Tech companies are facing powerful headwinds. Microsoft Corp verified plans on Wednesday to lay off some 1,000 employees, equivalent to around five percent of the company’s international workforce. Before that latest announcement, more than 25,000 global tech sector workers have been laid off in the first week of 2023.
On the other hand, Google is laying off 12,000 workers, or approximately 6% of its workforce. There will be job cuts in America, and in other unspecified countries, according to Pichai letters.
Amazon said earlier this month that it plans to lay off 18,000 employees, and started laying off people last November, it employed 1.54 million people at the end of 3rd quarter. Other recent layoffs in the tech sector include Peloton Interactive Inc, Shopify Inc. and Coinbase Global Inc.
Last November, Tesla Founder Elon Musk fired nearly fifty percent of its 7,500 strong global workforce just days after taking over the social-media firm in a $44 billion deal. The following week, Facebook Parent Meta (Meta) announced it would lay off 11,000 workers, equivalent to 13 percent of the social-media company’s worker base.
Annual inflation hit 6.6 percent in December – cooling from 7% in November – but the high rate of inflation over the past twelve months has made it increasingly difficult for consumers, mainly those who have lost jobs, to make ends meet.
Consider alternative sectors
The American economy gained 223,000 jobs in December on a seasonal basis. There are jobs out there, so keep your expertise fresh and think about developing new ones.
Healthcare has a big need for people who can develop applications and implement telehealth services. Governments are forever hungry for tech-savvy employees but have traditionally had difficulty competing with the private sector. Schools, too, need better digital resources for students.
Salary is not everything
It is not forever about salary, mainly during such an uncertain time. Health insurance, paid time off, work-life balance and 401(K) plans problems such as hybrid or remote work may also play a role in your decision making.
In December, twenty-six percent of job seekers said they were recently laid off, but just 29 percent of those who were let go reported having received any severance pay.
Start your own side business
Remote work makes beginning a business a lot more affordable than the coronavirus pandemic. Now, founders do not forever need to rent offices, and it is very easy to find remote workers and affordable online services.
You don’t need a flashy office. You don’t need a big number of staff. You can hire someone to make your site and set up your online store to sell your products or services.
But you don’t need a big life-changing idea. Even a personal trainer or coach can help when you are between engagements.
Foreign workers should move fast
If you are working in America, on a visa, timing is everything. U.S immigration law provides people with H-1B visas a sixty day grace period to stay in the U.S if they lose their work.
Apply for as many roles as possible, lean into your network and begin interviewing now.
Now is the time to buy your business and apply your skills as a business owner. That is why you need to open a Franchise. If you buy into a franchise, you can never be laid off again. Take the skills you learned at your last job and apply them to operating a team that works for you.
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