(RoyalPatriot.com )- Reports show the American labor market has had a few turbulent years, from the brave resignations of 2021 to the “quiet quitting” trend that redefined the workplace in 2022. However, American workers want to hold on to their jobs in 2023, as the nation is on the verge of a potential recession that could have a significant impact on the economy of the nation.
According to a report, both the employed and self-employed, cited their current work-life balance as the main deterrent to leaving their current position. The rising economic unpredictability in the US and the rest of the world is also contributing to their reluctance to take chances and change jobs this year.
But the job cuts keep rolling on.
In an effort to cut costs, Microsoft announced earlier this month that it would fire 10,000 employees, continuing a trend that started in the tech sector in 2022.
Fortune Magazine reports that Paypal announced recently that it is letting go of about 2,000 workers.
CEO Dan Schulman said in a statement that about 7 percent of the company’s employees would be let go over the next few weeks. He explained that Paypal was working in a challenging macroeconomic environment and said that while the company had made progress in getting its cost structure under control, it still had work to do.
In the past few months, big tech companies have made significant cuts to their staff, which have been called “loud layoffs.”
For example, since Elon Musk bought Twitter, he has fired half of the staff. Amazon said it would lay off 18,000 people, and Meta (Facebook) said it would cut 11,000 jobs.
Breitbart reports Multinational companies like Amazon, Google, Salesforce, Facebook, and Microsoft are among the companies that have announced layoffs. A big part of these layoffs, about 80,000, are foreign workers who came to the United States on H-1B and L-1 visas and are now trying to figure out how to stay.
Statistics show an average of 1,600 tech workers are let go every day.