Tech bloodbath? Thousands of tech company employees being laid off worldwide

There's a lot of talk about a tech jobs bloodbath as thousands of tech company employees are laid off around the world.

More than 200,000 people have been laid off across more than 194 tech companies worldwide since the start of the year, reports trade journal Electronics Weekly.

Big, established concerns like Dell and Tesla are counted among these.

It's US-based firms that account for more than half the total global layoff, at close to 120,300 job cuts in the tech space.

Stephen Grootes asks tech expert Siphumelele Zondi what is going on in this supposedly booming sector.

Zondi says we should keep in mind that over the last few years, the tech industry has been hiring to the point of over-hiring.

This happened particularly during the COVID-19 years, buoyed by the hope that the tech boom would continue and last beyond the pandemic.

"What is happening now is there's a bit of normalisation, with industries going back to where they used to be.

"Big tech companies including the likes of Google and Facebook, that were trying a lot of new products in the past have also adapted as they grow, and are hiring in a more normal way as opposed to when they were in the growth phase and launching products."

Siphumelele Zondi, Tech Expert 

For more detail, listen to the interview audio at the top of the article