Analysing Tech Layoffs: Which Roles Were Hit Hardest?

The tech industry has been experiencing a significant wave of layoffs, and it’s essential to understand which roles have been affected the most. From the available data, it appears that program managers, software engineers, product managers, and marketing professionals were among the hardest hit.

Most Affected Roles:

• Program managers: 7% of those laid off from tech firms
• Software engineers: 22.1% of those laid off from tech firms
• Product managers: 3.9% of those laid off from Google
• Marketing professionals: 7.1% of those laid off from tech firms

Industry-Wide Layoffs:

• The tech industry has seen over 150,000 job cuts in 2022 and 2023
• The layoffs continue in 2024, with over 60,000 job cuts across 254 companies
• Companies like Tesla, Amazon, Google, TikTok, Snap, and Microsoft have conducted sizable layoffs in 2024

Reasons Behind the Layoffs:

• Over-hiring during the pandemic
• Plans to invest in AI and automation
• Economic recession concerns
• Shift in focus from original Disney+ programming back to films (in the case of Pixar)

Impact on the Job Market:

• The layoffs have led to a surge in qualified professionals entering the job market
• The job market is highly competitive, with many candidates vying for the same positions
• The demand for tech workers is starting to decline, but tech jobs are still among the most in-demand and well-paid positions in 2023

Demographics of Laid-Off Workers:

• Age: 47.8% of laid-off workers were between 30–40 years old, while 35.9% were between 20–30 years old
• Gender: 56% of laid-off workers were female, while 43.8% were male
• Time on the job: The average time on the job before the layoffs was 2.5 years
• Work experience: The average work experience of laid-off workers was 11.9 years
• Education: Over 59% of laid-off workers held a bachelor’s degree, while 30% held a master’s degree

Job Changes and Loyalty:

• The average number of job changes for laid-off workers was 5.6
• There is no evidence of employee incompetence or lack of loyalty as an underlying reason for the layoffs

Industry Transitions:

• Some laid-off tech workers have landed jobs in other sectors like financial services, consulting, manufacturing, etc.
• Tech skills are still in high demand across industries, with 59% of tech jobs being outside the tech sector

Employment Rates After Layoffs:

• HR specialists and recruiters found new jobs more quickly, with 52% having new placements as of March 2023
• UX/design specialists, customer success, data scientists, and marketing professionals also found new jobs at a relatively fast pace
• Program managers and software engineers are finding new jobs at a slower pace than the other most affected groups

Navigating the Job Market After a Layoff:

• It’s essential to possess the ability to adapt and stay up to date with the latest technological innovations
• Mastering ChatGPT and generative AI can be beneficial in the current job market

Conclusion:

• The tech layoffs have affected various roles, with program managers, software engineers, product managers, and marketing professionals being among the hardest hit
• The reasons behind the layoffs include over-hiring during the pandemic, plans to invest in AI and automation, economic recession concerns, and shift in focus from original Disney+ programming back to films
• The layoffs have led to a surge in qualified professionals entering the job market, making it highly competitive
• Tech skills are still in high demand across industries, and mastering ChatGPT and generative AI can be beneficial in the current job market.

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