The tech industry, known for its stability and growth, has experienced a significant shift this year with widespread layoffs. Companies such as Amazon, Alphabet, Microsoft, Salesforce (and unfortunately many more) have announced thousands of job cuts, leaving workers to question the future of work. From waking up to the reality of the workforce to overcoming “survivor's guilt”- what does the future of work look like for you?
68,000 global technology sector employees have been laid off in the first few weeks of 2023.
The current layoffs signal a shift in the nature of work in the tech industry. The rapid pace of technological change and increased competition in the industry are forcing companies to streamline operations and adopt new technologies, resulting in job cuts. Companies are looking for workers who can bring new skills and perspectives to their organizations, rather than just performing routine tasks.
The layoffs have acted as a wake-up call for employees.
Throughout the pandemic, many of us have been focusing on surviving rather than thriving.
The layoffs have shown that just “getting by'' is not enough. Workers must be proactive in developing new skills, staying up-to-date with the latest technologies, and building a network of contacts to ensure they are well-equipped for the challenges ahead.
According to TechCrunch, experts predict that layoffs in the tech industry will become more common in the future, as companies seek to remain competitive in a constantly evolving market. While the tech industry has been bombarded with layoff after layoff, it’s likely just the beginning. Fox School of Business experts note that “Tech companies may receive some level of protection when going through their layoff processes by doing it at the same time, so people are less likely to point a finger directly at them.”
The layoffs have also acted as a wake-up call for managers and team leaders.
“Survivor's guilt” may be crushing your team’s productivity.
Forbes notes that team members that “survived” layoffs suffer a 41% decline in job satisfaction, 36% decline in organizational commitment, and 20% decline in job performance. What can managers and team leaders do to combat this issue and bring psychological safety back into the workplace?
Engage, engage, engage
Studies have shown that team members who do spend an optimal number of hours interacting with their direct leader (six hours per week) are 29% more inspired, 30% more engaged, 16% more innovative, and 15% more intrinsically motivated than those who spend only one hour per week. Carve out time before or after meetings to openly answer questions and concerns team members have. After all, transparency is key to debunking anxiety-driven rumors and gossip.
Build wellness into the schedule. Whether it’s a 15-minute yoga zoom break or a lunch get-together, provide opportunities to intentionally connect with team members to cultivate a new sense of belonging. Don’t undervalue the power of connection tools! Give personal user manuals a try. Have each team member create and share their personal user manuals to not just get to know one another better but learn how to best work together. You’d be surprised just how well these manuals bring teams together!
Sources:
NPR: "The Impact of Tech Industry Layoffs on Workers"
The New York Times: "The Future of Work in the Tech Industry: A Look at the 2023 Tech Layoffs"
TechCrunch: "Experts Predict Increased Layoffs in the Tech Industry in the Coming Years"
Forbes: "The 2023 Tech Layoffs: What Workers Can Do to Prepare for the Future"
Find more information on the 2023 tech layoffs by reading: Tech Layoffs: Hiring Freeze and Latest Tech Companies to Cut Jobs
Cover photo: Source
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