Over the past few months, tech workers have been shaken by a series of mass layoffs at companies including Google, Meta, Twitter, Apple and Amazon. Many of these tech giants made a killing during (or in some cases, because of) the pandemic, but their inflated profits haven’t saved them from being put on the chopping block.
Experts believe the mass layoffs were a reaction to investor pressure and an economic defense strategy. As interest rates and inflation soared, consumers’ spending slowed down and companies trimmed costs. Some even laid off employees who weren’t responsible for generating revenue, which can help companies save on salaries and wages.
Despite the big-name layoffs, the overall job market for tech workers remains relatively strong. While the numbers fluctuate, the number of technology-focused jobs posted online has risen 25% since December 2021, according to research from Rezi. The trend shows no sign of slowing down. In fact, demand for skilled tech workers is expected to increase further as the economy recovers and the tech sector continues to evolve.
For those who have been displaced from their positions, it’s important to diversify their income streams to ensure financial security and continue to build valuable skills. One way to do this is through freelance work, which can be a great fit for a variety of skillsets and experiences. Whether you’re a tech professional or small business owner, you can take advantage of the growing demand for skilled workers by using platforms like Upwork to connect with businesses that need your expertise.
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