Things to Learn from Mass Tech Layoffs
We are still reeling from the mass layoffs in the tech industry. People were caught by surprise when they’ve realized that they no longer have a job. Worse, others received the information via emails or Zoom calls. It seems ironic since the tech industry is supposed to be booming. Social media is bigger than ever and most people rely on online information all the time. Even big companies have transitioned to digital spaces to continue regular operations. Despite these changes, the inevitable still happened. Several employees in the tech industry ended up getting fired from the job. Here’s what we can learn from it.
No industry is safe
Just because an industry is thriving doesn’t mean it will stay that way forever. We thought the tech industry is only going to get bigger from here on out, but even that industry took a hard hit. Giants like Meta, Twitter, and Google laid off hundreds of employees in a span of months. It also applies to other industries like tourism. We thought it will always be a huge industry, but it took a hit during the pandemic when movements were halted. It tells other industries to prepare for all possibilities.
People can be laid off with dignity
It’s always hard to remove people from their posts, but it doesn’t mean they can be fired without notice. There should still be a process in removing them from their positions. It’s important to give weeks or even months of notice. Be transparent about where the company stands and what could happen in the future. It helps these employees determine what to do next or prepare themselves for a possible removal. Firing them through emails or calls is never a great idea. It burns bridges and also damages the company’s reputation.
Appropriate paycheck is a must
People in the tech industry enjoyed huge pays at the height of their success. Others didn’t even spend too much time on the low levels of the company before getting a promotion and a much higher pay. Industry leaders have taken even more. There was a false notion that things will always look great. While it’s still important to pay people the amount they deserve, the company’s overall finances must still be considered. These layoffs would have been avoided with proper financial management techniques.
Talk to people you decide to keep
Just because the company has laid off several employees doesn’t mean it’s over. There are still a couple of employees left to keep the business running. They might have to work harder with fewer resources. They need to understand where the company is heading and why they were safe while the rest have gone. Of course, you can’t force them to work twice as hard for the same pay. They just need to understand what’s going on and what their role will be.
The massive layoffs in the tech industry are not yet over. We will see how these businesses will move forward given what has happened. The good thing is that as early as now, we can learn from the experience.
1st and featured image from https://www.pewresearch.org/wp-content/uploads/2019/07/FT_19.07.15_NewspaperLayoffs_feature.jpg
2nd image from https://www.cnbc.com/2022/11/04/layoffs-are-picking-up-3-steps-to-take-after-losing-your-job.html