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With nearly 50,000 layoffs in tech so far in 2022, tech workers have reason for concern. Throughout the first year of the pandemic, tech companies added workers at a record pace. As economic fears increase, however, these same companies look to cut staff and reduce overhead.
What lessons can we learn and how do these cuts impact workers? This massive pendulum swing shows the risks of growing too quickly. And it’s not all bad news for tech workers.
How tech layoffs affect the industry
Tech layoffs have had a ripple effect on the entire industry. Those workers who are fortunate enough to keep their jobs often face increased workloads and pressure to perform. This can lead to overworking and a lack of job satisfaction. Those who do lose their jobs often find it difficult to land a new job because of the highly competitive nature of the tech industry.
The result can be financial instability and a loss of confidence, which affects both laid-off workers and those who remain employed. Workers in both camps are now less likely to have full confidence in an employer’s ability to keep them on the payroll through hard times.
The tech labor pool and remote work options
The tech industry is dealing with multiple forces at once. Tech companies are willingly laying off workers. At the same time, tech workers — along with workers in most industries — are being much more selective about where they choose to work.
While tech companies may complain about a shrinking workforce, the reality is that they’re not d …