Mass layoffs in the tech sector have left many workers nervous that their jobs might be next. U.S. tech companies have shed more than 124,000 job in 2024. Like in the last 2 years, 2024 tech layoffs have impacted workers at large and small companies alike, from Google on down. And while our recent 2024 job report shows that situation is slightly improved since 2023, competition in the tech industry remains steep.
Unfortunately, surviving your company’s latest round of 2024 tech layoffs doesn’t mean they won’t affect you. With the departure of key staff and the tightening of belts industrywide, workers are increasingly being called on to do more for less. The tightening job market and gloomy economic landscape make it unlikely that conditions will pick up in any meaningful way in the near future.
Fortunately, you don’t have to let the shifting economic currents dictate the conditions you work under. Here’s how to make the most of the situation.
Changing Workloads
A common feature of staff reductions is workload redistribution. Companies ask remaining workers to take on additional responsibilities, often for no extra pay. This can lead to greater stress and diminished job satisfaction.
Workers who stay on post-layoffs may voluntarily take on additional duties surrounding their role within the organization.
Such thinking, while common, can prove dangerous. Workers who take on too many extra duties put themselves at risk of burning out. It also leads to negative shifts in company cultures as employees find themselves pressured to take on more responsibilities regardless of the mental and physical strain it might put on them.
How to Use Layoffs to Your Advantage
A silver lining exists among all these gray clouds. With fewer workers to compete against and freshly opened roles within your company, you have additional leverage that you can use to negotiate for a raise or title upgrade.
Before you talk to your boss, take stock of your new responsibilities. Take a look at the new vacancies that have opened up within your organization and identify which roles dovetail best with your skill set and career goals. During times of economic stress, companies need people who are willing to step up and take initiative.
Use this to your long-term advantage by spearheading new projects. The dismal economic landscape won’t last forever. However, the skills that you forge during this period will have a lasting impact on your career.
Leaving on Your Own Terms
Depending on how well your company is handling the current economic situation, it may be time to get out in front of things by proactively searching for a new job. Even if you’ve been spared from the latest round of layoffs, the additional stress created through the addition of new workplace responsibilities — likely distributed without an accompanying pay raise — may make your current role not worthwhile.
For example, Twitter’s brutal round of layoffs that saw the departure of nearly half the company’s staff accompanied by Elon Musk’s “hardcore” vision for a Twitter 2.0 has left many of the survivors coping with significantly more stress. If you’re in this position, you might find it to your advantage to brush off your resume and start searching for a new job.
While industrywide layoffs have made it more difficult to find a new job, shifting roles is by no means an impossible feat. Tech workers remain in high demand relative to many other professions. However, skilled workers may need to search beyond traditional “end-game” jobs like becoming a software developer for a FAANG company.
Instead, workers can look to startups or technical roles within non-tech companies like large insurance companies or banks. Virtually every medium and large enterprise requires technical workers, and with the current turmoil going on within the tech industry, these businesses may provide less turbulence than an equivalent role at a more tech-focused company.
If you’re ready to move forward in your career, take advantage of Pathrise’s career mentorship program. Pathrise offers personalized support via one-on-one sessions with a mentor. With industry professional experience behind them, Pathrise mentors will help you navigate through each step as you search for your next challenge. From creating a blowout resume to negotiating the salary you deserve, Pathrise will provide you with the assistance you need to get the job you deserve.
With Pathrise, you don’t pay any upfront fees. Apply now and bring yourself one step closer to landing your dream job.
Apply today.
