What's Up Wantedly #3 - The worst month for tech talents
Amazon, Twitter, and Meta are notable companies we've seen in the news lately, and not for a good reason. The second half of 2022 has been characterised by tech layoffs from small businesses to multinational giants. What's creating a stir is that these layoffs leave tens of thousands unemployed. Layoffs.fyi reports that more than 100,000 people lost their jobs in 2022. And these numbers will continue to grow.
How did we get here?
Many tech companies expanded rapidly during the pandemic recovery, resulting in aggressive hiring. Some companies offered such high pay and benefits to entice new talent that they may have contributed to the "Great Resignation Wave", in which workers chose jobs rather than the other way around. With a slowdown in consumer growth, layoffs are part of a cost-cutting exercise, gearing towards efficiency.
What's the impact on tech talents in Singapore?
Locally, the layoffs have affected Singapore's Twitter, Meta, and Shopee employees. Despite the mass layoffs, it's not all doom and gloom because tech talents are still in demand here as companies seek to deepen their digital capabilities, presenting new avenues for these talents.
Which brings us to hiring…
While not a new idea, workplace empathy remains foreign to employers, especially in hiring. Given the stressors of recent events, rethinking hiring with compassion means taking a critical lens on how you engage candidates. Whether you're seizing the opportunity to hire great talent or maintaining interest, here are three ways to be empathetic and considerate in your candidate outreach.
Even though mass layoffs don't frequently occur, the aftermath of these events won't be forgotten soon, and an entire generation of the workforce’s job-seeking approach would have been transformed.
The bottom line is simple: Big names can't guarantee protection from job cuts, and knowing that your company champions your well-being is more crucial than a good paycheck.
Before you go, check out other interesting reads below ⬇️
- Tips to approach anyone who has been laid off
- Bringing your team back together after a layoff
- Here’s a rundown of prominent tech layoffs