In some cheer for those who have lost jobs in the ongoing funding winter and global macro-economic conditions, most laid-off tech employees have landed new jobs within three months of starting their search.
The Wall Street Journal reported, citing a ZipRecruiter survey, that nearly 79 per cent of terminated staff in the tech industry landed a new job within three months.
It, whoever, did not divulge information on whether they got new jobs on the same, above or lower pay packages as the industry is reeling under several pessimistic factors, which will continue in 2023.
Nearly four in 10 previously laid off tech workers found jobs less than a month after they began searching, the survey found.
“Despite the widespread layoffs, hiring freezes, and cost-cutting taking place in tech, many tech workers are finding reemployment remarkably quickly,” Julia Pollak, chief economist at ZipRecruiter, was quoted as saying.
Workers employed in other industries, like entertainment and leisure, transportation and delivery and manufacturing, also found new jobs quickly, the data showed.
Google, Amazon and some other tech companies are set to layoff more workers in early 2023.
The ZipRecruiter data also showed that about 5 per cent of laid off tech workers who found jobs from April to October had spent more than six months hunting for work, down from 26 per cent of those hired between August 2021 and February 2022.
Thousands lost jobs amid deepening funding winter in 2022 as massive layoffs by the tech companies this year alone surpassed the levels from the Great Recession the world went through in 2008-2009 that began with Lehman Brothers collapse.
More than 91,000 workers in the US tech sector were laid off in mass job cuts in 2022, according to a Crunchbase tally.
Over 17,000 tech employees were shown the door in India, led by edtech companies like BYJU’s, Unacademy, Vedantu and others.
The startup ecosystem’s funding winter could last another 12 to 18 months.