February 2, 2023

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Technology layoffs quickly find new jobs

A new survey shows most laid-off tech workers find jobs soon after beginning their search, with employers continuing to take workers in. Tight job market.

About 79% of workers who were hired recently lay off a technology company or termination they got their new job within three months of starting the search, according to a

ZipRecruiter

Clear new appointments. This was just under the 83% share of all laid-off workers who were rehired in the same time frame.

Nearly four in 10 previously laid-off tech workers found jobs less than a month after they started looking, ZipRecruiter found in the survey..

“Despite the widespread layoffs, hiring freezes, and cost-cutting that are happening in tech, many tech workers are finding rehiring remarkably quickly,” said Julia Pollack, chief economist at ZipRecruiter. “They are still the most sought-after workers with the most in-demand skills.”

Job openings across the economy — at 10.3 million — are down from record high levels but far exceed the number of Americans out of work, providing opportunities for workers who have lost their jobs and those who choose to look for another job.

ZipRecruiter data showed that workers who were previously employed in other industries, including leisure and entertainment, transportation and delivery, and manufacturing, also quickly found new jobs.

The job market for tech workers is slowing as the broader economy falters under pressure Increase the interest rate on the Federal Reserve And high rates of inflation. Layoffs and hiring freezes happen in startups and big tech companies like Amazon.com Inc. And the

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Facebook

parents Meta Platforms Inc. which employed aggressively early in the pandemic. The cuts hurt technology workers – such as software engineers – and other corporate roles, including recruiters.

However, the tech companies making the cuts are outnumbered by the companies hiring.

A smaller percentage of tech workers spend extended periods of time looking for work after being laid off. About 5% of laid-off tech workers who found jobs from April to October spent more than six months looking for work, ZipRecruiter said, down from 26% of those hired between August 2021 and February 2022.

Wen Huber, 23, was laid off from a videographer job at a real estate tech startup in late July. Mr. Hooper, who lives near Seattle, thinks it will take a while to land a new job, since he hasn’t had a college degree in four years, and many job seekers have been flooding the tech job market.

“When I was applying, to be honest, I didn’t feel very confident because of the influx of competition with a lot of people being laid off as well,” he said.

Mr. Hooper had built up a savings reserve, which allowed him to be more selective about his job search as he sought to focus on social media. He documented his unemployment experience in a series of videos on LinkedIn. Mr. Hooper said the videos helped him land an interview – and eventually an offer – for the job of social media manager at a startup software company. Started in September.

“I was surprised at how quickly I was able to get a job offer,” he said.

Wen Huber got a job offer for a social media manager position within a month and a half of being laid off.


picture:

Devon Potts

Short tech job searches have become somewhat less common as the job market slowed earlier in the year. Among people who recently lost a job and previously worked in tech, 37% found a new job within one month of starting their search, according to ZipRecruiter. This compares to 50% in the February poll.

“We’ve certainly seen a slowdown in hiring, but the reason is that the level of job creation has been above record levels because of the catapult effect of the pandemic,” said Ryan Sutton, region president at Robert Half, a global staffing firm. “From August 2020 to May 2022, it wasn’t hot. It was hot lava.”

Usually when mass layoffs happen, Mr. Sutton said, there is an influx of technical candidates who contact his company for help with the job search.

“We haven’t seen that yet – we haven’t seen more candidates enter the market,” he said. “Our recruiters have to hunt and hunt just as hard as they have in the last couple of years.”

Mr. Sutton said that the client companies in the technology field did not mention any plans to cut jobs.

According to ZipRecruiter, about 74% of workers who were recently hired after losing or leaving a job at a technology company remained employed in the industry. Others who previously worked at technology companies switched to companies in industries such as retail, financial services and healthcare in the six months ending in mid-October.

The recent headlines about tech layoffs don’t seem to match the broader economic indicators, which show a strong job market and a historically low unemployment rate. WSJ’s Gunjan Banerji explains the outage. Illustration: Ali Larkin

Pinnacol Assurance, a 650-strong workers’ compensation insurer, saw a 46% increase in job candidates from big tech companies including Meta, Microsoft and Twitter between September and mid-December, said Tim Johnson, the company’s chief human resources officer.

The influx of applicants has helped Pinnacol fill technology-related roles such as data scientist, machine learning engineer, and cloud engineer in recent months. Johnson said that in mid-December, the recruiting team at Pinnacol made an offer to a job candidate from Google.

Ayana Chapman, 42, started a systems engineering job at Pinnacol overseeing computer systems in mid-November after being laid off from another systems engineer position this spring.

“Our recruiters have to hunt and chase just as hard as they have in the last couple of years.”


– Ryan Sutton of the global staffing firm Robert Half

The generous severance package allowed her to take several months to refresh skills and study for certifications including the Python programming language. When an Atlanta resident began looking for work in the second week of October, she said, employees quickly approached her with interview opportunities.

Mrs. Chapman was anxious to find a stable job and thought Pinacole would be a good fit. She said she received an offer from the Denver-based company about two weeks after starting the interview process, much faster than in previous experiences.

I literally cried tears of joy like, “Oh, my God, I got the job.” said Mrs. Chapman.

Employers at large respond to job candidates quickly, likely out of fear of losing out in a competitive market with a historically low unemployment rate of 3.7%. Nine out of 10 respondents to a ZipRecruiter survey said they heard back from a recruiter or hiring manager within a week of applying for a job.

ZipRecruiter’s latest survey was taken from 2,550 US residents who started a new job within the six months ending in mid-October. The data is consistent with other labor market numbers that indicate a hot job market is cooling.

Ms. Pollack said of the ZipRecruiter survey respondents who said they had previously worked in technology, most likely worked for technology companies regardless of their occupation. In other words, an Amazon recruiter is more likely to be ranked as a tech industry worker in the survey. But the data scientist is in

Home Depot

He will be a worker in the retail industry.

Separate labor market numbers indicate that employers across various industries are still seeking to hire tech workers, albeit at a lower rate than was the case earlier in the pandemic. Job site advertising for tech occupations is still well above pre-pandemic levels, but has fallen sharply over the past year.

Ads for software developer jobs on Indeed are down 34% from a year earlier, and ads for mathematician roles — which include data scientists — down 28%. Total publications are down 7.7% from last year.

“With tech people, this is a much bigger downturn,” said Nick Pinker, Indeed economist Hiring Lab. “It’s still above pre-pandemic levels, but if the current trend continues, I don’t imagine the talking point will be valid anymore at some point next year.”

Mr. Bunker said the uncertain economic outlook is likely to weigh on employers’ appetite for white-collar workers, as they tend to base hiring plans for higher-paid workers on long-term business expectations. In contrast, he said, companies usually hire waiters, delivery workers and other low-paying jobs according to immediate business needs.

Many of the companies with the highest proportion of new tech job postings in late November were in industries such as consulting, financial services and aerospace.

“For tech jobs, it’s still a relatively healthy economic climate and a relatively healthy job market,” said Scott Dobrowski, a career expert in Indeed. “There are currently a lot of bright spots for technology professionals outside of traditional technology companies.”

US airlines have cut more than 100,000 workers during the pandemic, but have quickly returned to hiring and have struggled for a year with staffing shortages that have crippled supply chains.

Raytheon Technologies corp.

CEO Greg Hayes said over the summer that he was optimistic that layoffs among tech companies would begin to ease his staffing challenges. There are signs of this happening.

said Mike Diebold, chief financial officer

Leonardo DRS company ,

Which is based in Arlington, Virginia.

Like many of his peers, the defense sensors specialist still has more positions open than he would like, Mr. Diebold said, but the employment situation is starting to improve.

Write to Sarah Chaney Cambon at [email protected] and Gwen Gilford at [email protected]

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