Know The Difference Minute

Layoffs and talk about downsizing are increasing.

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Trouble in tech?
Welcome to the Know the Difference Minute for Tuesday, August 2nd.
Free breakfast and lunch. Unlimited PTO. Dogs and yoga and massages. Working for tech companies sounds great. Except the tide might be turning as layoffs and talk about downsizing are increasing.
Job postings for Metaverse jobs were down 80% between April and June. In San Francisco and Austin, open tech positions are off by over 8%. Google parent company Alphabet is slowing down hiring, so is Facebook.
For those still working, productivity is the focus. Mark Zuckerberg said he’s turning up the heat and if people decide Facebook isn’t for them, then self-selection is OK.
The work still exists. It’s now about hiring freelancers—a category that has more than quadrupled. Firms get what they need done without the obligation of having an employee they might need to let go at some point.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.