortunately, the list of tech layoffs seems to continue to grow, and we’re keeping track. Here’s who’ve made major downsizing moves to their workforce to this point.

Hopefully, this trend will stop soon as Harvard Business Review identified that layoffs are awful for corporations. A study they raised showed that even only a 1% downsizing would result in 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.

01

Shopify

In a statement shared with employees in July, Tobias “Tobi” Lütke, Shopify’s founder and CEO, revealed that layoffs will occur across their recruiting, support and sales departments. The organization may even be removing “over-specialized and duplicate roles”, in addition to positions that were “convenient to have but too far faraway from constructing products.”

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

02

Netflix

With an initial round of reductions happening in May, it was reported a month later that greater than 300 employees were let go from the streaming giant across multiple departments, bringing the whole to greater than 450 to this point.

“Today we sadly let go of around 300 employees,” a Netflix spokesperson shared with Variety in a June 23 report. “While we proceed to speculate significantly within the business, we made these adjustments in order that our costs are growing in step with our slower revenue growth. We’re so grateful for every little thing they’ve done for Netflix and are working hard to support them through this difficult transition.”

03

Robinhood

NY Times reported on August 2 that the investing app giant laid off 23% of its staff due to imploding cryptocurrency market.

This got here just months after shedding 340 employees.

04

Twitter

Twitter laid off 30% of its talent acquisition team in July as reported by Techcrunch. This got here just two months after the corporate’s hiring freeze.

05

Snap Inc.

In a August 30 report by Verge, it was shared that Snap Inc. (Snapchat parent company) had laid plans to put off about 20 percent of its greater than 6,400 employees.