SAN FRANCISCO (KRON) — About a dozen tech companies have announced layoffs in 2022. Two of the biggest and most recent ones are Meta and Twitter.
A tech analyst who spoke to KRON4 believes that the tech industry will continue to be a driver of the Bay Area’s economy, but the number of jobs available and the roles that people are in may be changing.
“During the pandemic the tech industry went from an immediate downfall to an immediately huge rise and unfortunately it created unrealistic expectations of the kind of growth rates they could maintain,” President and chief analyst of Technalysis Research, Bob O’Donnell, says the tech industry is seeing a reset after years of growth.
This reset means there will be large numbers of job cuts in some of the older roles, but the market could still add a few new ones.
“Here’s the one thing to be clear, a lot of these companies still have openings, it’s just in different areas…A lot of companies are offering reskilling and training programs to learn the skills that are necessary, so I think you’ll see a lot of that happening as well.”
O’Donnell tells KRON4 that this may not impact the cities that the companies are based in as much as people think, as many of these roles had become remote.
“Downtown San Francisco has been facing a problem, even before all these layoffs because no one was coming into the office. People were staying at their home. In a way that doesn’t really change,” O’Donnell said.
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San Francisco Mayor London Breed was asked about the layoffs – she says the city needs to focus on attracting more industries. “I just think it’s going to be a challenge for the next couple of years and my hope is that we diversify industries, we look at clean tech, we look at some of the work we can do around green energy and enhance our manufacturing jobs and everything but it’s going to be a rough patch,” Breed said.
Breed has been using this as an opportunity to remind people about job openings within the city of San Francisco. She says hundreds of people have started to apply.