Mass Layoffs: What do They Mean for Your Tech Jobs?
‘Don’t panic’ has been the general advice for those affected by the panic-inducing layoffs in big tech, and while it’s a common soundbite, it carries a great deal weight – U.S. tech salaries are at an all-time high, digital transformation is driving demand for talent, and ambitious startups are bursting onto the scene by the day.
Mass layoffs might seem paradoxical in light of the recent complaints about talent shortages, but they’re far from it. Tech is changing, and so are the candidates as they look to reposition themselves in a tumultuous world.
Over 46,000 employees have been let go since the start of the year, but it doesn’t mean that big tech is struggling with an existential threat. What exactly do the huge layoffs from likes of Meta, Google, Amazon, Microsoft, Twitter, and many others mean for your tech jobs exactly?
Big tech boomed in the mid-pandemic years, and for many, it led to a whole lot of misplaced faith. Companies like Meta predicted that the huge acceleration would be permanent, adjusting their hiring targets as a result.
When the acceleration slowed, the dust of the aggressive hiring agendas settled and companies were forced to reduce their headcount. The perpetual cycle of over hiring and laying off employees can damage a company deeply, from the brand image all the way down to the bottom line, but it’s the employee that ultimately bears the brunt.
Companies are preparing for the worst of the looming recession, and it’s led to a whole lot of hiring hesitancy. We’ve seen a range of companies hit the brakes on hiring tech professionals as they await for the recession’s dust storm to settle. On the more extreme side of things, we’ve seen hiring managers have their budgets cut in half, and in some instances, completely taken away.
This doesn’t mean that they won’t hire at all – there’s plenty of big projects on the horizon, and a staggered approach to hiring is becoming more and more common nowadays. Besides, it’s not just the big tech giants that have all the exciting opportunities…
Why let big tech dictate the future? Countless startups are making big waves with even bigger ambitions, and they boast a range of avenues worth exploring for any tech professional, just look at the meteoric rise of Greentech in the last few years. People still have an appetite for tech startups, particularly the purpose-driven ones with a view to make a positive impact on the wider world.
Plus, the digital transformation has given rise to career pathways in plenty of different industries, so it’s worth casting your net further afield if you’re in search of a new beginning. The layoffs could signify a new era of tech away from the confines of the office, an era of fully remote, nation hopping, super-talented tech professionals with a world of possibility at their virtual fingertips. Maybe? The rapid emergence of game-changing platforms (shout out ChatGPT) are transforming the working day by the minute, and opportunities are arising as a result.
There is still plenty of demand for tech talent, especially in the more traditional sectors like logistics, manufacturing and agriculture, as countless businesses hasten to implement tech-enabled, data-driven solutions.
An Optimistic Outlook
Here at Trust in SODA, we make people our top priority, and we’re optimistic about the where the future of tech jobs are headed, even amongst the mass layoffs.
If you’ve been affected by the recent layoffs, or you’re feeling like now is the time for change, then look no further – the team at Trust in SODA are here to help.
Using our diversity-led hiring methodology and vast community network, we can match you with the ideal opportunity, one that will let you grow and thrive as a tech professional in today’s world. If you’d like to find out more, reach out to the team today, we’d love to hear from you.