In case you haven’t already heard, the most significant layoffs of 2022 have been in the tech industry. With job cuts on pace to reach early pandemic levels, this trend is concerning, but it’s not the end of the world. The tech industry has historically been a reliable source of well-paying, secure employment, and that trend will continue. So, let’s take a look at how 2022 became the year of over 150,000 tech layoffs… And more importantly, let’s consider what you can do to avoid panic should a layoff be something you experience in the near future.
Overhiring
An important factor contributing to the high number of tech job cuts is the overhiring that occurred during the COVID-19 pandemic. Many companies have had to make difficult decisions about layoffs to stay afloat financially, with the threat of a recession hanging over their heads.
Restructuring & Hiring Freezes
In addition to the overhiring, other factors may have contributed to the tech industry’s layoffs. In a previous article, we covered plunging stock prices, quarterly revenue numbers not being met, and fear of a recession. The wave of job cuts indicates that keeping payrolls low is the priority for companies now that they are dealing with the costs of all those hirings. In addition to restructuring their operations, companies may also streamline their business models in response to changing market conditions. Beyond the layoffs, companies such as Apple and Meta have imposed hiring freezes through the end of the year.
What This Means For The Job Market & For You
Overall, the high number of tech job cuts may be a worrying trend, but let us assure you, this highlights the need for workers to stay up to date with the latest skills and technologies to remain competitive in the job market. It is also essential for companies to invest in training and development programs to help their employees adapt to changing market conditions and technological advances.
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