The majority of laid-off IT workers have found new employment within three months of beginning their hunt, which is encouraging news for individuals who have lost their careers due to the prolonged financing cold and global macroeconomic conditions.
According to a ZipRecruiter poll cited in The Wall Street Journal, roughly 79% of fired employees in the IT sector found new employment within three months.
In light of the fact that the sector is in crisis due to a number of gloomy causes, which will persist in 2023, it, whoever it was, did not disclose information on whether they received new employment with the same, higher, or lower compensation packages.
According to the report, less than a month after starting their job hunt, nearly four out of ten previously fired computer employees secured employment.
“Despite the widespread layoffs, hiring freezes, and cost-cutting taking place in tech, many tech workers are finding reemployment remarkably quickly,” Julia Pollak, chief economist at ZipRecruiter, was quoted as saying.
According to the statistics, employees in other sectors including manufacturing, transportation and delivery, leisure and entertainment, and entertainment also swiftly found new work.
Early in 2023, further job cuts are anticipated at tech businesses including Google, Amazon, and a few others.
The ZipRecruiter research also revealed that compared to 26% of those employed between August 2021 and February 2022, just 5% of laid-off IT professionals who got jobs between April and October had spent more than six months looking for employment.
As a result of enormous layoffs by digital businesses this year alone, which have eclipsed levels from the Great Recession the globe saw in 2008-2009 with the fall of Lehman Brothers, thousands of jobs were lost amid a worsening funding winter in 2022.
According to a Crunchbase count, the US IT industry lost more than 91,000 people as a result of widespread job cutbacks in 2022.
In India, around 17,000 tech workers were fired, mostly from edtech firms including BYJU’s, Unacademy, Vedantu, and others.
The financing lull in the startup sector may continue for another 12 to 18 months.