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During this pandemic, not only are technology workers fearful that their job will end due to the economic fallout, but they are also postponing their vacations due to the worldwide pandemic, according to a, Orange County business attorney at the Nakase Wade law firm. Nakase Wade’s labor law lawyers focuses on assisting companies navigate challenging economic conditions.
A recent survey done asked 2,300 technology workers in the San Francisco Bay Area whether or not they were concerned that they would be laid off during the pandemic. It found that 53% of all employees are concerned that they will be laid off. In the same survey for those in New York, only 42% of workers were concerned while a mere 36% of UK workers are concerned.
The theory of why Bay Area workers had so much more concern due to the high population of venture-backed companies. Because of this, they may be more prone to losing their job in the case of economic fallout.
The coronavirus outbreak has had a large impact on my technology startups and companies in the Bay Area. Companies such as Uber, LinkedIn, Airbnb, and Lyft are some companies that have laid off many of their employees along with venture-backed employers.
In a June report from a company known as Visier, they have found that technology has been greatly impacted by the pandemic in many different ways. They also found that some of the biggest tech companies began laying off their workers.
Along with that, they found that many tech firms continued to cut jobs even after other companies stopped laying off their workers.
Because employee payroll and expenses are a large majority of tech companies’ expenses, these companies are cutting employees in the hopes of cutting down their costs.
