Corporate layoff
Adobe Stock_457630444
With widespread layoffs, the tech industry faces major challenges for recent graduates and new hires. This has resulted in a saturated job market, limited opportunities and increased competition.
Firms impacted by the economic impact of the pandemic have implemented cost-cutting measures and adjusted their hiring strategies, resulting in hiring freezes and reduced hiring efforts. As a result, it is difficult for new graduates and new employees to obtain job offers.
In a recent interview, I had the privilege of speaking with Brian Sathianathan, co-founder and chief digital officer of Iterate.ai, a leading company driving innovation strategies and implementing cutting-edge technologies. .
Check out the full interview below. Brian sheds light on the challenges new graduates and new employees face in a post-pandemic world. Together we explore the impact of recent job cuts on the job market.
Gary Drenik: How is the pandemic and recent wave of layoffs impacting the job market for recent graduates and new hires in the tech industry?
Brian Satianathan: The pandemic forced the world to slow down, which led to an economic downturn. As a result, companies have begun implementing cost-cutting measures, including layoffs, to deal with financial losses from temporary shutdowns.
Big tech companies laid off about 120,000 people in 2022. Most companies cited the economic downturn as the main reason for layoffs. According to CNBC, the tech industry experienced massive losses in the same year, exceeding $7.4 trillion. This rationalizes the tech giant’s massive job cuts and current reluctance to hire new graduates and new hires.
According to a recent survey from Prosper Insights & Analytics, 41.1% of both Gen Z and Millennials feel there will be more job cuts in the next six months. This reflects the uncertainty and anxiety among novice job seekers navigating unpredictable economic conditions and rethinking career paths.
Prosper – Headcount cuts expected within the next 6 months
Insights and analytics that win
Dorenik: What are the challenges new graduates and new employees face in finding jobs in the tech industry post-pandemic?
Satyathan: In the next six months, 29.7% of Gen Z and 19.3% of millennials will be job hunting, according to the same Prosper Insights & Analytics study. They, especially novice aspirants, are more likely to encounter challenges such as:
Prosperity – Life Events for the Next 6 Months
Insights and analytics that win
The pandemic has significantly reduced available positions and increased competition among job seekers, including entry-level positions. Seasoned professionals with extensive industry experience who are affected by layoffs may also vie for the same positions, potentially creating stiff competition for newcomers.
Fresh graduates may need to demonstrate an unrivaled combination of technical prowess, practical knowledge, and effortless adaptability to stand out. They need to become more proficient in project management tools and in-demand technologies such as artificial intelligence (AI) and machine learning (ML).
Dorenik: What can recent graduates and new employees do to increase their chances of being hired in today’s job market?
- Satyathan: New graduates and novices need to be marketable to outperform others in the career-track market. Here are some ways to increase your chances of being hired in today’s competitive environment.
- Be a specialist, not a generalist. By becoming a specialist rather than a generalist, novices can increase their criteria for hiring success. You can do this by identifying your area of interest and gaining expertise through industry-standard courses and certifications. To hone your skills, it is also recommended to acquire practical know-how through internships and freelancing.
- Enjoy Networking: Beginners should reach out to experts in their field of interest to develop and expand their professional network. You should also attend industry events and his community online.
- Customize your resume and cover letter: Don’t stick to one standard resume and cover letter. Customize for any job application. Beginners should emphasize relevant skills, experience and achievements in line with the requirements and preferences of their particular employer.
- Seeking Guidance and Guidance: Find mentors and career coaches who can provide you with valuable support, guidance and insight to succeed in the job market. It also supports the professional development of new hires and provides industry connections and introductions.
Dorenik: What role do you think technology companies and organizations should play in supporting new graduates and new employees during this difficult time?
Satyathan: In this uncertain time, companies and organizations in the tech industry need to offer career development programs, mentorship opportunities, and retraining efforts. It helps individuals overcome the challenges of the job market. Flexible work arrangements, remote work options, and project-based assignments also contribute to new student experience and skill building.
Companies should actively engage with educational institutions, establish partnerships and internship possibilities, and expose graduate students to the industry.
Dorenik: What steps can governments and private organizations take to support new graduates and new hires in the tech industry and help them find jobs?
Satyathan: Governments and private organizations can jointly support new graduates and new employees through the following means:
- Invest in technology-focused education and training programs to equip new graduates with in-demand skills.
- Provide tax incentives and subsidies to new graduate recruits to promote job creation.
- We establish partnerships with industry players and offer internships, apprenticeships and mentoring opportunities.
- We work with educational institutions to develop industry-aligned curriculum and internship programs.
- We offer opportunities to gain hands-on experience through internships and entry-level positions.
- Host career fairs and networking events to foster connections between alumni and potential employers.
Dorenik: Given the recent layoffs and economic turmoil, how do you feel about the future of the tech industry and the job market for new graduates and new hires?
Satyathan: Despite recent challenges, the technology industry continues to demonstrate resilience and innovation. While the job market for recent graduates and new hires may be impacted by ongoing layoffs, our growing reliance on technology and digital transformation presents an opportunity.
Adaptability, upskilling and adoption of emerging technologies are essential to staying competitive and taking advantage of new opportunities in the evolving job market.
Dorenik: Brian, thank you for taking the time to share your valuable insight into the aftermath of post-pandemic layoffs and how new graduates and new hires navigate it.
check out my website.
