Analysis of Google search data reveals that online searches for tech layoffs in the United States rose 1,300% in November -- the day when Twitter, Meta, and other large tech companies announced they would be laying off thousands of staff, according to data released Friday.
Findings by the startup PitchGrade -- a site that provides instant feedback on a startup’s pitch deck for fundraising -- analyzed the online searches in Google Trends related to tech layoffs, estimating the interest skyrocketed to 14 times the average weekly volume in early November.
Luciano Colos, CEO at PitchGrade, calls the interest in tech layoffs “unprecedented.” He says the wave of tech layoffs is creating a challenge to young professional tech workers.
“Most of those laid off must either find new work with another company that is also laying off employees or with one of many startups, most of which are experiencing more difficulty raising capital,” Colos says. “Most of those who still have their jobs feel simultaneously fortunate and trapped, as they feel unable to leave their jobs for fear they may not [be able to] find another one as good."
Tech layoffs continue to rise. Colos estimates about 120,000 layoffs at the following companies as of November 14, 2022. The search interest peaked on November 6 and has fallen slightly since.
After the dot-com bubble (2000-2001) layoffs were approximately 107,000.
Additional increases in interest rates are likely to accelerate this trend, and more companies may feel more comfortable reducing their operating expenses by laying off more of their staff, says Colos.