Lost your job in tech? The tech industry has been ravaged by layoffs over the last two years attmpting to correct for their over-hiring prior to the pandemic. Last year was, by all accounts, a bloodbath for the tech industry, with more than 260,000 jobs vanishing. Yet, in the first five weeks of this year, nearly 100 tech companies, including such names as Meta, Amazon, Microsoft, Google, TikTok and Salesforce have terminated roughly 33,000 employees totally. This is the worst record for Silicon Valley since the dot-com crash of the early 2000s.
While the industry is excited about opportunities in the AI chatbot area that will ultimately be unleash, its hard to forgot about the massive layoffs that continueLast year was, by all accounts, a bloodbath for the tech industry, with more than 260,000 jobs vanishing — the worst 12 months for Silicon Valley since the dot-com crash of the early 2000s. to occur. And, it now seems every day there is a new tech giant to remind us of just how many fewer jobs will be needed in the industry’s future.
According to Reuters, Cisco will shortly lay off roughly 4,000 employees as part of a business restructuring. The company states it will be focusing on high-growth areas such as AI/chatGPT. The San Jose-based company, which has a total employee count of 84,900 according to its website is still deciding on the total number of employees to be affected by the layoffs, but it will certainly be substantial. The coming mass termination will probably reiterate continued weakness even as the lunatic buying up chatGPT chips and hot air keep bidding up the AI bubble. Cisco now joins others in the industry reducing jobs such as..
1. Twitch: 35% of workforce
2. Roomba: 31% of workforce
3. Hasbro: 20% of workforce
4. LA Times: 20% of workforce
5. Spotify: 17% of workforce
6. Levi’s: 15% of workforce
7. Xerox: 15% of workforce
8. Qualtrics: 14% of workforce
9. Wayfair: 13% of workforce
10. Duolingo: 10% of workforce
11. Washington Post: 10% of workforce
12: Snap: 10% of workforce
13. eBay: 9% of workforce
14. Business Insider: 8% of workforce
15. Paypal: 7% of workforce
16. Okta: 7% of workforce
17. Charles Schwab: 6% of workforce
18. Docusign: 6% of workforce
19. UPS: 2% of workforce
20. Blackrock: 3% of workforce
21. Citigroup: 20,000 employees
22. Pixar: 1,300 employees
Should You Start Looking for a Second Job?
If you survive this phase of the current “Tech Purge”, congratulations. But, these tough times are not going away soon and you should take steps to protect yourself financially from a future layoff. In fact, you should consider in investing in a “Second Career”. We are not talking about a second job. You need a second or alternative career,
Its tough out there. Among those who lost their job, it’s getting harder to find a new one. It currently takes an average of 22 weeks for unemployed workers to find a new job, the longest since August 2022. The number of people receiving recurring unemployment benefits ended the year 12 per cent higher than at the start of 2023.Currently, almost 40 per cent of Americans in a recent Harris Poll survey for Bloomberg News said their household now relies on additional income every month to make ends meet. Of those, some 38 per cent said the extra money barely covered their monthly expenses with nothing left over. A full 23 per cent said they fell short and even with the second income, it wasn’t enough to pay their current bills. Soeven if you find a second job, it will likely not provide the answer.
Are You a Mobile Creative? Start Investing in a Second Career
If you are currently employed in tech or have already been laid off, it may be time to make a decision. And if you don’t want to g this again and again, it may be time to be your own boss and invest in a home business. Home businesses have too many postive features to count. But the import fact is…you need to begin planning your move now. If you are beginning to see the handwriting on the wall and becoming your own boss is the path you want to take…
- Start Expoloring Your Options: There are hundreds of lucrative home business opportunities available and most are highly integrated with the internet. Take inventory of your current tech skills and find opportunities where your existing skills give you an edge.
- Expand Your Skillsets: In almost all cases when you choose a home business path, you will need to acquire new skillsets. And…it is never too early to start acquiring them.
- Build Your Website: No matter what your future path entails, you absolutely will require a virtual address on the internet. You will need a quality website (WordPress) and a blog at the very least. No matter how you build your site, you will likely need to “tweak” it a bit. Get started on your site and begin your blogging immediately.
- Begin Your Networking: Depending on your new business, you will need to be able to network and building relationships with customers or clients. In some business ventures, that means social media. In others, it means joining local clubs and organizations. Some will require both. Once your business plan starts coming together, immediately start networking and building your relationships.
Embarking on a path of starting your own home business after being laid off in the tech sector offers a plethora of benefits, with perhaps the most enticing being the opportunity to finally be your own boss. By taking control of your professional destiny, you regain autonomy over your work life, allowing you to chart your own course and pursue your passions with newfound freedom and flexibility. As your own boss, you have the power to make decisions, set priorities, and shape the direction of your business according to your vision and values. Beyond financial independence, being your own boss offers a sense of empowerment, fulfillment, and pride in building something of your own. While the road ahead may present challenges, the rewards of entrepreneurship – both personal and professional – make the journey well worth the effort.