Tech layoffs are making headlines — and not in a good way. Despite a relatively strong job market overall, recent mass layoffs at tech companies such as Bumble, ConsenSys, and Rocket Companies have shaken up the industry.
While many layoffs are related to business restructuring, it’s also a reflection of a shift in investor sentiment as the stock market continues to soften. The bearish mood has made it harder for tech companies to raise capital and reduce debt. As a result, many big-name tech companies are having to slash costs by cutting their workforce, even if that means some employees will be permanently laid off or let go of their jobs.
Whether you’re a current employee or a job seeker, these layoffs are not only a major setback for workers, but they’re also sending the message that job security in big tech is a thing of the past. Fortunately, tech professionals can take several steps to protect their careers and keep up with industry trends.
The first step is staying adaptable by keeping up with new technologies and learning the skills that are in high demand. The next step is diversifying your career by seeking freelance work opportunities on platforms like Upwork and Fiverr. This helps you build your portfolio, sharpens your skills, and provides extra financial security. By taking these steps, you can stay ahead of the curve and avoid a job loss when demand for your skill set decreases.