Where Did Laid-Off Tech Workers Go?

Where Are Laid Off Tech Employees Going?

In the past two years, nearly 428,000 tech workers have been laid off, with over 124,000 losing jobs in 2024 alone. This crisis has been driven by factors like the collapse of Silicon Valley Bank, overhiring during the pandemic, and rising interest rates. The impact on the workforce has been profound, particularly for women, who made up over half of those laid off despite being a smaller percentage of the workforce.

Many laid-off employees have struggled to find new roles, although competition remains fierce, with a tech unemployment rate of 2% as of May 2024. Despite the turmoil, about 50% of laid-off workers secured jobs within six months, often transitioning into IT services, fintech, or renewable energy. While tech salaries are significantly higher than average, demand for skills in programming and data analysis persists, indicating that tech workers may still find opportunities in various sectors as the market evolves.

CHAPTERS:
0:00 Where Are Laid Off Tech Employees Going?
0:38 Tech Sector Volatility
2:45 Impact On Tech Workers
4:04 The Rise Of AI
5:30 Where Did Tech Workers Go?


Produced by: Samantha Harvey
Edited by: Jacob Smith
Animation: Charlotte Brown
Additional Footage: Getty Images

» Subscribe to Economy Media:    / @economymedia  


Conect With Economy Media Everywhere
Follow Economy Media on Instagram: https://n9.cl/economymedia

#economymedia #job #jobsearch #jobmarket