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2020 was a boom year for tech companies. Digital consumption was at an all-time high, and there was a significant rise in the use of technology. People preferred to stay in and do shopping from home. Consequently, Ecommerce and tech companies witnessed record-level growth and registered high profits.
Thinking that the situation would remain the same, tech companies began a hiring frenzy to expand and grow their workforce. However, as the lockdown came to an end, people started to go out and began shopping in person.
Also, due to inflation dollar’s purchasing power went down. People reduced their expenses, which affected businesses and indirectly hit tech companies, as tech companies are the support for brick-and-mortar companies.
As consumer spending decreased, companies started spending less on ads. E-commerce companies like Amazon, Carvana, and Shopify and companies whose main business was ads and searches for products suffered majorly, including Meta and Google.
Overhiring is surely one of the reasons for current tech industry layoffs. However, companies are using the slowdown and rising interest rates as an excuse to lay off a higher-paid workforce and inject new manpower into their workforce.
Since November 2022, almost 224,503 employees have been laid off by tech companies. There is a long list of companies that laid off their employees in 2022, and this chain reaction will continue in 2023-2024.
Yahoo, Twilio, Twitter, Zoom, Microsoft, Amazon, Google, Meta, eBay, Paypal, SAP, IBM, Spotify, Way fair, Coinbase, FedEx, Disney, Tesla, Tiktok, Netflix, Robinhood, Lyft, Snap, Peloton, Zillow, Stripe, Doordash, Salesforce, Github, Carvana are some of the prominent names who did layoffs in 2022-2023.
Job seekers need to understand it’s always about the balance sheets for publicly traded organizations. Employees are treated as a liability in their balance sheets. So you will see whenever an organization says it’s laying off x number of employees, the shareholders like it, and the stock goes up. That’s the case with Meta (Facebook), whose stock soared once it laid off like 21,000 employees giving the excuse of overhiring, revenue growth, and high inflation.
What Should A Job Seeker Do During Tech Industry Layoffs?
There is no need to panic during Tech Industry Layoffs. Even if you’re being laid off right now or feel the opportunities are less or insignificant, it’s not the end of the world. Here is our advice for you in this situation.
1. Be Positive
The economy is down, and companies are laying off employees left and right. But don’t let this go to your head and affect you. There have been similar situations in the past, like the recession of 1991 and 2009. So, this is not anything new. Think back to when the market was good and use that as motivation to figure out what you need to do next in order to succeed.
2. Look at the Bigger Picture
Most tech companies overhired during the pandemic. In 2020, Meta had 48,268 employees, which increased to 80,000 by September 2022. In November, it announced to lay off 11,000 employees. So, technically the companies are not downsizing but instead moving back to the right sizing. They may not hire in bulk in the future but will always need people with specialized skills. So, not all the doors are closed.
3. Think Long-Term
Think long-term about your future and career. While working full-time, it is not possible to learn and invest time in upskilling. So, if you are not working, use this time to develop skills and increase your knowledge— whether it’s through a training program or coding bootcamp, taking up gigs, or volunteering. You should be able to prove the employer that they need you.
Job Seeker Tips To Navigate The Job Market During Layoffs
During the Tech Industry Layoffs, you will need to show that you are a valuable asset to the company. It’s not all about having experience; it’s also about making sure that you can show them how your experience will benefit them and how it will be useful for them.
If you can contribute from day one to the client and have the skills needed, which they require, and you can demonstrate to the clients that you have already done practically what they are looking to hire for, then your job is guaranteed.
We suggest reading our blog How to get a Job in 2024?
And also Tips for Handling Job Market Challenges During Recession
Things To Remember When Searching For Jobs During Layoffs
3. Identify the skills and technologies required by the companies
To compete with other jobseekers, you need to have the skills which companies need to achieve their business goals. Automation, data science, machine learning, deep learning, and artificial intelligence are the top skills employers consistently look for. You can direct your job search to the technologies and skills companies seek.
2. Cast a broader net when applying to jobs
When applying for jobs, consider posting your resume on multiple job-search websites like Monster, Glassdoor, CareerBuilder, and flexjobs. Additionally, you can post on social media platforms such as Facebook or Twitter. This strategy will help you during Tech Industry Layoffs and give you better reach and expand your opportunities.
3. Don’t be picky
Remember that even if large technology companies aren’t hiring, other companies still are. You can get a break from startups and small companies. Interestingly, the competition is less here, and also, the pay can be great as they compete with tech giants to onboard talented candidates.
4. Acquire new skills
You should be able to adapt to the changing job market and work on different profiles. So, don’t stick to one job profile and consider enhancing your skills through a training bootcamp. In addition, you can earn industry certifications to reinforce your skills. Certifications and training will make you more marketable during the tech industry layoffs.
5. Leverage social media
Social media is a great tool to stay visible in front of recruiters. You can apply for job openings posted on sites like LinkedIn and Glassdoor. Plus, you can share your resume with the HR managers and recruiters of the top companies to express your interest in working with them.
You can read our blog to learn more about How can social media help you get a job?
6. Use your networks
Networking in your circle during a tight job market can be extremely beneficial. You can send a message or ping your connections on LinkedIn or Facebook with your resume. Make your intentions clear about seeking a job opportunity and your willingness to work.
7. Update your LinkedIn profile
Make sure you have updated your Linkedin profile. It should contain all the necessary information, such as your skills, experience, projects, certifications, etc., so that when a recruiter is looking for a candidate matching your profile, you appear first on their search engine result.
8. Stay on top of things
The tech job market is highly competitive. Companies want to hire people who have knowledge of the advancements in the tech field and how they can add value through their knowledge. So, it’s important that you keep abreast with the latest industry trends. Industry knowledge can help you stand out from other candidates.
Conclusion
Remember, as a Job seeker, you need to differentiate yourself from other Job seekers by having skills and technologies which make you stand out. Differentiation in terms of technical competency and skills is paramount to a job seeker to be selected by a client for inclusion in their team. Learn skills that make you irreplaceable and strengthen your place in the company.
Anytime you want to upgrade your skills and need a helping hand to enter or re-enter the tech workforce with high-demand tech skills, reach out to us. Since 2010 we have helped 1000’s of jobseekers achieve success in the technology sector. SynergisticIT’s career-oriented training programs guarantee fast-paced, quality tech education, preparing you with top-notch skills for coveted tech roles in the industry. Reach out to us. SynergisticIT-Home of the Best Data Scientists and Software Programmers in the bay area.
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