Although such as letter and Microsoftlayoffs continue to affect the technology industry.
Layoffs are for reference onlyA platform that monitors layoffs in the tech industry recorded more than 263,000 job losses in 2023 alone. As of April, more than 75,000 people in the industry have lost their jobs in 2024.
“So instead of rewarding the growth that we[tech companies]pursued years ago, they now reward profits,” said Jeff Schulman, a professor at the University of Washington’s Foster School of Business. “So the layoffs continue. People have Get used to it. Sadly and sadly, it looks like layoffs are going to be the new normal.”
Even as massive tech layoffs continue, the labor market appears to remain strong. The U.S. economy added 303,000 new jobs in March, much higher than the 200,000 expected by Dow Jones, and the unemployment rate fell slightly to 3.8%.
According to Handshake, a popular free job site for college students and graduates, layoffs in the tech industry are prompting new hires to look for other opportunities. Between November 2021 and September 2023, the proportion of job applications submitted by technology majors to Internet and software companies fell by more than 30%.
“Part of the reason this is happening is that stability is a major factor when students decide what types of jobs to apply for and which types of jobs to accept,” said Christine Cruzverga, chief education strategist at Handshake. “They pay attention to the headlines and pay attention to All the layoffs that are happening at big tech companies, it makes them feel unstable.”
Massive layoffs have dimmed the shine of the tech industry, which is why workers are questioning whether finding a job in tech should still be considered a “dream job.”
Snowflake senior partner engineer Eric Tolotti, who was fired by Microsoft in 2023, said: “For people who are chasing…technical dream jobs, I think keep your options open and stay realistic.” Focus on one company and feel like you Gotta get into that company because it’s the dream. “
Watch the video to hear about the sentiment among tech workers, considerations for aspiring big tech employees, and more.
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