Since the latter half of 2022, the tech industry has seen over 150,000 layoffs at over 1000 companies. This list of companies includes big names like Amazon, Microsoft, and Salesforce. After the start of the pandemic, hiring in the tech industry skyrocketed, so as a senior economist pointed out in this USA Today article, “what we're seeing is really just sort of a renormalization”.
The Tech Industry is Still Hiring
Despite all the layoffs the industry has seen, the future is not as bleak as it sounds. We are seeing that there is still a lot of hiring and people are finding new jobs. This Wall Street Journal article points out that, “About 79% of workers recently hired after a tech-company layoff or termination landed their new job within three months of starting their search”.
Though many companies are experiencing layoffs, they are not the majority. The number of companies actively hiring remains high.
Demand & Compensation
Top tech talent is still in high demand and as a result of this demand, we’ve seen highly competitive compensation for disciplines such as engineering and sales.
In fact, this Business Insider article points out that “a little over half of [those laid off] have landed roles that actually pay more than what they were earning in the jobs they lost”.
Have you been laid off?
If you have been laid off and are searching for a new job, RJR Partners can help you. If you’re interested in learning more about us, visit our Job Seekers page or contact us using the form below.