Big tech employees are feeling the effects of the economy
In the last week, Mark Zuckerberg, the CEO of Meta, announced the lay-off of 11,000 workers, followed by the dismissal of employees and the closing of its offices. Workers from some of the biggest players in the tech industry were out of work earlier this year. More than 100,000 tech employees have been laid off in the next two years.
Over the last decade, technology companies have seen a lot of success, but this series of large layoffs is different. Tech giants saw record-breaking profits and growth throughout the 2010s, while startup valuations were eye-popping. Fat compensation packages were enjoyed by employees.
Data shows that tech-recruitment experts are still optimistic about job seekers' prospects. There were 317,000 tech openings in October, an increase of 3% from the previous month, according to a tech jobs report.
Rob Barnett is a Recruiter in New York City who works for media and technology companies.
He advises job hunters to stay focused on their searches, rather than scrolling their social media feeds, since he has hired people at the worst times of the economy. Don't get discouraged by scary headlines, even if there are fears of a recession or the holidays.
You can still be the right person for the job.
Even though some major tech companies pulled back, experts say that candidates still have options, provided they are realistic about their prospects, know where to look, and are smart about how they position themselves in the job market.
According to the most recent data from the Bureau of Labor Statistics, many people are still leaving their jobs and are confident they will find a new one. There were over 10 million job openings and over 4 million quits in September.
It's still mostly a jobseeker's market. The unemployment rate in the tech industry was 2% as of October, while the national rate was 3.7%.
There are economic red flags in the background, including high inflation, a slumping stock market, and continued supply chain snarls. The spike in hiring at tech companies was followed by a decline in job postings in June.
It is likely that you will have an aggressive fall if you have a rapid rise.
She said that laid off workers didn't experience sustained unemployment and that the shift was more a redistribution of workers. She said there was a lot of flexibility in the market.
Andrew Flowers is the lead labor economist at Appcast, a company that helps companies with their recruiting.
Software engineers work at a lot of different places. Tech talent is required by retailers, government agencies, and other companies. He said that the outlook for tech occupations is better than the outlook for the tech industry.
Experts have two words for tech workers who are wondering what this means for them. According to AnnElizabeth Konkel, an Indeed Hiring Lab economist, it's important to remember that layoffs and hiring freezes won't affect the whole sector.
People were very concerned when they heard the announcements. Konkel made a statement. She said that the layoffs that came earlier this year looked like a ripple.
Will Rippetoe, a technology-industry career coach in San Diego, said that talented tech workers will always have good job options even if the market is a little more challenging. He said that leverage still exists if you are attractive and have good skills.
Learning skills and gaining certifications should be the first things you do to make yourselfcession-proof. According to a September analysis by Indeed, artificial intelligence, cybersecurity, and cloud-computing skills are in high demand.
He said that it's important to put yourself in the best possible position to get offers.
Think about your targets. Consider companies that are small or medium-sized. There are jobs at other industries. According to Barnett, there is a world of opportunity beyond Meta, Amazon, Apple, and others.
He said that pursuing a job at a Big Tech company was not the best way to go.
He said that the hiring processes at those companies are difficult.
Thousands of résumés are required for every open job. He said that you need to be interviewed by eight or nine people and take all the tests to be voted on. You're going to spend a lot of your time in meetings if you're lucky enough to get a job.
If you want the experience of a larger company, Thomas Vick, a regional director at the human-resources consulting firm Robert Half, said plenty of big firms were seeing an influx of hiring. Meta and Amazon aren't always a direct reflection of the entire market, he said.
As companies look toward becoming more technologically savvy, there is an outsize need for information technology professionals.
More and more organizations, even those large tech companies, continue to invest dollars when it comes to their IT-related positions.
Lauren Maillian, the CEO of Digital Undivided, said that it's important to be open minded when it comes to compensation and equity.
Smaller organizations may not have as much of a say in salaries and stock. She said that equity grants and options allotted during a market dip could turn out to be quite valuable.
"If you change your mindset a little bit on this if you're someone looking for a job at a place that's going to grant stock, it's like, 'WOW, this is a great time to go get the stock when it's low and you'll
The article was published on May 24th.
All Rights Reserved © 2024
