Tigerway: What the Current Tech Layoffs mean for You
Tech Companies are having massive job cuts. Learn how you can adapt to this new environment and survive this economic recession
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This email is written by Jasmine Ngo. I will write to you about the recent tech company layoffs and what you should do to prepare for this new environment. For more frequent updates, subscribe to the email list above.
Dear Tigerway Team Members, Parents, and Prospective Families,
We are currently experiencing a surge of layoffs from Tech Companies
Top Tech Companies are now adapting to the new economic environment by initiating massive job cuts. Companies have been losing money because of the current economic recession. To survive during this time, they have to sacrifice employees to reduce company costs.
Most of these companies increased employment during the Pandemic when there was a lot of technological growth and competition. However, that has backfired and now they are rushing to cut those jobs. Some of the Top Tech Companies you may have heard of:
Meta is laying off 13% of its staff - about 11,000 employees - to restructure its company and market value.
Stripe cut 14% of its staff - about 1,100 employees - last week to prepare for the rising inflation from the economic recession.
Lyft cut 13% of its staff - about 700 employees - in an effort to cut costs.
Twitter is laying off about 3,700 employees, which is about HALF of the Twitter staff.
Amazon and Apple are currently on a hiring pause for the next few quarters due to the uncertain economy.
Many other well-known companies are also introducing layoffs, hiring freezes, and payroll cuts during this time.
As I stated in the previous email, the recession has only made it harder for people to get jobs and to ESPECIALLY KEEP THEIR JOBS. In the tech world, people go through hours of studying to prepare for the rigorous technical interviews. The hard work does not stop there once they get the job. These employees have to then worry about KEEPING their jobs.
People have to continuously evolve their skill sets within their company. In fact, this does not only apply to new hires from the pandemic but also to long-term employees.
The market has a lot of control over staff cuts, but you have the control to determine your value at that company or your value for more opportunities outside of that company.
These layoffs are directions and redirections for current workers to know what doors can be opened for the future.
The tech layoffs mean there’s more competition in the job search field. Despite the job cuts, every company will always look for more talent to benefit their growth.
Where can you get this talent?
Companies are often at war with one another to achieve the best market results and that’s by finding and keeping the best and brightest candidates.
What makes a candidate or an employee more valuable?
Mainly strong work ethic, high experience, and good communication.
All these skills can be met when you continue to INVEST in yourself and it only gets better when you do it EARLY. Investing in more education, from either a tutor, coach, mentor, or certification will allow you to see more future job opportunities—making you more profitable in the market. There is no short-cut to long-term success. You learn how to gain these skills much easier by starting NOW.
Employers are ALWAYS looking for:
Strong work ethic (Good Study Habits, preparation)
Experience (Work, projects, activities, self-study courses)
High Education (Reputable colleges, degrees, certifications)
Self-balance (Time Management, leadership, communication)
Your ability to work under this pressure and new environment is critical towards your survival in this recession. These skills will set your foundation to help you easily adapt to this constantly evolving industry. Invest in your knowledge, your passions, and your goals. Starting NOW INSTEAD OF LATER will only benefit you to succeed in any scenario such as this one.
Story from The Information:
Now that the layoffs have been made, companies are worried about keeping the best employees and candidates. In order to keep them, they have decided to offer their best employees and candidates more benefits such as stocks and bonuses.
While many workers faced job cuts, those who weren’t cut are given benefits to stay. These are the candidates that are deemed as more valuable. This is an experience to learn from. Use this knowledge to your advantage.
Those who survive this recession end up with the best benefits and that STARTS with you TODAY.
Overall, more than 100,000 workers have lost their jobs this year.
This is only the beginning. Be prepared and invest in yourself.
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