Where did all the tech jobs go?
The tech industry grew accustomed to its impressive presence. The boom of the late 90s and early 21st century brought a surge of young and wild-eyed dreamers to the forefront of tech and mainstream news. In 2013, dismal numbers and ongoing fiscal problems put a damper on the previous good tidings of leading brands in the tech space.
Though hard-nosed investors and confident CEOs pushed forward, expecting high returns and profits, earnings fell and layoffs flourished, offering the antithesis to rosy predictions. Peaks and valleys are expected in business, especially in the tech industry that hosts so many startups and nearly-identical products and service providers. However, big players in the space such as Cisco, IBM, Oracle and Research in Motion are reporting significantly high losses. As a result, the brands are lightening loads, commencing mass layoffs, also lessening consumers’ faith in mammoth and seemingly ‘untouchable’ brands.
Giants of the tech industry are not the only ones staggering. Lockerz trimmed a third of its staff in Seattle; TaskRabbit lopped off entire departments; and, Lytro, feeling trickle-down pressure, got rid of a number of workers due to revenue difficulties. The immediate state of the tech industry counters hopeful projections by the United States Bureau of Labor, estimating a 22% increase in employment by the year 2020. But, what brands may not make 2020? What major players have suffered, seeing waning numbers and an increase in layoffs in recent history?
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