Thousands of employees have been under Tech Layoff by tech firms in recent months. Over 120,000 employees are expected to have lost their jobs in 2022 alone at some of the biggest names in technology, including Amazon, Meta, Netflix, and soon Google, as well as smaller businesses and start-ups. The rise of Tech Layoff in the tech industry has a terrible impact on physical and behavioural health and significantly raises morbidity and mortality. Layoffs actually kill people. Have a look at the reasons for tech layoff and how you can overcome it right below.
What Refers to Tech Layoff?
A tech layoff is nothing but an action that your employer might take to end your employment in the tech industry. A position might be eliminated or an employee terminated from an organization for a variety of reasons, most of which are not related to performance. A decision to terminate an employee’s employment might be made by the employer for a limited time or permanently.
Reasons for Tech Layoff
There are numerous reasons why a business might need to let go of one or more employees. The reasons for the layoff of the employees in the tech industry can be the following given below.
- Business Shutdown
Layoffs are likely to begin if a company is about to go out of business and keep only those employees who must continue to work to maintain the necessary level of operations. The remaining staff members might be laid off if the company closes.
- Business Relocation
Business owners who need more space for operations or who prefer to be in a city with better business conditions might decide to move the company to a different region of the nation. If an employee is unable to relocate with the company, they might be let go so that they can work elsewhere.
- Reduced Operations
A company might decide to close a portion of its operations and implement layoffs depending on the demands of the business. They might suggest that staff members of the shuttered branch apply for jobs elsewhere within the organization, but those who do not land a new position risk being let go.
Two independent businesses come together in a merger to make a single new business. Two companies might combine for tax reasons, to broaden their product offerings, to lessen industry competition, or to boost profits. The employment of some staff members might be impacted by mergers, even though the new company might need more workers to achieve its objectives. Hence, such employees might be laid off to save more money or avoid duplicate positions in the firm.
How Employees Can Overcome the Situation of Tech Layoff?
Below given are the ways how you can overcome the situation of tech layoff.
- Spend Some Time Grieving
It is a big deal to change jobs, whether you love it or not. The shock to the system increases with the abruptness of the change. Therefore, whenever you lose your job, do not forget to take a break and breathe. You would not be effective in a hiring process if you do not take some time to process your loss, even if it is just for a few days.
- Decide Your Next Move
Once you lose your job and get adapted to it, you can confidently decide your next move. After all, it is your decision whether to be in a troubled company or to go. To optimize your career, you can take these kinds of decisions. No one would like to be in a company that is laying off. You can look for a renewed opportunity for scale-ups and startups.
- Get into the Next Step in Tech
You can start by updating your LinkedIn, GitHub, and resume. Also, make sure you are listed on job boards and recruiter databases. To keep track of leads that come from your network, you can also create a Trello board or some other kind of tracking system. Get ready to connect with tech workers on different platforms.
The advice to laid-off workers is to make sure that when they find a job in a company that says people are their most important asset, they actually check to see if the company acts consistently with that espoused value when situations are tough.