Tech Layoffs Are Back: Here’s How To Rebound if You’ve Just Been Laid Off

Across 2022 and 2023, hundreds of workers lost their jobs in a post-pandemic environment which saw tech companies tighten their belts in response to changing customer demand, rising inflation, and a spate of over-hiring during the Covid-19 crisis.

In fact, according to data from the redundancy tracking website Layoffs.fyi, more than 420,000 workers lost their jobs across that period. Towards the end of last year, things seemed to settle––but now, layoffs are back.

Almost 50,000 people have been laid off so far this year, with Salesforce, SAP, eBay, Google, PayPal, Amazon, Wayfair, and Vroom accounting for a significant slice of the pie. Microsoft also made 1,900 redundancies in its 22,000-person gaming division, which accounts for 8.64% of its staff.

Opinions are divided as to why companies are once more cutting thousands of jobs, but continued efforts to rationalize cost bases are likely to be part of the picture. Additionally, high-interest rates and the rise of AI are two other factors that may be contributing to job cuts.

Fears and worries post-layoff

If you’ve just been told your job is being axed, the reasons why may provide scant comfort. There are a whole host of worries and fears that come with redundancy, and you may worry about money or the effect it may have on your career.

You may also experience psychological issues, because losing a job can lead to depression and anxiety, for example. Some people can feel shame or failure, and worry about their futures.

Minding your mental health around a layoff is crucial, and it is also key to understand that this isn’t a reflection on you or your abilities, and it is rarely personal. Additionally, many people experience at least one redundancy during their working lives, so try to keep this in mind as you navigate the first few days after you get the news.

That’s one very important factor to be aware of, but here’s what else you can do to rebound after you get bad news.

Look at your money situation

Finances can cause huge stress during a redundancy, so assess your financial situation and create a budget to manage your expenses during the transition period. This may involve cutting back on non-essential spending, applying for social security support, or exploring other options for financial assistance, such as a mortgage holiday if needed.

Refine your resume

Take some time to polish your resume, adding any new experience, skills, and professional certifications. Also, update your professional social networks you’re on. Specifically on your professional social presence, make sure you set yourself to “open to work” as you’ll have a better chance of being contacted by recruiters looking to hire for your skill set.

Networking works

Thanks to referral bonuses, it’s now far easier to leverage your contacts to boost your job search. Reach out to those on your professional network, including former colleagues, mentors, and industry contacts, to inform them of your situation and ask about potential job opportunities or referrals.

Begin looking for a job

Start actively searching for new job opportunities through online job boards. Decide what roles and areas you’d like to work for, and consider broadening your search to include industries or roles outside of your previous experience if necessary.

Recent data from Glassdoor indicates that tech candidates should look to non-tech competitors who are also hiring for their skills. That’s because many tech candidates gravitate towards “traditional” tech firms, so non-traditional companies will often pay more to attract the best talent.

Be patient

It can take a lot of time, effort, and patience to get a new job. To help, think about new skills development. Enhance your existing skills and qualifications through online courses, workshops, or certifications that can make you more competitive in the job market.

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