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By Zoe Han
In the year By 2023, more than 199,000 global tech workers have been laid off.
According to the data compiled by the website Layoffs.fyi, more than 199,000 workers in the global technology sector have been laid off since the end of 2023. So where did these workers end up?
Former tech and media workers found new jobs in similar sectors, as well as in career services, financial services, manufacturing and hospitals and healthcare, a LinkedIn report revealed this week. The report tracked thousands of employees who worked at tech and media companies and found new jobs between January and April.
37.3% of these workers found work in technology, information and media, their previous occupation. The next highest number of displaced workers (19.6%) moved into professional services, a sector dominated by accounting and consulting services, followed by 8.3% into financial services and 8% into manufacturing.
“Think of professional services firms as giant importers of technology expertise, which drives much of their consulting work,” said George Anders, the report’s author and senior editor at LinkedIn. “This need to build IT and software capabilities is also intensifying in financial services…talent flows go in both directions.”
“Five hot career paths stand out, and only one of them involves finding another job in tech,” Anders added.
Consulting and financial services companies are prioritizing software and information technology roles to build IT capabilities, he said. The manufacturing sector is hiring software engineers, sales representatives and marketing and project management workers, while auto manufacturers, medical device makers and aerospace companies have been “particularly active” in hiring displaced technology workers.
Facebook owner Meta is one of several tech companies to cut jobs in recent months. Netflix ( NFLX ) , Salesforce ( CRM ) , Amazon ( AMZN ) and Alphabet Inc.’s Google ( GOOGL )( GOOGL ) have all announced layoffs. The Federal Reserve has raised interest rates to fight inflation, resulting in layoffs and layoffs.
A positive sign: More than half of workers who were laid off in December and January reported having found a new job by the end of January, according to a ZIP survey released in March. Overall, it took an average of seven weeks for those workers to find new jobs, the study found.
The number of Americans filing for unemployment benefits fell to a record low of 229,000 before the Memorial Day weekend after Massachusetts took dramatic steps to stem a spike in fraud. New jobless claims in the seven days ending May 20 rose by 4,000 from 225,000 in the previous week, the Labor Department said Thursday. Figures are adjusted periodically.
Job openings fell to 9.6 million in March, the lowest number since April 2021 and down from a revised 10 million in February, the Labor Department said earlier this month. Total private sector job vacancies fell to 8.5 million in March from 8.9 million in February, the government added. The unemployment rate in March was 3.5%, and there were 1.6 vacancies for every unemployed person.
Contributed by Jeffrey Bartash.
Related: As Big Tech cuts workers, other industries are desperate to hire them
– Zo Han
This content was created by MarketWatch, an affiliate of Dow Jones & Co. MarketWatch is published free from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-28-23 1540ET
Copyright (c) 2023 Dow Jones & Company, Inc.
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