AUSTIN (KXAN) — As the new year nears, many are uneasy about an imminent recession.
According to CNBC, U.S.-based firms announced 76,835 job cuts in November, many of which were major tech companies. This left many workers in the Austin area looking for new jobs.
The massive tower being built at Sixth and Guadalupe was originally set to house nearly 19 levels of office space for Meta. Now, the company plans to sublease the space rather than taking it over itself.
According to the Texas Workforce Commission, more than 200 Meta employees in Austin lost their jobs. Amazon also slowed down its hiring.
Austin-based tech consulting company Wursta worked with dozens of tech firms across the country. The founder believes all the folks starting to search for new jobs could actually enrich the talent pool for smaller startups here in Austin.
“Startups and smaller organizations now have the ability to really attract and have this talent and make their mark and really innovate and drive new things forward,” said Wursta CEO Matt Wursta.
Federal law requires companies with 100 or more employees to give at least 60 days advance written notice of a site closing and mass layoffs affecting more than 50 workers.
Despite what’s taking place in the tech field right now, this trend isn’t being seen all over. Looking at the federal job openings and labor turnover survey from October, layoffs in the U.S. have been at a historic low for almost two years.