Why Tech Layoffs

Over 151k Tech Workers Were Laid Off in 2024

2024 has been a challenging year for many professionals, especially in the Tech industry. Some of my friends got laid off and still could not find a new position. So what are the main reasons behind the scenes, and what are candidates doing wrong? In this article, I would like to analyze the layoffs and why they still could not find a new job.

Overhiring led the trend in 2020

Layoffs in the technology sector started following an overhiring spree during the COVID-19 pandemic. Initially, companies expanded their workforce to meet increased demand for digital services during lockdowns.

However, as lockdowns ended, economic uncertainties persisted and companies reevaluated their strategies, layoffs became inevitable, resulting in a record number of 263 thousand laid off employees in the global tech sector by the end of 2022.

Layoffs impacting all global tech giants in 2024

As you see from the statistics above, hiring significantly decreased in the last quarter of 2022. Layoffs in the global market escalated dramatically in the first quarter of 2023, when the sector saw a staggering record high of 167.6 thousand employees losing their jobs.

Major tech giants such as Google, Microsoft, Meta, and IBM all contributed to this figure during this quarter.

The tech industry had a rough start to 2024. Technology companies worldwide saw a significant reduction in their workforce in the first quarter of 2024, with over 57 thousand employees being laid off. By the second quarter, layoffs impacted more than 43 thousand tech employees.

Most of my friends got laid off at that time, unfortunately.

Lay Offs: It’s Not Always About Performance

We know from the above data the reason is not only about performance. It’s essential to break this stigma and recognize that losing a job is not always an indicator of poor performance or lack of ability.

5 Reasons Why Candidates Struggle to Find a Job

Honestly, I can say, hiring didn’t completely stop during the laid off. At my company, some departments had layoffs, but others kept hiring, especially in AWS Cloud. Even one of my friend found a job after a year in Japan. But unfortunately, a lot of people still can’t find a job. Now, I want to talk about the reasons behind this.

1- Build Your Network

Networking is the most powerful way to find a job or get any valuable opportunity. The best way to build your Network is by Joining Meetups, Attending Local Events, LinkedIn connections.

2- Linkedin Optimization and Professional Resume

82% of B2B marketers see success on LinkedIn. Other job platforms are also important but LinkedIn is the most effective platform to get a Job. You should do your LinkedIn optimization very well and Prepare a Professional Resume.

3- Consistency Applying

Most candidates decrease job applications after a few rejections or when they don’t receive any phone calls. I remember I have applied over 1200 applications during the 3 months but eventually, I found a great Job Thank God :).

4- Reach out to Recruiters and Recruitment Companies

Since recruiters and Recruitment Companies are doing this job why we are not trying to use it that way? Do not be alone in this difficult journey.

5- Interview Preparation

Even if you get a chance for a phone call or technical interview, how about if you are not being prepared? In this case, you going to fail, unfortunately.

Conclusion

Being laid off is not the end of life. It can also be an opportunity for better possibilities. At the same time, not everyone who is laid off is due to poor performance. I do not recommend adding experience to your resume that you don’t actually have. No matter how tough the circumstances are, let’s focus on what we can control and need to do and leave the rest to God.

Feel free to share anything you’d like to add in the comments section. Also, do you have any friends who have been laid off? If so, feel free to share their experiences and how they managed to cope during this process. By exchanging ideas, we can support each other through these challenging times.

If you want you can buy me a Coffee :)

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