As our lives moved online during the pandemic, the tech giants’ businesses boomed, and executives believed the good times – for them – would continue to roll. But now many tech companies are seeing layoffs and cost cutting measures. Mike Morini, CEO of WorkForce Software, talks with BBC about what’s behind these layoffs and what the future looks like for the tech industry.
“The tech industry is exiting a period of ‘growth at all costs’ – including large tech brands that originally experienced high growth during the pandemic even as other industries struggled. Many tech companies over hired when access to growth capital was plentiful. Afterall, it’s in the industry’s DNA to innovate and explore new growth opportunities amid times of disruption,” said Morini. “During this moment in time, digital management tools will be more important than ever to ensure we don’t see a second crisis of staff burnout and disengagement, with consolidated teams needing to do more with less.”