It is no longer news that the boom witnessed in the tech sector during the pandemic seems to be contracting and tech companies are beginning to cut down on recruitment plans. Many of the tech giants such as Meta, Amazon, and Uber announced in May 2022 that they were overstaffed and will be deliberately scaling back hiring in the coming months.
Our founder, Tanya Sinclair offers tips on how to support major stakeholders within the tech sector, in the face of worsening economic trends that may later affect other sectors.
“For founders and tech leaders, great leadership, authenticity, appreciation and a focus on culture will help the tech sector navigate difficult times including layoffs.”
“For my fellow People & Culture folks, transparency and people support that goes above and beyond to help departing staff offboard with dignity and support will see the sector evolve and emerge even stronger. Also, remember that the employees staying on will be uneasy and need special attention based on organization values. This is an opportunity to connect and deliver on some immediate needs to keep employees engaged.”
“For employees who are directly impacted by layoffs, access all supports and networks available to you. Re-examine what makes you happy and look for companies with great work cultures that are aligned with your career goals. Some of the smaller tech firms may be hiring and would love you to have you on board. This may even be an opportunity to re-invent yourself and take on some consulting work. As one door closes, another opens.”
As global economies gradually go back to pre-pandemic activities such as traveling, eating out, returning to the office, etc., many businesses especially those in the tech, who were the biggest beneficiaries, will have to make new adjustments. However, the new hiring adjustment does not imply the industry has stopped growing as there are still untapped opportunities in the sector.