After a surge in hiring during the pandemic, many companies in the tech sector are laying off employees in droves to counterbalance a slowing economy. Even Apple has announced a hiring slowdown as a result, though other companies are taking more drastic measures.

Google and Microsoft have shared that they intend to lay off 12,000 and 10,000 employees, respectively. The companies blame inflation and a return to normal conditions post-covid.

For Microsoft, this represents about 5% of the company’s total workforce, according to a CNN report. The company will incur a $1.2 billion charge in its second quarter related to severance costs, lease consolidation, and hardware portfolio changes.

“We’re living through times of significant change, and as I meet with customers and partners, a few things are clear,” Microsoft CEO Satya Nadella wrote. “First, as we saw customers accelerate their digital spend during the pandemic, we’re now seeing them optimize their digital spend to do more with less.”

Google’s reduction represents about 6% of its total workforce, according to a report from USA Today. Jobs being eliminated are being cut across Alphabet, product areas, functions, levels, and regions, according to a statement.

“This will mean saying goodbye to some incredibly talented people we worked hard to hire and have loved working with. I’m deeply sorry for that,” Google CEO Sundar Pichai wrote in a blog post. “The fact that these changes will impact the lives of Googlers weighs heavily on me, and I take full responsibility for the decisions that led us here.”

These layoffs add to the growing list of other companies letting people go in droves. Amazon will lay off 18,000 people by the time it is done. Facebook expects a first round of 11,000 job cuts, and more are expected.