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1,000+ Tech companies have laid off 1,50,000+ employees in just 2022.
Whereas in 2023 till now 234 tech companies have laid off 75,912 employees (1/2 of 2022 in just the first month itself).
Why Tech layoffs have been happening?
👉 THE RISE OF HIRING
During the pandemic, people spent a lot of time online.
This upsurge was a boon for tech companies. It led to the expansion of teams to meet the requirements of the market.
👉 POST COVID REALITY
Many tech companies continued hiring post-pandemic.
However, when the curbs eased, consumption in the online world fell. This is still resulting in heavy losses for tech companies.
👉 ECONOMIC FACTORS
Rising inflation is also adding fuel to the fire in the current job market.
Also, the current war scenario between Russia & Ukraine is making the market volatile. For example, Meta was banned in Russia which cost the company $2 Billion.
Surprising, Apple didn’t participated in this layoff race as they did sustainable hiring during 2020-21 & avoided FOMO.
The best thing is to choose a job that one is truly passionate about, have multiple sources of income, keep improving one’s skills & building a personal brand for oneself.
How to Prepare for a Layoff :-
– Update Your Resume
– Research Your Field
– Look at Job Descriptions
– Update Your LinkedIn Profile
– Network
– Save What You Can (and Cut Your Expenses)
– Know Your Rights
– Take Advantage of Your Benefits
– Get Your Stuff Together
– Negotiate Severance
– Get a (New) Job
– Consider Freelancing
– Look Around
– Keep Your Cool
Let’s support 😊 everyone in these tough times by commenting below any good opportunities you know !!!
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#macroeconomics #business #jobs
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