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The year 2023 began with challenging news for tech workers and professionals working in big tech companies. It doesn’t mean their tech career ends here. It is time to seek new opportunities and gain new experiences.
Everyone is aware of the recent wave of layoffs at some of the largest technology companies.
According to Layoffs Tracker, a website that tracks layoffs, tech companies worldwide have announced layoffs affecting 28,096 workers as of the 5th of the month. It represents a 64.5% increase from the 17,074 layoffs announced in December.
This guide will take you through the tips to cope with job loss and everything you need to know about tech layoffs.
Understand the meaning and reason for layoffs before exploring ways to move ahead in your career.
What Exactly Do You Mean By Layoffs?
Layoffs, also known as downsizing or restructuring, refer to a company’s permanent reduction in workforce. It can happen for a variety of reasons, including financial difficulties, changes in business strategy, or specific automation.
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Layoffs often involve the termination of employment for a group of workers rather than just a single individual. In the current environment, technology firms are seeing a significant increase in layoffs.
Now you must wonder why companies lay off employees and if the term is the same as ‘fired.’
Why Do Organizations Layoff Workers?
As mentioned above, there can be multiple reasons for layoffs in a company and the economy.
- The most common cause of layoff is financial difficulties. It could be due to global economic inflation and recession. If a company is struggling financially, it may need to reduce its expenses by laying off employees to stay afloat.
- Another crucial factor is changes in the business strategy and environment. For example, some of the most popular tech companies have dissolved job roles and departments altogether because they need to be aligned with the business strategy.
- Not to forget the pandemic of 2020 and the impact it caused globally. Companies are still bearing and recovering from the loss caused by the global lockdown. However, even as all of these corporations lay off employees, the issue of why so many layoffs remain unanswered. According to experts, the main reason for this is the COVID-19 pandemic. Companies hired in droves when people went into quarantine in 2020, and life shifted online.
- Nevertheless, the world is returning to routine, and these corporations must fix their statistics and workforce. Other pandemic-related factors are also at work. Daniel Keum, an associate professor of management at Columbia Business School, said corporations may have avoided cutting workers off in recent years due to the bad publicity or cruelty of doing so amid a pandemic.
- Apart from the COVID-19 epidemic, the Russia-Ukraine war is also a factor in the mass layoffs. The conflict is currently on its 320th day and has caused significant economic deterioration worldwide. Supply chains had been disrupted, interest rates and fuel costs had risen, inflationary pressures had increased, and the globe was on the verge of a recession.
- The other most significant factor is the global economic market. Layoffs can occur in a variety of ways as a result of changes in the labor market brought on by changes in the global economy.
For example:
- Slow Economic Growth: During slow economic growth, businesses may need help to generate enough revenue to sustain their current workforce. It can lead to layoffs as a way to reduce expenses.
- Economic Downturns: Recessions and other economic downturns can lead to a decline in consumer demand and business activity, resulting in layoffs as companies try to adjust to the new economic reality.
- Exchange rate fluctuations: If an organization needs to adjust, exchange rate fluctuations could reduce the competitiveness of its products in international markets and force layoffs.
- Trade Policies: Changes in trade policies, such as tariffs and other trade barriers, can affect the profitability of businesses that rely on exports or imports. It can result in layoffs as businesses try to cut costs in the face of declining revenues.
How to Deal with a Layoff: Strategy and Tips for Affected Workers
While the magnitude of these layoffs is concerning, we must also examine their long-term consequences. Most impacted will eventually return to work in new jobs or pursue new career paths. What may stay is the trauma: the long-term psychological impact of being laid off—for many people, tragically, more than once.
While taking care of your mental and physical health, try slowly getting back on track by upskilling and in-demand skills. If your role has been dissolved, it is a perfect time for you to pick up an in-demand skill and position. For example, building a career in cloud computing would be an intelligent choice.
Consider the following steps to become a leader in cloud computing. Learning about cloud computing can benefit those who have been laid off this year in several ways:
1. High Demand for Cloud Skills:
The need for cloud computing professionals has been on the rise for several years, and this trend has only accelerated in the wake of the pandemic. Companies of all sizes and across all industries are looking to move their operations to the cloud to enable remote work and business continuity better.
2. Competitive Salary:
Cloud computing professionals are in high demand, so they command competitive salaries. According to Glassdoor, the average salary for a cloud computing professional in the United States is over $110,000 annually.
3. Job Security:
Cloud computing is a rapidly growing field, and the demand for professionals with cloud skills is expected to continue. Those who invest in learning cloud computing will be well-positioned for long-term job security.
4. Opportunities for Advancement:
Cloud computing is an ever-evolving field, with new technologies and solutions constantly being developed. It means there are always opportunities for those with cloud skills to advance their careers and take on new challenges.
5. Flexibility:
As more and more companies adopt cloud computing solutions, the need for cloud professionals will only increase. It means that there are many options for people with cloud skills, whether they prefer to work for a large enterprise, a small start-up, or even as a freelancer.
You must now wonder where to quickly learn new skills without compromising your mental health. The saasguru platform could be of great help to you. The platform contains rich learning experiences and Bootcamps for the most popular Salesforce certifications.
Salesforce certification can be a terrific approach to launch a career in cloud computing and acquire the skills and knowledge required to be successful in this industry. Salesforce is one of the most widely used cloud computing platforms by companies of all sizes across various industries.
Join our Salesforce Associate Bootcamp and Start Your Career in Salesforce
Joining the saasguru Salesforce Associate Bootcamp can be a great way to gain the skills and knowledge needed to start a career in cloud computing using Salesforce.
Here are some benefits of joining a Salesforce Associate Bootcamp:
1. Comprehensive Training:
The saasguru Salesforce Associate Bootcamp provides extensive training on the platform, covering a wide range of topics, including Salesforce administration, development, and customization.
2. Hands-on Experience:
It provides hands-on experience and real-world scenarios, allowing participants to apply what they have learned in a simulated work environment.
3. Certified Instructors:
saasguru is a platform led by certified Salesforce professionals who deeply understand the platform and can provide expert guidance and instruction.
4. Career Development:
The Bootcamp is designed to provide individuals with the skills and knowledge they need to start a career in cloud computing using Salesforce. It can help them become valuable assets in the job market.
5. Community and Networking:
Joining saasguru Bootcamp gives you access to other people who are in similar situations. People who are in Bootcamp could be your future colleagues, peers, and even your boss.
6. Job Assistance:
We provide job assistance to help you find your new role in the field. It includes resume reviews, interview coaching, and networking opportunities.
Summing Up
Navigating layoffs can be a complex and uncertain process for affected workers. Individuals can, however, position themselves for success in the job market with the right strategy and resources. By understanding the current job market trends, updating skills and resumes, and utilizing online resources, individuals can increase their chances of finding new employment in the cloud industry. Sign up with saasguru, Now!
