After decades of booming growth, tech layoffs have dominated the news. Companies large and small have let go employees, reducing their workforce by millions of people. Some big names have made the headlines, like Intel and UKG cutting 15% of their staff, and Twitter letting go 80% of its workers, and Meta Platforms laying off 13% of its employees.
Some experts have cited macroeconomic factors as the reason for layoffs. Inflation, rising interest rates and recession fears have driven companies to reduce costs and tighten budgets. Others have said that many of the tech companies laying off employees are overstaffed, having gone on hiring spree during the pandemic. When demand shifted to working from home, traveling by car and shopping in stores, the companies that overhired found themselves with too many people to pay.
Samuel So, a UW doctoral student in human centered design and engineering, has seen the layoffs firsthand, both through his own job search and hearing about the experiences of colleagues. He says that for many people, it came as a surprise because they had previously thought of themselves as “tech layoff-proof.” Some employees learned about the cuts when their access to work accounts were revoked or through impersonal email announcements.
The tech industry is still a great place to work, but jobs in it are not guaranteed. So it’s important for people in tech to stay adaptable and upskill in growing areas like AI, augmented reality and cybersecurity. And for those laid off from tech companies, it’s an opportunity to explore opportunities in other industries that could use their skills.