Competition in the job market is expected to worsen as the workforce brace for the ripple effects of mass firing across industries which has exposed the current vulnerabilities of employees in corporate and technology jobs. Analysts have also advised against venturing into the tech world in this turbulent era.
It should be recalled that the tech industry took a massive hit in October, when nearly $1tn was wiped off the value of the world’s biggest tech companies leading to mass layoffs.
“The problem is not even the layoffs,” shared Praise Darego, Associate and Lawyer, DealHQ Partners.
“Although that is also a massive disruption, the new concern is that with these layoffs, the market will have become very saturated with tech experts (taking into consideration laid off tech experts from Meta, Google, Twitter, microsoft, and many more) what will happen to the fresh ones trying to gather experiences and job opportunities when the market is already saturated with so many experts to pick from? Hence, salary expectations are likely to reduce; i mean, you can’t be bothered about finding the best hands as currently there are so many best hands available in the market. So basically, it’s also going to be a horrific experience for people trying to break into tech in this era.”
In 2022, tech companies that have executed mass layoffs include Amazon, Oracle, Kuda, Apple, Google, Netflix, Snap, Coinbase, Lyft, Twitter, Meta, and SoundCloud amongst others. In November, Twitter laid off 50% of its workforce; Meta fired 11,000 members of staff; and Amazon is set to initiate about 10,000 job cuts.
“These are really perilous times,” said Fridel Makun, a marketing and communications consultant.
“Now that we have more people in the job market, it simply means that getting a job will become even tougher, so everyone needs to up their game; and whatever you have now you need to hold on tight to it. I also hear Amazon is planning layoffs too, which means there will be a lot of people in that space looking for a job, and it means that people who have been looking for jobs for a long while now have more people to compete against, and these new competitions are coming from big brands.”
