The latest layoffs at Coinbase, Microsoft, and Google suggest that 2023 will follow last year's trend of tech layoffs.
According to market insights by Layoffstracker.com, over 17k employees have been laid off globally in January 2023 alone within the Technology industry. The latest layoffs coming from companies such as Singapore-based Zilingo to SF Bay Area based Google.
Comments from Davos 2023:
Large corporations announced at Davos 2023 that the tech industry needed to be more efficient as it adjusts to lower demand.
Despite the current economic cycle, Satya Nadella, Microsoft CEO believes tech spending will accelerate in the future. Microsoft's big future bet - the acquisition of video game publisher Activision Blizzard Inc. would bring nearly 10,000 workers, cancelling out most of their recent layoffs.
Cisco Systems Inc. Chief Executive Officer Chuck Robbins announced that the job cuts announced in November were about accelerating an investment in cybersecurity.
Finally, Salesforce co-CEO Marc Benioff didn’t share many thoughts on the cuts and instead focused on discussing climate change with Al Gore.
Have you been laid off? Supporting Your Next Step:
At Space Executive, our client base spans across the APAC, EMEA and the US. Our experienced consultants cover Technology, Product, Sales and Strategy mandates to name a few. We are dedicated to supporting those that have lost their jobs and emphasise the vast opportunities available to skilled workers in the market currently.
Although many of our tech clients are hiring roles, it's important to recognise that you can transfer your expertise and skills from a tech company to many other industries regardless of your role. Always remember, it's not impossible to get hired in another sector with a salary increase even if your last job was at a tech company.
There are organisations willing to invest in your talent. As a response to job losses, Day One Ventures, a venture capital firm, offered to invest $100,000 in 20 different new business ideas aimed at laid-off workers. VCs have about $290 billion on hand to invest, according to PitchBook, which tracks start-up data.
Groups have been created on LinkedIn and Facebook which connects individuals support each other to find new opportunities - plus liking and/or sharing posts to catch the attention of hiring managers.
Your skills are valued across the board in various industries that are in need of analytical, skilled minds. We have a number of companies wanting to hire tech roles in and out of that industry. Check out the roles we are hiring for which may interest you and reach out for further information or apply online.
Being laid off is incredibly stressful and the feeling of rejection and isolation can take over during this period. We’re here to help and support your next search. Be open to having conversations with our recruiters and build positive relationships because everyone you meet can be an advocate for you. Get in touch with us today to find out how we can support your search and pair you to live roles that we are recruiting or apply online.
Our Hiring Process to Support a Client Search:
The Space Executive assessment process looks at people's traits, drivers, and motivators, the internal mechanisms that make them who they are. As a result, we can inform organisations whether a candidate meets the key hiring attributes to ensure he or she fits the role and culture of the team. By following this process, we are able to ensure that those we recruit aren't just a good match for our client right now, but also a good match for them long-term, since they have the mental makeup and wherewithal to handle the ambiguity and agility that will undoubtedly affect their role within the organisation.
Rather than focusing on pay to attract tech workers, we'd recommend that organisations emphasise job security. We also work hard to underscore the mission of our client's industries. In addition, to attract tech workers, we suggest aiming for niches where engineers and coders can work on projects without feeling the pressure of immediately winning over users.
If you have any questions regarding our hiring expertise within the technology, strategy and transformation space, get in touch with our team today: firstname.lastname@example.org