How To Know Layoffs Are Coming And What To Do About It
Remember when, not so long ago, tech companies couldn’t hire fast enough? Talent wars were fought and won all over Silicon Valley, as firms battled it out for the best in the business, each offering free-flowing perks more lavish than the next. As profits continued to climb, it seemed as if the party would never end.
Then it did. And the layoff announcements began. First Amazon started letting go of what would be 18,000 employees, before companies such as Salesforce, IBM, Snap, and Coinbase followed suit. Twitter let go of almost half its workforce, and Meta laid off around 11,000 people.
Last week, Google’s parent company, Alphabet, said it planned to lay off 12,000 of its people, Microsoft said it would cut 10,000 employees, and Spotify said it would reduce its staff by 6 percent, about 600 people. In total, more than 216,000 tech employees have been laid off by more than 1,185 companies since the start of 2022, according to Layoffs.fyi, a site that tracks job cuts in the sector.
Goodbye The Great Resignation, hello The Great Apprehension. It’s little wonder that 78 percent of American workers are scared about their job security, while 85 percent of workers rank job loss as a top concern, according to the latest Edelman Trust Barometer. Layoffs are among life’s most challenging experiences, after all.
Know the signs
So, how do you know when one might be coming? There are some signs to look out for: a memo from the CEO about cost savings or efficiency, and/or the departure of some top-level executives. There might be a shift in communication and transparency. Or maybe it just feels like everyone’s walking on eggshells.
If any of this sounds familiar, now is not the time to idly sit and wait. Instead, arm yourself with options, and perhaps even see this as an opportunity to take your career to the next level.
But first, know that being laid off isn’t a reflection of you and your hard work––it highlights your former company’s lack of planning, or a change in its strategy. Also, don’t worry about how it’s going to look on your resume. Getting laid off no longer carries the stigma it once did, particularly at this point in time.
When you start to look for a new role, write down exactly what you want in your career, and what’s important to you in your next move. These values will help keep you aligned during your search. Do you want to work for a big company or a small company? Would you consider moving states or countries? Maybe it’s time for a different career?
Enter, some good news (finally): There are lots of industries that are booming––the federal government, nonprofits, private companies, healthcare and higher education––and they’re just waiting to scoop up people with the right skills. What’s more, the labor market is still strong, with 10 million jobs currently open––up 60 percent pre-pandemic levels., meaning the overall unemployment rate in the U.S. is at a low 3.5 percent.
And finally, not all companies have announced a round of job cuts in the last six months. Here are three firms that are hiring, plus, you can discover hundreds more open roles on The Hill Jobs.
Senior Manager, International Tax, Deloitte
As a Tax Senior Manager, you will work within an engagement team and draw on experience in accounting and taxation, assisting clients with their implementation of specific international tax structures and processes. Overseeing complex tax computation projects for clients in diverse industries and researching and preparing materials for consulting projects is also a key component of this role. To be suitable, you’ll need eight years’ of experience providing tax planning services or preparing and reviewing client work, preferably with a focus on international taxation. A Bachelor’s degree in accounting, finance or another business-related field is needed as is previous Big 4 experience, public accounting or consulting experience. Get the full job description here.
Manager, Illiquid Credit Fund Management, The Carlyle Group
The Carlyle Group is looking for a Manager, Illiquid Credit Fund Management to assist in all aspects of the fund management of certain Illiquid Credit Carry Funds, with involvement across the broader credit fund management group. Responsibilities will include accounting and reporting, oversight and review of quarterly fund closes, which includes review of related support for all balance sheet and income statement accounts. A Bachelor’s degree in accounting and/or finance is required for this position, with a CPA preferred. A minimum of five to seven years’ experience either in private credit or public accounting with supervisory experience, plus experience in alternatives, familiar with fund accounting/GP/LP structures and/or SMAs is necessary. Apply for this job here.
Editorial Director (Senior Writer & Editor), Commonwealth Foundation
The Commonwealth Foundation is seeking a forward-thinking Senior Writer & Editor to develop a world-class editorial capability and to lead the editorial strategy for owned and placed content.
You’ll serve as lead writer and editor within the organization, pitch editors at prominent state and national outlets, and oversee the content pipeline, working closely with members of the Commonwealth Foundation production team to provide exceptional writing and editing services that advance policy goals and business objectives. Over five years’ experience as a policy and opinion writer, able to craft strong arguments and secure op-ed placements in prominent outlets at the state and national level is required as is a track record of identifying opportunities and executing on them rapidly, either independently or by mobilizing a team. Find out more about this role here.
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