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March 20, 2023 08:04 am

What's Different About These Tech Industry Layoffs?

"According to one count, more than 280,000 people were laid off from tech jobs in 2022 and the first two months of 2023," notes a new blog post at Stack Overflow. But then it asks the question: "What's different about these layoffs?"[T]he current economy has less in common than you might think with the wreckage of the dot-com bubble or the Great Recession. Overall, it's still a good time to work in tech, and the hiring market remains robust: One survey found that almost 80% of people laid off in tech found new roles within three months of launching their job search. There are more open tech positions than people to fill them (about 375,000, according to one estimate), and job listings between January and October 2022 were up 25% over the same period in 2021. If the job market isn't as dire as we think, why does this round of layoffs feel so widespread, affecting companies often perceived as more recession-proof than their peers? Part of the answer may be what organizational behavior experts have termed "copycat layoffs." "Laying off employees turns out to be infectious," writes Annie Lowrey in The Atlantic. "When executives see their corporate competitors letting go of workers, they seize what they see as an opportunity to reduce their workforce, rather than having no choice but to do so...." In many cases, workers laid off by household-name tech companies have found new jobs outside the traditional parameters of the tech industry, where their skill sets are in high demand. As Matt McLarty, global field chief technology officer for MuleSoft, told CNBC, businesses that have long needed tech professionals to upgrade their stack or guide a long-delayed cloud migration can now scoop up freshly laid-off tech workers (and those for whom Silicon Valley has lost its luster). Companies in energy and climate technology, healthcare, retail, finance, agriculture, and more are hiring tech pros at a steady clip, even if FAANG companies are less bullish. It's been said before that every company is a tech company, but in 2023, that's truer than ever. In fact, the biggest difference for tech workers this year, reports The New Stack, is that "the greatest opportunities may not lie exclusively in the FAANG companies anymore, but in more traditional industries that are upgrading their legacy stacks and embracing cloud native." Some of those opportunities also lie with startups, including ones helmed by Big Tech veterans ready to turn their layoffs into lemonade.... So whether you've been affected by the recent spate of layoffs or not, it's worth expanding your list of potential employers to include companies — even industries — you've never considered. You might find that they're thrilled to have you.

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