How To Know Layoffs Are Coming & What To Do About It?
It’s impossible to ignore the ominous news reports and the sad LinkedIn statuses: tech layoffs are widespread in 2023, and it’s only February. In January alone, tech companies cut over 98,000 jobs, reversing the covid pandemic hiring spree. This wave of redundancies is affecting small and large companies alike. Even tech unicorns are not safe.
At the beginning of 2023, Google announced plans to lay off 12,000 people from its workforce. Shortly afterward, Microsoft announced that it is letting go of 10,000 employees. Earlier this month, Dell revealed that it would cull over 6,500 jobs, or roughly 2% of its workforce, while Zoom announced that it is laying off 1,300 people, reducing headcount by 15%.
Many tech companies have experienced a period of slowing growth over the last year, coupled with inflation, higher interest rates, and the fear of a looming recession. The tech industry is also notorious for aggressively hiring during boom times, and what we’re seeing now is a reversal in many cases. Companies are scrambling to save money and cut costs wherever they can.
But certain jobs are being targeted more than others. According to Layoffs.fyi, the two main departments are experiencing redundancies at a higher level than everyone else, sales and recruiting or human resources.
When costs are up and income is down, the sales team is usually the first to come under fire. After all, they bring in the capital. Companies that appear to be laying off sales staff as a first line of defense include Dell and Salesforce.
While job openings for HR professionals increased exponentially during the pandemic and the Great Resignation that followed, they have now dwindled. Large companies such as Apple and Okta were among the first to downsize their hiring teams to cut costs.
Know the signs
While there is no way to be certain if or when redundancies are going to happen unless you have the inside track, there are a few signs that you can look out for.
The first thing employees usually remark on is the general atmosphere in the workplace. Managers and members of the C-suite are human, so if they know that layoffs are coming, you’re probably going to sense something is off. Are there a lot of hush-hush meetings you’re not privy to and a general air of secrecy? That is usually a sign redundancies will follow.
Another key indicator is if the company has announced big losses or lost a key customer. If your employer was recently acquired or has completely stopped hiring, then you should potentially be on the lookout for a new opportunity––especially if your role is in sales or recruitment.
Regardless, it never hurts to keep your options open and see what other great roles are out there. Here are three jobs from the Fossbytes Job Board.
Senior Software Engineer, Ripple, Miami
After the collapse of the FTX exchange last year, Ripple’s chief technology officer David Schwartz announced that Ripple is hiring. A provider of crypto-enabled solutions for business, it builds breakthrough crypto solutions. The team is looking for an experienced Senior Software Engineer. You will work closely with applied scientists, backend engineers, and quant developers to build robust data solutions. Applicants will need five to eight years of hands-on data platform experience, plus experience building and deploying data solutions into modern distributed computing environments. Apply for this job here.
Head of Data Science, Duolingo, Pittsburgh
Duolingo is bucking the trend when it comes to layoffs. The company announced a 51% daily active user growth and record bookings and revenue in the third quarter of 2022. It now needs a Head of Data Science to advance Duolingo’s data science capabilities and impact and lead and grow the entire data-science team. You’ll need a Ph.D. in a quantitative field, five or more years of experience leading and growing teams, and possess a strong ability to establish and advance how data science informs product strategy. Get the full job spec here.
Salesforce Developer, Deloitte, Phoenix
Deloitte is seeking a Salesforce Developer to play a vital role in making an impact for clients and the people they serve through its growth strategy, enhanced user experience, and engagement through the entire lifecycle of customers’ interactions with the public sector. In this role, you will perform as a part of a team on one of the largest projects within Deloitte, delivering solutions for a high-impact human services project, collaborating with IT/developers for other systems to integrate across the business, and develop end-to-end Salesforce solutions. Find out more here.
Do you have what it takes? Apply for these jobs on the Fossbytes Job Board today.
By Pippa Hardy