{"id":723,"date":"2023-05-02T14:43:59","date_gmt":"2023-05-02T14:43:59","guid":{"rendered":"https:\/\/dexian-brasil.website-in-dev.co.uk\/?p=723"},"modified":"2023-08-21T16:34:30","modified_gmt":"2023-08-21T16:34:30","slug":"laid-off-in-tech","status":"publish","type":"post","link":"https:\/\/brasil.dexian.com\/en\/blog\/laid-off-in-tech\/","title":{"rendered":"If You Were Laid Off in Tech This (Might Be) Why"},"content":{"rendered":"

Thousands of IT pros working for large national\/international companies have received pinks slips in recent months: in January, CNBC reported that Google, Meta, Amazon and others had laid off 104,000 employees in the last year<\/a>.<\/p>\n

The pink slips aren\u2019t disappearing: The Wall Street Journal<\/em> on March 28 provided a list (one that continues to be updated)<\/a>, showing other companies expected to reduce their ranks in the coming months.<\/p>\n

And the layoff likely will keep on coming: the article also <\/strong>mentioned that the layoffs have \u201cshifted beyond high-growth technology companies to other parts of the economy, with companies including Dow Inc. and 3M Co. announcing cuts.\u201d<\/p>\n

If you\u2019re one of the thousands upon thousands cut, chances are you have a question: \u201cWhy?\u201d<\/strong><\/p>\n

\u00a0<\/strong>After all, tech companies and others went on a hiring spree just a couple of years ago, a mere few months after the start of the pandemic, a hiring binge that lasted until early 2022 (when a trickle of layoffs began, resulting in a whoosh<\/em> by mid-year, which continues).<\/p>\n

In brief, here\u2019s your answer: tech executives have blamed economic factors such as inflation and rising interest rates as the reasons behind the layoffs.<\/p>\n

Yet, with cheeks turning red from embarrassment, they also fessed up: they admitted that \u201cthey over-hired, misreading the durability of the pandemic acceleration in the growth of online services<\/a>.\u201d<\/p>\n

Well, FINE!<\/strong><\/p>\n

And yet\u2026 we must admit, we\u2019re a tad shocked: the tech sector long has been viewed as an economic growth driver. After all, our culture as a whole is becoming more reliant on technology and, when the pandemic hit, there became an even greater need for more software developers, cybersecurity professionals and IT experts to help companies keep up with demand as so many of us started working from home, purchasing ever more items on-line and conducting our lives in an increasingly \u201cvirtual\u201d world.<\/p>\n

Yet the party definitely was over in later 2022, with the tech industry increasing its layoffs by 649 percent that year compared to 2021<\/a>, the highest since the dot-com bubble a few decades ago.<\/p>\n

Were \u201crock-bottom\u201d rates the culprit?<\/strong><\/p>\n

In a big way, yes!<\/p>\n

Or as the New York Times<\/em> put it so poetically in the article linked to, above: \u201cFor Tech Companies, Years of Easy Money Yield to Hard Times.\u201d<\/p>\n

As the U.S. Federal Reserve started raising interest rates in March 2022<\/a>, many tech firms, thinking that massive growth would continue, weren\u2019t able to service their debts.<\/p>\n

They\u2019d been able to receive extremely low interest rates, making it easy for tech companies to over-extend themselves. What\u2019s more, many tech firms raised significant amounts of debt in public markets, with total debt in the sector rising from $300 billion in 2019 to $500 billion in 2021.<\/p>\n

Or as one analyst put it at the NYT.com link, above:<\/p>\n

\u201cThe whole tech industry of the last 15 years was built by cheap money,\u201d said Sam Abuelsamid, principal analyst with Guidehouse Insights. \u201cNow they\u2019re getting hit by a new reality, and they will pay the price.\u201d<\/p>\n

Some good news (unless you\u2019re a middle manager):<\/strong><\/p>\n

Most of the tech layoffs are focused on middle management and support roles<\/a>. As companies shift their focus to core products and services, they\u2019re finding they don\u2019t need as many support professionals or middle managers.<\/p>\n

Instead, they\u2019re investing more in engineering and product talent; these professionals are seen as key to driving innovation and growth.<\/p>\n

Still, IT pros have many reasons to feel hopeful:<\/strong><\/p>\n

Many companies \u2013 not just those in tech<\/em> \u2013 need great IT talent.<\/p>\n

Many of those recently laid off are finding new positions within 8-12 weeks: a ZipRecruiter survey in November<\/a> found that 80 percent of respondents said they\u2019d found a new job within three months of starting their job search (while 37 percent found a new role in one month).<\/p>\n

Who is in demand? Software engineers, data scientists, full-stack developers, data scientists, cloud architects and other specialized roles.<\/p>\n

Where are IT pros finding work (which business sectors)? Most actually return to the tech sector. Others are finding positions in retail\/e-commerce, financial services\/fintech, healthcare, as well as in government agencies, within aerospace companies, etc.<\/p>\n

Many are working as cybersecurity pros, data analysts and web designers.<\/p>\n

In a way, the fact that tech companies have been laying off thousands of in-demand professionals is good news for other<\/em> industries: had the tech sector continued its extreme growth it would have had the lock on tech talent. Instead, non-tech employers now have the chance to hire individuals with these valuable, critical skills.<\/p>\n

And speaking of hiring\u2026<\/strong><\/p>\n

Our terrific clients need great IT professionals<\/a>! Whether you\u2019ve recently found yourself \u201cbetween positions\u201d or you\u2019re looking a move up your career ladder, take a look at our current opportunities and, should one or more interest, apply.<\/p>\n

Even if none appeal to you now, we\u2019re always<\/strong> listing new openings at companies across the country. Register with us<\/a> so that we\u2019ll be able to contact you as soon as something that matches your goals and skills appears.<\/p>\n","protected":false},"excerpt":{"rendered":"

Thousands of IT pros working for large national\/international companies have received pinks slips in recent months: in January, CNBC …<\/p>\n","protected":false},"author":70,"featured_media":724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,27],"tags":[],"class_list":["post-723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-consultant"],"acf":[],"yoast_head":"\nIf You Were Laid Off in Tech This (Might Be) Why - Dexian<\/title>\n<meta name=\"description\" content=\"Laid off in tech? 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