Green Key Unlocked: The Effect of Tech Layoffs

After a booming phase during the height of the Covid-19 pandemic, the tech industry is currently facing a trend of mass layoffs. Companies such as Microsoft and Google have cut thousands of positions in the last few months. In an effort to prepare for a darker economy, there are new layoff announcements emerging from Big Tech every day. Since the start of 2022, over 200,000 tech jobs have been lost. 

Tech jobs remain strong

While the recent layoffs at Spotify, Meta, and Amazon might seem daunting for those working in the industry, this isn’t to say tech opportunities are fading.

“Technology reaches far beyond the big names and is needed in almost every other field. These companies over-hired during COVID, and even with the layoffs, they are still larger than they were pre-pandemic. The IT workforce remains strong,” said Matt Schirano, a newly named Partner leading the Information Technology practice area at Green Key Resources. “Healthcare, finance, hospitality, retail, and other industries all require tech professionals to aid in their online presence and digital platforms.” 

So, despite these layoffs in the tech sector, tech skills will still be sought-after throughout 2023. ZipRecruiter mentions that employees are finding new positions quicker than expected, often in different industries.

They say, “Tech skills are in high demand across the economy, with government agencies, aerospace companies, health systems, and retailers frequently noting shortages of software engineers, cybersecurity professionals, data analysts, and web designers. Had tech companies continued growing at the breakneck 2020-2021 pace, they would have monopolized U.S. tech talent and made it impossible for employers in non-tech industries to hire tech talent. Now, other industries may stand a chance.” 

Opportunities in tech recruiting

This is also a great sign for the staffing industry. Tech recruiters will be able to reassure their candidates that their job opportunities are not diminishing this year. Every company nowadays is, in a sense, a technology company. Positions in coding, data, and AI are always going to be in demand.

The New York Times elaborates, “A lot of traditional industries need tech employees, so this is an opportunity for those companies to scoop up talent. The health care industry, the federal government, private companies in retail or manufacturing — all of them need engineers and other people with high-tech skills. What is Google’s loss could be Walmart’s gain.” 

If you’re seeking a new move within your tech career, the Information Technology team at Green Key is ready to help lead you in that direction. Browse our open jobs or connect with us on LinkedIn to start a conversation and work with our talented tech recruiters. 

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