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Facing Impending Doom: Laid-off Techies in the Highest Job Cuts Since Dot-com Crash

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Last Updated on March 16, 2024 by Robert C. Hoopes

Tech Layoffs Continue to Shake Job Market in 2023

Since the beginning of the year, over 50,000 workers have been laid off from more than 200 tech companies, signaling ongoing challenges in the job market. Major players such as Alphabet, Amazon, Meta, and Microsoft have all participated in downsizing, impacting job seekers across the industry.

The job search process in the tech industry has been described as “insane” by recently laid-off workers, highlighting the intense competition for available positions. The layoffs in 2023 mark the second-largest downturn in the technology sector since the dot-com crash in 2001.

One factor contributing to the layoffs is the stagnation of tech salaries in recent years, leading job seekers to accept lower pay and compromise on job stability. However, the use of AI in tech has created a demand for AI engineers, with senior AI engineers commanding salaries exceeding $190,000 nationally.

Job seekers in tech are facing challenges in maintaining previous pay levels, with the market demanding higher qualifications and experience. Former employees of companies like Google also struggle to find jobs with comparable pay after layoffs.

Despite these difficulties, some job seekers remain optimistic and continue to search for employment opportunities. They navigate the current labor market by tailoring resumes, applying for positions, networking, and accepting changes in pay or job requirements.

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With the tech job market showing signs of instability, job seekers must be prepared to adapt to the changing landscape and explore new opportunities to secure their careers in the industry.

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Dina J. Miller is an accomplished writer and editor with a passion for business and education. With over a decade of experience in the industry, she has established herself as a leading voice in the MBA community. Her work can be found in a variety of MBA magazines and college publications, where she provides insightful commentary on current trends and issues in the field. Dina's expertise in business and education stems from her extensive academic background. She holds a Master's degree in Business Administration from a top-tier business school, where she excelled in her studies and developed a deep understanding of the complexities of the business world. Her academic achievements have been recognized with numerous awards and honors, including induction into several prestigious academic societies.

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