Alas, the holiday cheer is lost on many companies these days. Decades ago, companies that knew a layoff was imminent had the decency to wait until after the holidays to give the news. There was more care and understanding when delivering the news. As we are sure you have all heard, companies are throwing layoffs around left and right at the end of the year.
Tact aside, the end of the fiscal year is when companies reflect on hit and missed goals and react accordingly. It follows that, during that reflection, they would be best equipped to know that layoffs had to happen. This year’s layoffs have gone above and beyond a lack of tact, however, and leave the job market reeling as it is flooded with talent and leaves many companies without the trust they once had.
Why are there so many tech layoffs this holiday season?
Unfortunately, recent tech layoffs are a bit of an avalanche. When more and more companies lay off their employees others will follow suit. Some experts think the layoffs are unnecessary. Companies like Meta, Amazon, and Netflix could have gone a different direction, but as headline after headline dropped with companies laying off employees, well, they followed suit. Layoffs are expensive. Companies have to pay severance packages and find a way to replace all of the work that they let go. On top of that, layoffs give lasting harm to a company’s reputation.
Layoffs have a tremendous negative impact on those affected, especially during the holidays. Holiday tech layoffs leave employees reeling. The worst part? The economy shows no signs of taking a turn for the worse. Companies appear to struggle to find explanations for all the layoffs.
Business decisions aside, companies have lost the holiday spirit. Tech companies of the past threw huge holiday parties to thank all their employees for a year’s worth of hard work. Now, well, not so much.
The reputational risk of layoffs
When you are looking for a job at Meta and see that they just laid off over 11,000 employees (more than 10% of their staff) what are you going to think? Perhaps a job there is less secure than you would have thought. One of the pros of big corporations like that is, well, should be job security. Layoffs are a huge decision for a company and are often a result of poor business decisions or an economic downturn. Whatever the case may be, layoffs mean that employees are less likely to recommend the company to friends in the industry.
‘Tis the season for holiday tech layoffs
We hope that you have not been affected by the holiday tech layoffs. If your company was one of the many that laid off its employees and you find yourself saddled with new responsibilities, it may be time to start looking for something else.
Pathrise can help you make the most out of your job hunt. Designed for career success, our online program provides one-on-one mentorship, training, and advice for tech professionals. By working with industry leaders, you can determine the best strategies for getting hired in your chosen field, land more interviews, and ace the interviewing process. Apply today to get started with Pathrise.
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