3 Learnings From the 2023 Tech Sector Layoffs
2023, even though it has just started, is already being ranked as an extremely eventful year for the world of technology. The reason for that is all over the news. Companies like Alphabet who were recognized as employers that never dismissed their employees have been laying off people left, right, and center. Alongside, growth estimates of the technology sector as a whole have dropped drastically. Essentially, there is a lot of news of tech these days and almost all of it is grim. But that does not mean we cannot take positives out of it. In fact, that is exactly what we are going to be doing today. We have compiled a listicle of all the lessons that can be learned from the layoffs in the world of technology of recent times.
Side Hustles are Important
Ever since the coronavirus recession hit and a lot of people found themselves unemployed, side hustles have been generally considered necessary. The logic is that you can never rely on one income stream for your bread and butter because you never know when that stream goes away in the form of your dismissal from your job or the bankruptcy of your business. However, because big technology companies were considered such good employers (they are all over the top rankings of best employers in the world,) those who worked at these companies were considered exempt from this rule as the expectation was that they will never get fired.
Now that these companies have initiated mass layoffs, there is an increasing acceptance amongst career experts that those in the tech field should also look for side hustles of their own. if you too are part of the tech field and have, till now, been lucky enough to not get dismissed from your employer, do not get complacent and start earning money from another stream. One option you have is to teach people software usage over the internet. All you will need for that, other than software expertise, is high-speed internet, and you will be on your way to earning thousands of extra dollars. In case you do go ahead with this plan, we recommend subscribing to Xfinity’s internet service. The brand not only provides speedy connections but also resolves issues speedily and effectively whenever subscribers call the Xfinity phone number.
Artificial Intelligence Will Transform the World
On the 20th of January, Sundar Pichai, the chief executive officer (CEO) of Alphabet Inc., sent out a memo as an explanation for laying off as many as twelve thousand people (six percent of his workforce.) A major theme of the memo was the need for an increased focus on artificial intelligence. So, basically, when people said that growth in the artificial intelligence fields will lead to people getting fired, they were bang on target as the process has already started. Now, that does not mean we should panic. Instead, we should incorporate effective usage of AI in our skillset.
The tech sector layoffs are not the only evidence of the vastness of the impact of AI; yet another example of artificial intelligence taking over the world is the sudden rise in popularity of the AI tool, ChatGPT. The platform is so popular that its user base grew to a million within the first five days of its launch.
The Tech Sector is Not Recession-Proof
Just like tech employees were considered exempt from the requirement of having side hustles, the tech industry, as a whole, was considered exempt from the impacts of economic downturns. In fact, many renowned authors and publishing houses have claimed that the Great Recession of 2008 actually bolstered the technology sector. Needless to say, given how large players in the industry such as Alphabet, Amazon, and Meta are laying off employees left, right, and center, this myth of the tech sector being recession-proof has been debunked.
As stated earlier, the reason for writing this article was not to create panic in the minds of people in the technology sector. We wrote this article solely to help you learn the important lessons from the recent mass layoffs. If you are part of the tech sector, know that it is always important to prepare for the worst and not take whatever stability you have in your life for granted.