August 19, 2016
Cisco has announced that the company is cutting 5,500 jobs. While the number is large, there’s an even bigger trend happening in the technology sector that is causing these job-cutting effects. As cloud computing continues to grow exponentially, analysts foresee even more layoffs for hardware companies.
This year alone, technology companies in the country have cut roughly 63,000 jobs, and according to Trip Chowdhry of Global Equities Research, there will be 370,000 layoffs across the sector this year. That number was raised from an initial prediction of 330,000.
In the past, technology companies producing hardware were the King of the Valley, but now, with a shift to software solutions, the entire labor pool requirement is shifting.
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