Tech layoffs are nothing new. In fact, they happen every year. But this year, they’re happening on a scale that we haven’t seen in a long time.
As of late June, more than 72,000 workers in the U.S. tech sector have been laid off in mass job cuts. That’s already more than double the number of tech layoffs that we saw in all of 2020.
It has been so bad that even a tech layoff tracker called Layoffs.fyi has been created to keep track of all the job cuts.
The vast majority of the layoffs have been in the San Francisco Bay Area, where tech companies are concentrated. But we’re also seeing layoffs in other tech hubs like Seattle, Los Angeles, New York, and Austin.
And it’s not just small startups that are feeling the pain. Tech giants like Netflix and Twitter have also announced mass layoffs this year.
Tech Layoffs 2022
A layoff is a corporate strategy for reducing staff and operations. Layoffs are frequently used by businesses to cut costs, slow revenue growth, or pursue other objectives. Cost-cutting, economic downturns, mergers, and other factors may all contribute to a company’s decision to downsize via layoffs.
Why Layoffs Occur
There are a number of factors driving these job cuts, but the biggest one is the pandemic. The COVID-19 pandemic has had a devastating effect on the economy, and the tech sector is no exception.
Another factor is that many tech companies overhired during periods of rapid growth. They’re now facing the consequences of that overhiring, as they try to trim their workforce to match current demand.
Whatever the reasons, it’s clear that tech layoffs are here to stay. So if you’re in the tech sector, it’s important to be prepared for the possibility of losing your job.
Here are a few things you can do to protect yourself:
- Stay up to date on industry news and trends. This will help you anticipate changes in demand for certain skills and technologies.
- Build a strong network of contacts. These contacts can provide you with leads on new job opportunities.
- Keep your resume and LinkedIn profile up to date. This way, you’ll be ready to apply for new jobs quickly if you do lose your current position.
No one likes to think about the possibility of being laid off, but it’s important to be prepared for anything in the tech world. Stay informed and keep your career options open, and you’ll be able to weather any storm.
What’s The Different Between Layoff and Fired?
When you’re “laid off,” it usually means that your position is no longer needed at the company. This could be due to a number of reasons, such as downsizing, a merger or acquisition, or changes in the industry. Being “fired” generally indicates that your performance was not up to par or that you violated company policy.
While it’s never fun to lose your job, being laid off is often less personal than being fired. It can also be easier to find another job because you can list the layoff as a reason for leaving your previous position.
What To Do If You’re Laid Off?
If you find yourself among the tech layoffs, don’t panic. Here are a few things you can do to help ease the transition:
- Apply for unemployment benefits: You may be eligible for government assistance if you’ve been laid off.
- Update your resume and LinkedIn profile: Make sure your professional information is up-to-date so you’re ready to start job hunting.
- Network: Let your friends, family, and professional contacts know you’re looking for a new opportunity. They may be able to help you find leads or connect you with someone in their company.
- Start freelancing: Use your tech skills to start freelancing or working as a consultant. This can help you make ends meet while you’re searching for a new full-time position.
- Take some time for yourself: Job hunting can be stressful. Make sure to take breaks and care for your mental health. This is an important part of the process.
No one likes to get laid off, but unfortunately, it’s a reality for many workers in the tech industry. If you find yourself in this situation, there are a few things you can do to ease the transition. With a little planning and effort, you’ll be back on your feet in no time.