How working for Large Tech misplaced ‘dream job’ standing

Regardless of blockbuster earnings from giants similar to Alphabet and Microsoft, layoffs proceed to ripple by the tech business.

Layoffs.fyi, a platform monitoring job cuts within the tech sector, recorded greater than 263,000 job losses in 2023 alone. As of April, there have been greater than 75,000 job losses within the business up to now in 2024.

“So as a substitute of rewarding the expansion that we noticed [tech companies] all pursue years in the past, they’re now rewarding revenue,” stated Jeff Shulman, professor on the College of Washington’s Foster Faculty of Enterprise. “And so the layoffs have continued. Folks have grow to be used to them. Regrettably and sadly, plainly the layoffs are going to be the brand new regular.”

Although mass tech layoffs proceed, the labor market nonetheless appears sturdy. The U.S. financial system added 303,000 jobs in March, effectively above the Dow Jones estimate for an increase of 200,000, with the unemployment charge edged decrease to three.8%.

Based on Handshake, a well-liked free job posting website for school college students and graduates, the tech layoffs have prompted new employees to hunt different alternatives. The share of job purposes from tech majors submitted to web and software program corporations dropped by greater than 30% between November 2021 and September 2023.

“A part of the rationale why that is taking place is as a result of stability is such a significant component in college students’ selections round what sorts of jobs they apply to and what sorts of jobs they settle for,” stated Christine Cruzverga, chief training technique officer at Handshake. “They’re wanting on the headlines within the information they usually’re taking note of all the layoffs which are taking place in Large Tech, and that makes them really feel unstable.”

Mass layoffs have eroded the shine of the tech industry, which is why employees are questioning whether or not getting a job within the tech business ought to nonetheless be thought to be a “dream job.”

“For the people who find themselves chasing … a tech dream job, I believe preserve your choices open and be lifelike,” stated Eric Tolotti, senior companion engineer at Snowflake, who obtained laid off from Microsoft in 2023. “Do not simply give attention to one firm and really feel like you need to get into that one firm as a result of it is the dream.”

Watch the video to find out about tech employees’ sentiments, issues for aspiring Large Tech staff, and extra.