Tech layoffs have shaken up the industry for many reasons. Whether it’s because of COVID-19, changing business needs, or a slowdown in consumer spending, many high-profile companies have had to cut their workforce. That includes Meta, Google-parent Alphabet, Microsoft, Amazon and more.
Investors are also calling the shots, and when revenue drops or stock prices dip, they push for cost-cutting measures, including headcount reduction. That’s especially true in a sector that relies on advertising revenue (like Facebook and Instagram) or is undergoing significant growth in AI-driven tools that make some jobs redundant.
Ultimately, these changes are the result of a shift in the way companies do business. People are choosing to work from home more and more, and businesses are implementing new ways to bring in money. It’s a big change, and it means that long-term job security in Big Tech is a thing of the past.
And that’s a hard pill for some to swallow. Fortunately, laid-off tech workers are finding new jobs relatively quickly. And those that are still looking for a new role should consider freelancing to sharpen their skills and diversify their income. Platforms like Upwork and Fiverr connect people with businesses that need their expertise, and it can be a great way to get into a field that’s in demand. That’s why some tech pros are taking a leap of faith and trying something different. Besides, it’s an opportunity to learn more about your strengths and weaknesses.