What’s in the water?
Something’s happening — or maybe it already has. Either way, we should take heed.
Over the past two years, I watched as many journalists, including some acquaintances, lost their jobs due to financial constraints on media outlets and publications.
For the most part, several tech companies, especially those offering online services, didn’t feel this burden. Instead, it was the exact opposite. With many consumers’ movements restricted, they spent more time patronizing digital service providers.
These service providers flourished and hired more people than they needed. Within the first year of the pandemic, and despite the pandemic, tech jobs in the United States grew by 1.2%. Tech companies had to keep pace with their rapid growth, and remote work made it even easier for them to do so.
But now, things are open again, and the financial constraints look slightly different. There’s inflation, hikes in interest rates, and a possible recession. People are outside, and demand is high, but supply chains are jammed. Businesses have to make adjustments.
The same companies and service providers that were once on a hiring spree are now on a firing spree.
Two months ago, when Netflix revealed that it’d lost more subscribers than gained within a quarter for the first time in a decade, marketing expert and professor Scott Galloway suggested that there would be a massive wave of firing, and it won’t be limited to tech jobs.
When I heard that prediction on Galloway’s podcast, I wasn’t sure what to believe. But since then, there’s been so many massive layoffs and hiring freezes within and beyond the tech industry. Some say this is part of a post-pandemic reset, but the reality is that, after two tumultuous years, this is such a bitter pill to swallow for anyone who gets laid off.
So, if you are one of many individuals whose jobs have been considered redundant, you should know you’re not alone in this. I’m sorry that you’re going through this, and I’d encourage you to check out my friend’s company, where you can get the support you need to transition to a new job.
And if you’re still employed, take heed. There’s something in the water. Have a Plan B in case your situation changes but continue to be diligent in what you do.
That’s it. That’s the letter.
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