Following a superlative year in 2021, more than 52,000 workers in the U.S. tech sector have been laid off and there is no end in sight. CEO of Meta, Mark Zuckerberg has claimed responsibility for their nearly 11,000 layoffs (and rising). He attributes their “biggest layoff in history” to their imprudent hiring in 2021, stating that he, “assumed COVID-driven trends, like the acceleration of e-commerce, would live on past the pandemic.” The question those 11,000 employees share amongst thousands of others is, “what now?”

What began as a guaranteed hiring freeze through Q1, or a “slowed pace of hiring,” has become a mass layoff amongst hundreds of tech companies. What’s to blame: inflation, slow economic growth, an anticipated recession? Regardless, vast layoffs are on employees’ radars and should be feared. Some companies participating in the mass layoffs are as follows:

Microsoft – Attributed their layoff of nearly 1% of employees to the anticipated decline in revenue due to a decrease in sales of Windows licenses for PCs.

Salesforce – Confirmed an initial layoff of <1,000 employees with a second round of cuts that could affect up to 2,500 additional employees. Salesforce confirmed a 36% increase in staff since late January 2022, due to an increase in demand, that has since diminished.

Twitter – A company that was once referred to as “the best place to work,” is preparing for layoffs which will reportedly affect around 3,700 employees (roughly half the company’s workforce). The staff will be notified via email regarding their employment fate.

The harsh reality is that when the economy seizes, companies simply can’t meet payroll, which leads to layoffs. Some tips in your unforeseen job search are as follows:

  • Don’t sell yourself short. Being laid off is not a reflection of your work ethic and you should not vastly modify your job requirements/specifications. Take your time in your search and don’t feel obligated to jump at the first opportunity that comes your way.
  • Contact a recruiter. The candidate pool has just increased astronomically and any tool in your belt to help you stand out amongst competitors is a good one. Using a recruiter will help to make a stressful situation more bearable by taking some of the burdens off your plate. Let the recruiter do the work in submitting your resume to open jobs and advocating for you so you can focus on choosing the right fit.
  • Capitalize on transferrable skills. Now is not only the time to ensure your resume accurately reflects your work history but to also capitalize on transferrable skills you may have. This will help you to be marketable for potentially multiple positions within one company giving you more opportunity to land a great role!
  • Apply, apply, apply. As mentioned, due to the vast layoffs, there are likely multiple candidates vying for the same role. Applying to a variety of different positions of interest will give you a better shot at landing a role. Though you want to take time to digest your recent departure from your previous employer, it is pertinent to get to work on finding your next endeavor ASAP.
  • Market yourself. Now is the time to market yourself in every way possible. Update your LinkedIn account to reflect that you are open to working and connecting with potential employers.

Many big tech companies in Silicon Valley have joined in on mass layoffs in recent months. While some layoffs are said to continue, a hiring freeze to cut spending is indefinite in the anticipation of a recession.

If you are seeking employment, please give us a call at (518) 275-4816 or submit your resume (here).

 

 

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