Greater than the 2022 layoff pandemic, statistics have revealed that in the first three months of 2023, over 200,000 tech workers have been laid off. This is a whopping 72.6% of the total percentage of layoffs recorded in the previous work year 2022.
Although the reason for the layoff which became full-blown during the 2022 crypto bear market is not unknown, analysts, opinion leaders, professionals, and even amateurs in the industry have not stopped giving their one or two takes on it. Take a cue from the google india layoff. Google reported macroeconomic conditions, over-hiring during the covid period, the prioritization of AI developments (a deliberate intention to rival chat GPT), etc as some of the reasons forcing the company to lay off employees.
With the emergence of chatGPT and the growth it has recorded in the first few months of its introduction, you are very right to panic about keeping your job. However, panicking will do nothing positive but keep you on edge for most days of your career. Accepting the new reality will keep you focused on the goal which is keeping your job safe. Try out these strategies to have you floating above the bad news;
Before Layoffs are announced
It is not total doom and gloom as the media and influencers portray it. Your company might be safe and won’t be laying anyone off. But, just in case it is going to be doom;
Be in the know about what is happening in your company
A lot of tech workers have this lackadaisical attitude of “it is not my business if it is not my direct job description or task”. A new government policy has the potential to change the course of operations in your company. Keep up with the news, and critically analyze how external and internal events/happenings can affect your role in the company. Knowing this will help you find ways to identify the clause that can help you proffer solutions to beat the policy and future-proof your job.
Keep learning, Keep Upskilling
You can’t always see and know it all. You might have missed the news or didn’t get the right way to future-proof your job. Adding on diverse skills is a great strategy to employ before the doom. This is because when push comes to shove and employers have to make decisions on who to keep and who to serve the letter, you want to make sure you are a choice to keep. You make yourself valuable when your professional portfolio includes diverse skills that make you adaptable and flexible to the company or industry shift.
If you are a web3 community manager, take courses and certifications that prepare you for social and ecosystem growth management.
Start Freelancing
Upwork, Fiverr, LaborX, People per hour, etc, are a few of the numerous platforms to start your freelancing career. There are a lot of reasons freelancing is valuable to you during this period. It helps you earn extra income which has the potential to be higher than what you currently earn. The upside of this is that you are on your way to a full-time freelance career where you no longer have to worry about uncertain times like this.
A freelance career also helps you improve your skill sets and make connections in your industry which further helps you build a formidable network.
Save for rainy days
If it looks as if your employer company is not safe, you might want to consider cutting down your expenses and saving a specified percentage of your monthly earnings. This will help you stay aloft financial problems in the first few months after getting the dreaded letter.
Build a personal brand
The winning 21st-century professional is the professional who has a personal brand. Creating a personal brand means regularly posting and engaging on business networking sites like LinkedIn, Twitter, or anywhere professionals in your industry is found.
Start Applying At New companies
It is time to dust your CV off all the cobwebs and start forwarding it to new employers. You can have a professional review it. Get familiar with job posting sites and stay active with your connections.
When Layoff is Announced
No one has it perfect. You might have done all that is required but still end up getting the hard mail. After the layoffs are announced;
Look after your physical and mental health
The late-night meetings, long work hours, deadlines, etc would have taken a toll on you. The first thing you want to do is to get selfish and center all focus on yourself. Use the period to get enough rest. This rest will keep you healthy and mentally prepared to apply and interview for new roles.
Assess your sayings and analyze your spending
What you have in your savings will help you live on a sustainable budget till you find your spot in the industry again. Learn to live within your means.
Double your freelancing effort
Now that you have enough time to yourself. Pick up the freelance baton and dedicate your former work hours to it.
Update Your LinkedIn and Resume
An update on your social profile will help to inform your network and your internet search engine that you are open to new roles. Keep applying until you get the call.
Layoffs are one of the most dreaded periods for any professional tech worker. If you have been laid off recently, follow the guide. Remember, it is not your fault that you were laid off. Layoff could be a good thing. The new company about to hire you will be ready to pay you more than the former company.
