Tech layoffs continue: 4 things you can do to prepare in these uncertain times
Two weeks into 2024 and companies have already announced they are cutting jobs.
Duolingo is cutting 10% of its contractors. Twitch announced they are cutting 35% of its workforce, over 500 people. Google and Amazon have also reportedly laid off hundreds of workers.
Layoffs.fyi, which tracks layoffs in the tech industry, estimates that 4,500 jobs have been lost so far in 2024.
It gives you a terrible flashback of 2023 that feels just too similar.
But if we look closely, it really is not.
In 2023, the layoffs were largely driven by a combination of economic factors and industry-specific challenges developed by the COVID-19 pandemic, such as overhiring, a shift in consumer behavior, and an economic slowdown.
This year, the narrative seems to be changing to companies rebalancing jobs and priorities and others fully driven by the impact of generative AI, like Duolingo, which is doing layoffs because it is going to use AI instead of workers to create its app content.
It doesn’t seem we are going to have the huge wave of layoffs we had in 2023. However, we are still going to have them, and we don't know for how long.
So, it is a good idea to be prepared in these uncertain times. You know, just in case.
4 things you can do to prepare in these uncertain times
Start interviewing
Interviewing is a tedious, tiresome process. Everyone knows it.
But in these uncertain times, it's a smart strategy, not just a necessity. The job market is more competitive than ever, with many still seeking opportunities after last year's disturbances.
Also, it's smart to interview regularly even if you're not actively job hunting.
Why? Firstly, it sharpens your skills, making you interview-ready when the right opportunity knocks. Secondly, it's a fantastic way to stay updated on your industry's job market - you'll get a sense of current salary benchmarks and emerging role requirements. Finally, you never know. You may find the perfect role for you.
Embrace AI
Generative AI is a tool. A tool that is not going to replace you directly; people that use it will.
AI will help you be more productive and efficient in the way you work. It will help you understand hard topics faster and make better decisions.
Understanding and embracing AI also means staying ahead of the curve. It's about foreseeing shifts in your industry and role, ensuring you're not just keeping up, but setting the pace.
In other words, understanding AI can help you anticipate changes in your industry and role. If you think your role is going to be one of those that could be impacted first, you can be proactive and prepared.
Resources
- Coursera: Learn Generative AI Online
- A beginner’s guide to generative AI for business
- OpenAI: Prompt engineering
Freelancing or consulting
In a world where traditional job roles are changing, offering your expertise on a freelance or consultancy basis can not only help you financially but also give you a life vest if you feel down from corporate.
It doesn’t take a lot of time and effort to start because you're not starting from scratch; you're capitalizing on your existing skills and knowledge. It's about taking what you excel at in your day-to-day professional life and sharing that value with others who need it.
Resources:
Emergency fund
It is always recommended to have enough saved to cover three to six months of living expenses.
And what other emergency than if you are let go tomorrow? Even if your company offers a severance package, this will give you more time to navigate these challenging times.
This fund acts as a safety net, providing peace of mind.
Resources:
Over to you. Did I miss anything? What are your strategies to navigate these uncertain times?