Employers budget less for pay raises, plan fewer promotions in 2024: Report
While layoffs in the global tech industry continue unabated, employers in the US are planning to budget less for salary raises next year, according to a new report.
Wefox CEO Julian Teicke expressed his “disgust” at tech companies firing thousands of people, claiming that “they are humans.” Wefox is a $4.5 billion digital insurance company.
Teicke told CNBC that he finds phrases like “we have to remove the fat” and “never miss a good crisis” to be “a little disgusting.”
“These are individuals who may have left other employment to work for your company. These are individuals who may have relocated somewhere as a result of you. These are individuals who may have broken up with romantic relationships “Wefox’s CEO emphasized.
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“These are humans,” he added.
Wefox is a Germany-based firm that connects users seeking insurance with brokers and partner insurers via an online platform.
“I don’t believe in mass layoffs. We’re going to focus on performance, but not on mass layoffs,” he was quoted as saying.
He said that “CEOs have to do everything in their power to protect their employees. I haven’t seen that in the tech industry”.
As more and more companies across the spectrum sack employees amid the global meltdown, at least 853 tech companies worldwide have laid off about 137,492 employees to date, and the tally is only going north amid recession fears.
At least 853 tech organizations worldwide have fired around 137,492 workers as a result of the global economic crisis, and the number is rising as more businesses across the board cut staff.
Since the start of Covid-19, 1,388 tech companies have let go a total of 233,483 employees, according to statistics from layoffs.fyi, a crowdsourced database of tech layoffs, but 2022 has been the worst for the sector.
More than 73,000 US IT industry employees had been let go as of mid-November as a result of widespread employment cuts spearheaded by firms including Meta, Twitter, Salesforce, Netflix, Cisco, Roku, and others.
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