MYNORTHWEST NEWS

Seattle-based tech companies continue layoffs, ‘adjustments will be made’

Nov 18, 2022, 3:51 PM

Amazon store tech...

Amazon plans more layoffs. (Getty Images)

(Getty Images)

It is unclear if the worst is over when it comes to recent tech layoffs that profoundly impact employment in the greater Seattle region.

Thousands of workers have been given their pink slips, with others worried they may be next, and Amazon employees will have to wait until next year to find out whether they are on the latest hit list.

“Leaders across the company are working with their teams and looking at their workforce levels, investments they want to make in the future, and prioritizing what matters most to customers and the long-term health of our businesses,” CEO Andy Jassy wrote in a memo to workers.

Jassy explained that earlier in the month, positions were cut in the devices and books divisions. He wrote the layoffs will be announced next year.

“It’s not lost on me or any of the leaders who make these decisions that these aren’t just roles we’re eliminating, but rather, people with emotions, ambitions, and responsibilities whose lives will be impacted,” Jassy said. “Our annual planning process extends into the new year, which means there will be more role reductions as leaders continue to make adjustments.”

In other words, hold tight, we haven’t decided yet.

Tech layoffs aren’t ‘going to get better quickly,’ analysts say

The current expectations are that a total of 10,000 jobs will be cut.

Other tech companies are also talking about job cuts, but specifics are hard to come by. The rationale is overhiring plus a looming recession may contribute to these decisions.

While these cuts are the sector’s largest in history, they don’t seem to be having much impact on the overall employment rate in Washington.

The state gained 5,400 jobs in October, according to the October employment report issued by the Employment Security Department.

CNBC reports that cuts in the tech industry should not be an indicator of other industries.

“Morgan Stanley analysts said the large market cap of tech firms and ‘idiosyncratic’ hiring in tech relative to the rest of the labor market have resulted in tech layoffs having an outsized impact on perceptions.”

MyNorthwest News

Former President Donald Trump sits in Manhattan Criminal Court in New York City, on May 20, 2024. (...

Bill Kaczaraba

Bellevue man donates $1 million to Trump super PAC

A Bellevue man donated $1 million to a Political Action Committee (PAC) that supports Donald Trump just a day after he became a convicted felon.

2 hours ago

Photo: Auburn Police Officer Jeff Nelson....

James Lynch

Auburn Officer Jeff Nelson’s fate now in hands of jury

It has been five years since Auburn Police Officer Jeff Nelson shot and killed 26-year-old Jesse Sarey who was going through a crisis.

4 hours ago

Queen Anne, Uptown, parking...

Bill Kaczaraba

Power company investigating early morning outage to Queen Anne, Magnolia

Seattle City Light wants to know why 10,000 customers lost power in the early morning hours on Saturday.

5 hours ago

Image: A Seattle Police Department vehicle can be seen parked in the city of Seattle....

Bill Kaczaraba

Police search for suspects in West Seattle fatal shooting

In the early hours of Saturday morning, Seattle Police detectives launched an investigation into a fatal shooting in West Seattle.

6 hours ago

Photo: Medics respond to a crash in SeaTac on June 21, 2024....

Julia Dallas

1 killed, several others injured in major SeaTac car crash

Five people and two cars were involved in a violent car crash in SeaTac on Friday, the King County Sheriff's Office told KIRO Newsradio.

23 hours ago

Photo: Lacey police are investigating a deadly shooting....

KIRO 7 News Staff

21-year-old arrested in Lacey double murder after police chase

A 21-year-old man led police on a chase following the murder of two people whom he lived with in Lacey.

23 hours ago

Seattle-based tech companies continue layoffs, ‘adjustments will be made’