74% of the CEOs responding to a Silicon Valley Leadership Group survey say they expect the “employment picture” to get worse in 2009.
“Only 40 per cent think their own companies will either grow their workforce or keep it the same size, down from 83 per cent who said so in 2008,” reports PaidContent.
These CEOs’ fears square with evidence the tech industry is only now facing the brunt of recession.
While tech layoffs account for 13.6% of jobs lost in Silicon Valley since the recession began in December 2007, they made up for 21% of Valley jobs lost in January and February. During the first quarter, Silicon Valley tech companies announced they plan to cut another 4,600 jobs.