Posted on 04/09/2024 6:47:59 PM PDT by 11th_VA
With tech layoffs at their highest since the 2001 dot-com crash, the job hunt is getting harder and many in the industry are being forced to settle for pay cuts if they can find a new gig at all.
Allison Croisant, a data scientist with about a decade of experience in technology, was laid off by PayPal
earlier this year, joining the masses of unemployed across her industry. Croisant has one word to describe the process of looking for a job right now: “Insane.”
“Everybody else is also getting laid off,” said Croisant, who lives in Omaha, Nebraska, where she worked remotely for PayPal.
... Since the start of the year, more than 50,000 workers have been laid off from over 200 tech companies, according to tracking website Layoffs.fyi.
It’s a continuation of the predominant theme of 2023, when more than 260,000 workers across nearly 1,200 tech companies lost their jobs.
...
For the tens of thousands of people in Croisant’s position, the path toward reemployment is daunting. All told, 2023 was the second-biggest year of cuts on record in the technology sector, behind only the dot-com crash in 2001, according to outplacement firm Challenger, Gray & Christmas. Not since the spectacular flameouts of Pets.com, eToys and Webvan have so many tech workers lost their jobs in such a short period of time.
Last month’s job cut count was the highest of any February since 2009, when the financial crisis forced companies into cash preservation mode.
(Excerpt) Read more at cnbc.com ...
In the 2001 dot com crash, unemployment in the software industry in Seattle was probably about 40%.
I got a job offer from Microsoft in North Dakota. I went to Fargo. For 8 years.
The economy will tell you what you must do to eat.
Sorry about your friends, 11th.
Hopefully they’ll bounce back.
As John McClain would say, “Welcome to the party, pal.” Maybe they’ll reassess their support for Rutabaga.
Welcome to the club, boys.
When you work in a boom or bust industry, live every day like it is a bust and you will be prepared when the bus does arrive.
Happening in my circle.
AI/HAL taking over.
Learning to code didn’t help for long, Joe.
Where I am there are retention problems in the IT department. The really good atmosphere and almost family experience died a couple of years ago.
I’m hoping to be the next one to leave. There is stuff open around here and I tend to go through small waves of interviews over the phone.
Earlier this year I’ve taken baby steps to getting some IT certifications. All I have until then was a legacy A+. The couple of MS one I had no one was ever interested in.
I passed a couple of minor ones recently so I have a feel of the test environment now.
Now it’s a question of affording and scheduling a couple of others I have in mind.
I know a lot who are laid off and not a one of them voted for the democrats
Ditto - I worked on both coasts for 35 years - I went where the jobs were. However, AI could be a game changer for many …
Seems Allison Croisant was a mere pan....
According to this many of the struggling H1-B’s are moving back. Byeee.
https://www.reddit.com/r/h1b/comments/17ijsqp/move_back_to_india_layoffexhausted/
H1b is almost bonded labor.. But usa wants cheep labor not the skilled one so they let ppl in from their borders but we have to keep showing papers after papers to get in …
I work in IT. I wish for once i could get my Obama 99 weeks of salary or some buyout like it seems everyone else is getting.
Yes, no jobs for Americans, Indian recruiters are focused solely on hiring Indians.
Indians are trying to completely take over tech. Republicans do not care.
AI will be much better at processing data.
Both of my daughters lost their jobs last summer. They can’t even get interviews. Both of them looking at career changes.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.