Tech layoffs post-pandemic

Technology-driven companies across industries have been laying off workers at the fastest pace since the Covid-19 pandemic shocked the global economy in 2020, according to one data tracker. Collectively, employers in the slumping tech sector cut more than 150,000 jobs in 2022, based on estimates from Layoffs.fyi, a website that tracks the events as they surface in media reports and company releases. That figure compares with about 80,000 layoffs in March-December 2020 and 15,000 in all of 2021, based on data compiled on the site. Consumer and retail were the two hardest-hit parts of the tech sector in 2022, combining for about 40,000 layoffs. Facebook parent Meta Platforms accounted for roughly half of the cuts in the consumer group, while Amazon represented about half of those in retail. Travel-related tech companies were hit hard by layoffs in 2020 because of lockdowns and pandemic travel restrictions. The figures are rough estimates and don’t capture all layoffs, but reflect a trend that is playing out in many of the largest tech companies.

(Adapted from “Tech Layoffs Are Happening Faster Than at Any Time During the Pandemic,” by Andrew Barnett and Ming Li, published on January 3, 2023, by The Wall Street Journal)

Uplifting sorority houses for insta

Sorority house design is changing in the age of Instagram and RushTok. Interior designers have built businesses off of Greek life, as some sororities pursue multimillion-dollar renovations to modernise their houses. Liz Toombs, the owner of Lexington-based interior design firm PDR Interiors, says sorority design accounts for about 90pc of her business. Everything in the house must be durable to withstand heavy use, especially during the period known as recruitment, formerly known as rush, in which dozens or even hundreds of potential members pass through. The house must also look presentable and feel like a home since many women live there during their college years. It has become even more critical for sororities to put on their best face now that they are competing for a smaller pool of students. Undergraduate student bodies are down 9.4pc since spring 2020, a reduction of 1.4m million students, according to data from the National Student Clearinghouse Research Centre.

(Adapted from” Sorority House Design in the Age of Instagram and RushTok, by Kelsey Ogletree, published on December 29, 2022, The Wall Street Journal)

Iraq’s dinars and crypto

Economists and regulators warned the Iraqi currency was a gamble, but punters still paid high fees to own an illiquid currency that some thought might just become the most valuable in the world. Instead, it was devalued by 20pc in 2020. Sound familiar? The dinar is on economists’ minds again as the cryptocurrency market reels from its latest crash — with $2 trillion of value wiped off a market rife with fraud, theft and high-profile corporate collapses, including FTX and BlockFi. The parallels aren’t just about laser-eyed speculation, but the dinar’s historical development as a medium of exchange. While optimists such as investor Bill Ackman see crypto making a comeback if the right technological use case comes along, Iraq’s experience suggests that the survival of any form of money depends more on faith in the institutions backing it.

(Adapted from “Crypto’s Future Could Look Like Iraq’s Past,” by Lionel Laurent, published on November 30, 2022, by Bloomberg)

Sabotaging one’s own growth

Oftentimes, managers get so busy leading their team and fulfilling their wants and needs that they forget to focus on their own learning, growth, and development. Here are some challenges that new managers face when trying to grow.

1) You put yourself last: It can feel rewarding in the moment to sacrifice oneself for the greater good of the team, and at times it’s required. But this strategy has a short shelf-life. 2) You’re in your comfort zone and loving it: When things are working as they should, many of us reach a plateau that feels comfortable. This isn’t inherently bad, as we all need these moments to decompress and reenergise. But staying there too long can stunt your growth. 3)You rely too much on your manager: If you’re just stuck with a manager who is self-focused and unwilling to support your development, make conscious efforts to focus on your own learning.

(Adapted from “How Managers Unknowingly Sabotage Their Growth,” by Ian Daley, published by HBR Ascend)

Published in Dawn, The Business and Finance Weekly, January 16th, 2023