Tech workers report significant drop in confidence in job security

According to A June Survey of the Blind, Anonymous Professional Networking Site.

Undoubtedly, labor market fears are fueled by months of headlines about hiring freezes, rescinded job offers and mass layoffs for emerging workers and tech giants, including Robin des Wood And inspiration Only this week.

More than 32,000 people were laid off from the technology sector in the United States in 2022, according to Crunch database.

Rick Chen, public relations manager for the blind, says the current lack of confidence in the job market is a 180 degree turn from what it was just a few months ago. In March, some 80% of tech workers They had confidence in the job market and were thinking about looking for a new job.

News of the layoffs is unsettling tech workers across many industries, especially those working in e-commerce, real estate and businesses closely tied to the stock market, which boomed during the Covid recovery in 2021 but massive volatility in today’s economy.

Concerns about worker job stability have risen at companies that have announced layoffs in recent months. According to the Blind survey, conducted June 20-21, companies with the highest percentage of affected workers included Compass, with 95% feeling less confident about their job security than a year ago, and Twitter ( 91%), Robinhood (90%), Instacart (90%), Coinbase (83%).

Chen says workers are raising concerns online: Discussions of hiring freezes and layoffs doubled in the first quarter of 2022 compared to 2021, while discussions including the term “stagnation” increased 15-fold.

A generalized pessimism opposes a The labor market is still heating up economists. Hirings and layoffs remain near record highs, while layoffs in June remained just below 1% of the workforce.

Workers may not have as much bargaining power as they did at the start of 2022, but Chen says tech workers are still in a good position to find a new job or get back on their feet if laid off .

“We see that companies are still hiring, and the people we hire are on board within weeks,” Chen says, referring to activity in the blind recruitment market. And as of June, 64% of tech leaders say it’s getting harder and harder to find skilled workers in their open jobs, according to a CNBC survey.

Alistair Shirazi, 34, works as an engineering project manager at Apple on a contract basis. Although his contract expired in November, he is “not worried at all” about continuing to work for the tech giant or getting a new job afterwards.

First, note that his boss continues to discuss how difficult it is to hire and retain employees to keep his team working appropriately. Shirazi expects his contract to be extended, or he could be hired as a full-time employee.

He also sees the recent layoffs as temporary: “We just came out of a huge tech hiring boom,” Shirazi says. “Booms are usually followed by busts, but booms follow again. »

Shirazi predicts established companies will win by attracting tech workers and leaving riskier startups behind: “I don’t see these layoffs as a time when people are spending a lot of time sitting at home,” he says .

If you’re considering a move, Chen advises you to take this time to think about what you want most from your career. “During the good times, people would leave every 12 to 18 months on average and look for jobs with higher wages and compensation,” he says. “Now is the time to take stock of what’s most important to you, whether it’s work-life balance, working from home, a flexible work schedule, or opportunities to advance your skills or your career. »

You can also ask more questions to assess the stability of a potential business: “Be wary of descriptions like ‘excessive growth’ in the job description and dig deeper,” says Jenny Cheng, coach at Career Contessa. “Learn more about the steps they take to support employee retention or how to grow responsibly. »

As for the future of tech jobs, Chen adds, “every company is a tech company,” and they need programmers, data scientists, and product specialists to create digital products and services. There is security in technical roles. ”

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