URGENT UPDATE: Workers across the tech industry are taking proactive measures to secure their futures as layoff fears escalate amid corporate strategy shifts and the rise of AI technologies. Recent reports reveal that employees, once confident in their job stability, are now launching side gigs, ramping up job searches, and preparing financially for potential unemployment.
In a striking personal account, Michael Permana, a software engineer at Amazon, faced job insecurity when he was placed on a performance improvement plan in February 2023. Rather than panic, he strategically took his remaining paternity leave to prolong his employment and search for new opportunities. “I was desperate… once you are in a performance improvement plan, you are on your way out at Amazon,” Permana shared. Fortunately, less than a month after returning, he secured a new role at MobilityWare, a mobile game developer.
As layoffs remain historically low, white-collar workers are feeling the pinch more than ever. A hiring slowdown has made it increasingly difficult to find new roles, with many employees caught off guard by sudden job cuts. Industry expert Laura Ulrich from the Indeed Hiring Lab noted that “if you become unemployed, it’s become much harder to find a job.” The shift in hiring dynamics has left many feeling anxious about their job security.
To combat these fears, workers are taking matters into their own hands. Eduardo Noriega, who faced layoffs at Microsoft, spent nearly a decade building a staffing firm on the side. He stated, “When I saw the layoff, I realized that job security isn’t real.” His proactive approach paid off when he was laid off in May 2023, allowing him to transition seamlessly into his own business.
Meanwhile, Kent Ha, a former digital marketing strategist at Intel, also felt the need to prepare. Anticipating layoffs in his team, he reached out to his financial advisor and began job hunting in June, ultimately facing the layoff he predicted in July. “Worst case, I’d land another offer,” Ha explained, emphasizing the importance of being prepared.
Many workers, like Phil Coachman, are turning to their networks for support. After resigning from Microsoft in July 2024, Coachman relied on connections to secure a new position at the AI startup Databricks. “Finding my next gig was 100% through my network,” he revealed, showcasing the value of professional relationships in today’s volatile job market.
Additionally, some individuals are juggling multiple jobs to safeguard against unemployment. A New York tech worker, who requested anonymity, has taken on two full-time remote positions, earning approximately $280,000 annually. “I need these two jobs to sustain my life with my partner,” he explained, highlighting the desperate measures some are taking to ensure financial stability.
With the job market shifting dramatically, experts advise those concerned about layoffs to start preparing now. Building savings, expanding professional networks, and developing backup career plans are crucial strategies for navigating this uncertain landscape.
As these trends unfold, it is clear that the fear of layoffs is prompting many to rethink their career strategies. Workers are no longer waiting for the axe to fall; they are actively crafting their own safety nets. As companies continue to adjust their workforce strategies, expect to see more individuals taking bold steps to secure their futures in an unpredictable job environment.
For continuous updates on this developing story and more personal accounts from those navigating these challenges, stay tuned.