Millions of tech workers are being laid off. However, most are finding jobs within 1-3 months.
An October 2022 survey by ZipRecruiter showed that 37% of tech workers found a job within 1 month of being laid off. Also, 79% of laid-off tech workers found a job within 3 months.
Decreasing demand for tech services is the reason for these layoffs and hiring freezes. Over-hiring in the past few years, lower consumer spending due to inflation, and the likely recession are contributing factors.
Many laid-off tech workers find jobs before they can collect unemployment. Because tech companies typically provide severance pay, these layoffs usually are not included in jobless claims numbers.
Find out why the tech job market still is hot, even with uncertainty.
Smaller Tech Firms and Other Companies Need to Fill Vacancies
The big tech firms spent the past 3 years hiring more talent than they could keep productive long-term. Since many of these workers are being laid off, smaller tech firms and other companies can hire the tech workers they need.
Although the majority of laid-off tech workers find jobs in tech, many find jobs in retail, e-commerce, financial services, fintech, or health care. Other tech workers find jobs with government agencies, aerospace companies, or health systems that need software engineers, cybersecurity professionals, data analysts, and web designers.
Tech Workers Can Find Jobs That Align with Their Values
Laid-off tech workers are able to find jobs that better align with their core values. This may include working for smaller companies that prioritize work-life balance. Many of these companies offer remote or hybrid work arrangements, flexible schedules, and four-day work weeks to support their employees’ quality of life.
Laid-Off Tech Workers Can Enter New Fields
Tech workers can find jobs in other industries. For instance, highly skilled developers and software engineers are finding jobs in artificial intelligence (AI), cloud storage, cybersecurity, and electric vehicles. Transferrable skills and quick adaptation to new work environments and training make these workers highly employable.
Temporary, Contract, and Temp-to-Perm Jobs Are Abundant
Staffing agencies that specialize in the tech industry need to fill a variety of temporary, contract, and temp-to-hire jobs. Recruiters from these agencies match qualified tech candidates to open positions, help polish their resumes, and coach them through the interview process. The recruiters also negotiate job offers on behalf of the candidates and help with onboarding.
Working with one of these staffing agencies can help laid-off tech workers secure positions that fit their goals, needs, and interests. This can significantly shorten the amount of time needed to regain employment.
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