You’ve no doubt heard the rumblings about “economic uncertainty.” Larger tech companies have frozen or slowed hiring, while startups in volatile subindustries such as cryptocurrency have unleashed rounds of layoffs. Some executives fear a recession within a few quarters.
If you’re feeling a little nervous about all of this, that’s totally OK. Or maybe you’re not nervous at all—you have great experience and in-demand skills, and you’re still fielding queries from recruiters and hiring managers. Either way, take our poll below and let us know how you feel about the possibility of layoffs; we’ll break down the results in a future article:
One key thing to keep in mind: despite all this chatter about layoffs and slowdowns, unemployment rate for tech occupations only crept up to 2.3 percent in August, according to a new analysis of data from the U.S. Bureau of Labor Statistics (BLS). While that’s a not-insignificant uptick from July, when the tech unemployment rate stood at 1.7 percent, it’s still below the national unemployment rate of 3.7 percent.
Tech companies added a net 25,500 workers in August, while the broader economy hired 21,000 technologists. From manufacturing to retail, companies still need technologists who can do everything from build websites to secure tech stacks against internal and external threat. Keep that in mind whenever you read about another round of layoffs at a company like Oracle or Snap—if you have in-demand skills in a vital area of tech, such as cybersecurity, there are still opportunities (and job openings) out there.
If you’re worried about layoffs, also keep in mind that companies follow certain procedures when deciding who to cut and who to keep. If your performance is strong and your skills are up-to-date, you’re potentially at less risk of being cut. Always make sure to build connections with your manager and team members—your “soft skills” such as empathy, communication, and team-building can help ensure management that you’re a vital member of the team.