Layoffs

4 Reasons for Tech Industry Layoffs

A. Anticipation of a recession

Companies are taking precautionary measures to weather a potential economic downturn.

B. Post-pandemic adjustments

Tech companies aggressively hired during the pandemic to meet surging demand for online services. As life normalizes, some of that demand has subsided, leading to workforce reductions.

C. Investor pressure

Some investors are pressuring tech companies to cut costs and improve profitability, which can lead to layoffs.

D. Automation

The rise of artificial intelligence and automation is impacting certain tech jobs, as some tasks are becoming automated.

To do

A. Take care of yourself emotionally

Being laid off can be stressful and upsetting. Allow yourself to process your emotions and seek support from loved ones or a therapist if needed.

Hit the ground fast and tell yourself that you need to stop the fall and get back up. Only you can help yourself with that by knowing that is time to get up. You can’t dwell on your luck but get back into the game as soon as possible.

Telling yourself that helps you to take care of your emotions too.

B. Understand your finances and entitlements

Review your severance package, if any, and understand your eligibility for unemployment benefits.

Immediately plan for what your expenses will be in the next 6 months, while you seek re-employment, and perhaps even the type of entitlements may be given to you to help you land another job too.

Do not sit on it and expect things to come your way, start moving.

C. Update your job search materials

Refresh your resume and online profiles to highlight your skills and experience.

Go to Linkedin.com and study how others updated their profiles and re-positioned themselves. Shout out to the world that you have been laid off and are actively seeking a job. There is nothing to be shy about. Layoffs are common these days and on average enduring 2 such instances in the tech industry has become the norm.

D. Leverage your network

Reach out to your professional network to inform them of your job search and explore potential opportunities. Aside from shouting out via social media, sending a text to peers that you are seeking employment, meeting up for that cup of coffee, joining a committee, or networking sessions will help you increase the chance of getting rehired.

A word of suggestion is to continue to keep in contact with everyone even if you are hired. You should not be one of those who disappeared and appear again only when you need help. Give back to the society to the associations and communities too!