- Career advice
Have you been laid off? You’re not alone…
The world of technology has been tumultuous recently, to say the least. A boom in both hiring and subsequent layoffs, partnered with a lack of funding, has affected the market on an immeasurable scale. Our Senior Appointments & Product Specialist, Laura Buck, provides some valuable insights and encouragements for those getting back out there.
It sucks, but you’re not alone
There are several factors contributing to tech layoffs; the economy, inflation, higher interest rates, over hiring and the pandemic. Although things are certainly looking up in the industry, there are still record numbers of people on the lookout for new roles. According to industry tracker Layoffs.fyi, 99,672 people have been laid off from 344 tech companies in 2024 alone.
Experiencing redundancy in the tech industry can be challenging and emotional, but it also presents an opportunity to reassess your career goals and explore new paths. It can take a while to find your new role, so it’s critical to maintain your optimism and perseverance. Although they are a part of the process, rejections shouldn’t stop you. Continue honing your strategy, picking up lessons from every encounter, and keeping an optimistic attitude.
Honing your strategy
Your LinkedIn profile and CV are your marketing tools, so ensure they are up-to-date and showcase your most recent accomplishments and abilities. Tailor your resume to highlight your successes, focusing on quantifiable results, particularly those relevant to the tech industry. A well-crafted LinkedIn profile, complete with a professional photo, can significantly enhance your visibility to recruiters. Identify your core tech skills and interests, considering what aspects of your previous job you enjoyed and what you’d like to change. This introspection can help you target roles that align more closely with your passions and strengths.
The tech industry is constantly evolving, and acquiring new skills can make you more competitive. Consider taking courses or certifications in areas that interest you or are in high demand, such as cloud computing, cybersecurity, data science, or software development. Online platforms and universities offer a wide range of courses that can help you stay relevant, in line with changing requirements.
Leaning on your network, and using recruiters, is one of the most effective ways to find new job opportunities. Reach out to former colleagues, friends, and industry contacts. Attend tech industry events, webinars, hackathons, and professional meetups. Don’t hesitate to let people know you’re looking for new opportunities—personal referrals can often lead to interviews and job offers.
Keep your head up
While the initial impact can be daunting, a proactive approach can transform this period into a stepping stone toward a more fulfilling professional life in the industry. It’s natural to feel a mix of emotions, but while challenging, is not the end of your career – redundancy can be a positive, and offers a chance to reassess your career direction. Lean on your family and friends for support and even look at finding secondary sources of income so you’re in a position to say no to roles that aren’t the right fit. Remember that, more often than not, redundancy has nothing to do with your talent or ability to do the job, so don’t lower your standards or beat yourself up. You’ve got this.
If you’re currently looking for a role after redundancy, get in touch with Laura Buck or check out the live roles on our Jobs Page.
laura@formularecruitment.co.uk | 020 3940 7464
Written by Laura Buck, Senior Appointments Consultant
