While there have been some layoffs recently in the consumer goods sector and hints of more to come elsewhere, the situation in Silicon Valley remains in stark contrast to the economy as a whole.
The Labor Department’s latest employment report on Friday pointed to a year of, marking the second-best year for the labor market in records that go back to 1939. Meanwhile, a separate report from outplacement firm Challenger, Gray & Christmas found tech layoffs were up 649% in 2022 compared to the previous year, versus just a 13% uptick in job cuts in the overall economy during the same period.
Benioff began a memo to the employees of Salesforce last week by invoking, as he so often does, the Hawaiian word for family. “As one ‘Ohana,” he wrote, “we have never been more mission-critical to our customers.” But the economic environment was “challenging,” Benioff wrote. “With this in mind, we’ve made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks.
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