Our tech recruiters see it every year. A new year and companies adjust their recruiting strategies. The tech industry has been hit particularly hard with layoffs to start in 2023. Even though January is typically the top month for layoffs, this year it’s been on another level for tech workers. Many of the industry’s top players have started to downsize and cut back on the size of their staff.
Amazon recently announced another round of layoffs. This time cutting more than 18,000 jobs, according to an article by Clint Rainey on Fast Company. But they are not alone. Salesforce also announced they are planning to cut about 10% of their workforce, which is about 8,000. Many other smaller tech companies are following suit and looking to operate lean to start 2023.
As a tech worker, this is a great cause for concern. Those with jobs may be concerned about losing their job and those who were recently laid off have concerns about finding new work in an industry that is cutting back.
Navigating the current market can be tricky. Here’s the best advice from our technology recruiters:
Think big picture
Don’t worry too much about the current situation. Companies are making moves in reaction to the economy. If you look at the big picture, tech talent is more in demand than ever. The industry is not cutting, rather, what we’re seeing a right sizing. The big players like Amazon, Shopify and others over-hired coming out of the pandemic and now they’re taking corrective action.
The market is balancing out
It’s been a candidate market for a long time. You had lots of opportunities, and you held the power. But now back to reality. We are shifting to a more balanced hiring market.
Cast a broader net when looking for opportunities
With more balance in the hiring market, candidates should reach out and be more realistic in their expectations. Multiple offers and overpaying for candidates will not happen as much.
But there are still a lot of great opportunities out there. Now is a good time to look outside of the “big players” where they’re just going to be a number. Look for opportunities with other smaller tech companies and start-ups. There are still lots of companies hiring right now.
This too shall pass. While it’s challenging not to focus on right now, you need to think long-term. Focus on expanding your skills, building up your professional network and acquiring the qualifications employers will expect from tech workers in the future.
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