What's Up Wantedly #5 - Navigating Tech Layoffs: Supporting Employees and Building Stronger Companies

After a massive job cut at the tail-end of 2022, affecting 154,000 people from more than 1,000 tech companies last year, according to Layoffs.fyi (a website tracking tech layoffs since March 2020), headlines over the past few weeks indicate the tech purge is far from over. Those affected by the firing frenzy in Singapore were employees from Google and FoodPanda, to name a few.

Why are there so many tech layoffs right now?
The pandemic caused consumers to change their buying behaviours by shifting their discretionary purchases online. With health, safety, convenience and speed becoming a priority, improving the customer experience became a core goal as brands struggled to remain operational and profitable. As the workforce became remote, businesses experienced rapid-fire growth to meet the demands.

However, it took only a short time for consumers to revert to pre-pandemic spending patterns. Consumer spending slowed, and a vast team is no longer required to manage that. Yet, it's not as if these tech giants are feeling the pinch profits-wise. Daniel Keum, an associate professor at Columbia Business School, suggested they're pulling back because investing in risky new business areas has become more expensive.

Helping laid-off workers find new jobs
Whether you are getting laid off or not, knowing if your company has a good layoff policy (which should be more than just a cold email) is good. Outplacement services are one to consider.

Examples of outplacement features
Outplacement is an employee benefit provided by a company to workers who have recently been laid off. This involves employers helping the people affected find new work and transition smoothly into the workforce. These include:
✅ Resume review, editing and writing
✅ One-on-one career coaching
✅ Provide networking support
✅ Training to prepare for job interviews
✅ Assessment of skills and interests

Layoffs are brutal, and you never know when you might have to face one. In these challenging times, supporting the people who’ve dedicated time and effort to your company is more crucial than ever. As a people-first operation, their well-being should be a priority right from the hiring process until you decide to part ways with them 💖

Before you go, check out other interesting reads below ⬇️

• As tech layoffs loom, here’s how well-being in the workplace is affected
• Which group of professionals are layoff concerns the strongest?