With so many layoffs and hiring freezes, can I really find a new job?
Maynard Webb
Founder, Webb Investment Network; Author ‘Dear Founder’; Board member Visa and Salesforce.
Like many others, I’ve been laid off from my job in tech. How am I supposed to land a job when so many people just like me are looking for work? Not to mention the hiring freezes?! Are there still opportunities in tech or should I be considering moving to a different industry?
-Unemployed and Available!
Dear Unemployed,
It has been a challenging time for people in the tech sector with post pandemic workforce restructurings. Some 939 companies have had layoffs and more than 226,006 tech sector employees have lost their jobs since the start of the year,?according to Layoffs.fyi .
I’m sorry that you found yourself impacted, but don’t lose hope. There are still opportunities in tech. In fact, statistics show that the unemployment rate for tech is below the national unemployment rate across all workers nationally . And Gartner research found that the companies behind the 10 largest tech layoffs still employ more than 150,000 more people in total than at the beginning of 2020 .?
Firsthand, I see that the companies in the Webb Investment Network portfolio are hiring. Companies that had layoffs now have replacement jobs to fill. If you work in data science, software engineering or cybersecurity, talent supply is even tighter than before, something that Gartner expects will be the case until at least 2026 based on?forecast IT spend .?And with the speed at which AI—one of the biggest sources of innovation on the planet—is growing, you’ll have the wind at your back for a long time.
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There’s also demand for your skills beyond the tech sector, though you should consider if this would be a cultural fit if you’ve grown up in tech. If you’re in a non-tech role—many of the layoffs are in business functions—then your skills also translate beyond the sector. That said, when in this position, it’s necessary to look beyond any industry and look at yourself.
When it comes to deciding where to go next, it is not just about picking a winning industry but picking a winning company in that industry. What opportunity is going to offer you the best chance to achieve what you’re dreaming of? How can you put yourself in situation where you’ll be set up to accomplish the most? This is an opportunity to refresh and realign on what you want to do and figure out your purpose.
While I like to think big and plan for the long term, it’s also crucial to be pragmatic. Sometimes we have to take on temporary work en route to our dream job. It’s necessary to have a safety net. Decades ago, when I was promoted to a new job with greater career potential but without overtime pay, there was a period in which I had to take an evening job to make ends meet. Fulfilling your obligations is necessary and it need not derail you from where you are intended to go.
Every week I respond to a new question. Ask me your question in the comments section.
Hey Maynard, it's been a while since eBay days, how are you? Yes, I agree that the market has been rough but over the last 1 month, I do see some recovery in the market. The difference is that companies have cut down their budget and are now more selective.
Cofounder/CEO of Reputyz - We Build Brand Advocacy Programs - Tech Optimist/AI - Sales - Marketing - Reputation is The New Currency $$$
1 年I think a big problem is most tech professionals don't know how to find and position themselves as a standout candidate in this market. A lot of individuals had been in their positions for 5+ years and the hiring requirements have greatly shifted since then. A resume is not enough anymore. - Their LinkedIn profile needs to be optimized and up-to-date - They should be actively engaging with recruiters and posts that would allow them to showcase their expertise. When LinkedIn changed its profile design to show all activity, it made it easy for hiring managers to get to know how someone thinks, participates, and communicates via their newsfeeds. This allows individuals to be seen before they are recruited. - Most applicants DO NOT modify their resumes for each position and this is hurting their chances of landing an interview. These are just a few of the tweaks someone could do to stand out amongst the crowd and find a great new position!
HARSUKH BUSINESS FOUNDATION
1 年Taking a que from your answer that is very well articulated, Tech happens to be the most dynamic of all industries where changes happen fast and relevance becomes obsolete within no time, here statics often produce erratic results for the want of specific data inputs, therefore relevance can be created by providing solutions to those who are lagging behind in tech evolution.
Next Trend Realty LLC./wwwHar.com/Chester-Swanson/agent_cbswan
1 年Thanks for Sharing.