Google Layoffs – How to Protect Your Career and Finances in Times of Tech Layoffs

Hey everyone, today we are going to talk about tech layoffs. We have seen a spree of layoffs in tech sector impacting big tech companies like Microsoft, Google, Amazon, Meta and many more. We have also seen layoffs in companies like Goldman Sachs.

And the worst part is, it is not limited to one single space in tech, people from all backgrounds are being laid off. I went through quite a few profiles on linkedin, I have seen people being laid off from HR, cloud, program management, sales, marketing and support.

So whether you are working for Google, Microsoft, Meta, Amazon, Snap or any other big tech firm, you are not immune to layoffs. 

It is a big concern for us. As per https://layoffs.fyi/, 158951 were laid off in 2022 and 56570 have been laid off in 2023 so far.

Off course, formal statement is all these companies over hired during covid and now as they are impacted due to high inflation and lower growth, they are letting go people.

And experience range from few days to over 20 years.

To me, it looks like that companies are using this as an opportunity to downsize and save cost.

It clearly means that you can’t depend upon your company or boss for your job, in fact, your boss’s own job is not secure.

So what does it tells us.

I would say, focus on your skill and career path.

Depending upon where you are, you need to have a plan for next few years, if not more.

Google Layoffs, Microsoft Layoffs, Amazon Layoff & Tech layoffs

For example, if you are a fresher or college grad, you need to sharpen your technical and domain skills. For example, if you are a developer in cloud space, you not only need to focus on your coding skills but also learn the domain.

If you are a senior person, it is much more complicated for you. You will have expanded your wings to cover wider set of responsibilities.

But whether you are a college grad or experienced professional, you need to become what is called T-Shaped professional or leader, depending upon your experience and position.

Please allow me to explain the concept of T-Shaped professionals.

Vertical line here represents your core skills like programming, designing, sales, product management etc.

In addition to these core skills, you need to expand your reach and learn additional skills like domain or other areas close to your job.

So if you are a product manager, you should learn UI/UX, project management etc.

If you are UI/UX developer, you too should learn product management or project management.

Remember, you need to focus on your skills. Focus on the growing sectors like sustainability or AI/ML space or anything you believe has got good growth for next few years.

If you are in older sectors or domains, chances are your job will be automated. Even if you are a developer, chances are some new tool or technology will reduce the requirement of human resource in that space.

So it is worthwhile to identify the fields or domains which are within your striking range and you can learn them and move towards those spaces. I think sustainability is going to be thing for 10 years and you should focus on it.

But point is, you must evolve to become a T-Shaped leader.

It doesn’t matter if you are working with some big tech company and you feel safe. You should always hope for the best but prepare for the worst.

And to prepare yourself for the future, remember.

• Become a T-Shaped leader or professional
• Stay informed about economy, industry, and company trends by regularly reading industry news and following the company's financial reports.
• Keep your skills and qualifications up to date by taking relevant courses and participating in professional development opportunities.
• Network with professionals in your field and make connections outside of your current company.
• Be aware of your company's performance and any signs of financial trouble.
• Keep your resume and online profiles updated, so that you are ready to apply for new job opportunities if necessary.
• Have a Plan B, consider diversifying your income streams or have a backup career plan.
• Manage your finances well, try to save for rainy days, and avoid unnecessary expenses.
• Stay positive and proactive, focus on what you can control and be ready to adapt to change.

Do you think this trend will continue for some more time? Or we are towards the end of this cycle and now these layoffs will slow down.