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“And we haven't come to the point yet where it's a classic recession…in which people don't get jobs.” He also pointed out that general wages are on the rise. “But what we're seeing in the churn is that people who are seeking jobs are getting jobs,” Carnevale said. He predicts that specific technology-based industries might be affected (which we’ve already seen) due to rising interest rates.

And, most people who have recently lost a job or had an offer rescinded are ending up with new offers, according to interviews with hiring managers and job-seekers.Įconomist Anthony Carnevale has worked on employment and education policy for four decades and is the Director of the Georgetown University Center on Education and the Workforce. June’s unemployment rate was a low 3.6% and the economy added 372,000 jobs. But by July Coinbase, Compass Inc., Carvana Co., and GoPuff had each laid off more than 1,000 workers. By July, Tesla, AppLovin and a custodial service for Facebook had announced layoffs, along with TikTok and Lyft.Īt first it was looking like the number of layoffs per company were mostly in the tens or hundreds, not thousands. Are tech layoffs overblown?īy May, Peloton, Cameo, and Robinhood had announced layoffs. Both companies have laid off workers since May. In July another housing company, loanDepot, disclosed plans to cut thousands of jobs.Īnd if the pandemic gave your business a boost, like it did for Peloton and Netflix, consider whether people’s spending habits are likely to change as people leave their homes. Tech real estate brokerage Redfin cited “economic uncertainty and a rapidly cooling housing market caused by the fastest jump in interest rates in history” when they confirmed a hiring freeze and that they’d rescinded “a small number” of job offers in May. On the other hand, if you’re at a tech company working in the real-estate space, you need to consider the housing market and interest rates. For example, if you’re in a global pandemic where it’s dangerous to leave your house, maybe a food delivery service won’t do so poorly. How they’re faring will likely impact you. It’s also helpful to think about which sectors of the economy most impact demand for your goods and services. Besides food, Investopedia also lists healthcare, consumer staples, and basic transportation as goods and services with relatively stable demand.

If your company helps provide basic food you’re probably safer than if it helps provide restaurant delivery service.Ĭompanies providing goods and services where demand is fairly inelastic are in the best position to weather whatever comes next. Hiring freezes seem to be more widespread in certain, more vulnerable sectors. “Tech” is a large and somewhat ambiguous sector. How widespread is the tech hiring freeze? If you’re an Engineering Manager facing potential hiring freezes and layoffs as we navigate this period of economic uncertainty, read on for an overview of how widespread the hiring freezes and layoffs in tech really are, what experts are predicting, and three steps you can take today to better navigate whatever lies ahead. According to Layoffs.fyi, by July 349 startups had laid off more than 53,000 workers. As of June, tech companies around the world had laid off 35,000 workers according to SHRM. In July, Apple announced a hiring freeze, along with Twitter, Salesforce, Spotify, and more. By May, Facebook, Uber, Amazon, and other tech companies had announced hiring slowdowns or freezes.

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