Over the past few months, there has been story after story in the news about tech companies in Canada, the United States, and around the world laying off employees. Some of the world’s biggest technology companies have been laying off employees. This trend has filtered down to companies of all sizes in the industry. This trend has changed the industry. Below, our technology recruiters talk about the state of the tech job market following months of layoffs.
Tech Job Market Layoffs by the Numbers
According to Layoffs.fyi, close to 1000 companies have laid off more than 150,000 tech workers in 2022. Most of these layoffs occurred in the second part of 2022. Half of all layoffs happened in Q4. Industries that felt the impact the most include retail, transportation, consumer, and finance.
Here’s a list of the tech companies with the highest number of layoffs:
- Meta (11,000)
- Amazon (10,000)
- Booking.com (4,375)
- Cisco (4,100)
- Twitter (3,700)
- Uber (3,700)
- Better.com (3,000)
- Groupon (2,800)
- Crypto.com (2,000)
- Airbnb (1,900)
Overall, there are about 100 companies that have laid off at least 500 employees.
The Current State of the Tech Job Market
The result of all these layoffs has shifted the job market in the tech industry. Here are some of the current trends:
- Tech employers hold the power: For the past few years, it was a candidate’s market. There were a lot more jobs available than there was the talent to fill them. Things have now shifted to more of an employer’s market.
- There are companies still hiring: Even though there have been widespread layoffs, there are still companies who are hiring. These companies are having success finding top-quality talent. There is more available now than in the past five years. So, there are still opportunities for candidates, but they face a lot more competition for jobs than in previous years.
- Non-tech companies are benefiting: It’s not all bad for tech workers. There are still many industries that are starving for good talent. So, these companies and laid-off tech workers are finding common ground and coming together. Tech-adjacent industries such as insurance, banks, and business are scooping up the available talent.
The tech job market, much like technology itself, continues to change. For good or bad? This will depend on the impact of the recession in the coming months.