Facing the Reality of Mass Layoffs in 2023 - How to Survive and Thrive in Uncertain Times

Why are tech layoffs happening?

Following reports of widespread layoffs in the tech industry, many have wondered if this is merely the beginning. The data said 6% have been fired with the new trendy word "transformation.” New graduates are now questioning whether or not the intensive training provided by boot camps adequately prepares them for future careers that demand specific sets of skills.

With recent news on tech layoffs, it seems that there are three main reasons that cause this.

1. The influx of cash into the economy in 2020 and 2021 has resulted in record profits for businesses. This influx of cash came in the form of stimulus checks and unemployment checks, which were then deposited into the economy. This has allowed businesses to increase their profits and shareholders to receive dividends as if it were their duty.

2. To take advantage of historically low interest rates and rising stock prices, corporations have approached financial institutions in search of loans in 2021 and '22. This has resulted in leveraged corporate buybacks reaching new highs and setting new records. However, as the debt begins to readjust in the coming years, the debt burden for corporations will become a much bigger problem.

3. Companies are cutting costs and laying off workers as a result of rising costs and declining revenues. This is due to the fact that these companies are unable to sustain their current business models, as well as the debt burden that has been incurred. This is resulting in a decrease in revenues and an increase in costs, leaving these companies with no choice but to reduce their workforce and cut costs.

In a simple summary, businesses made a lot of money in 2020 and 2021 with the government supporting cash, but not anymore, now companies have to cut back on their spending and let go of some of their workers.

How to Survive and Thrive During Layoffs

Focus on the skills that will make you valuable. Only by developing our skills, we can stay ahead of the competition and fear less during layoffs. Have the courage to stand out and do the work that matters. This means having the courage to take risks, follow your intuition and be unafraid to tackle difficult tasks.

Focus on building relationships with people who can help you through difficult times. These relationships can help you weather the storm and keep you connected to a network of people who can provide valuable resources. Whether it’s a recruiter, people you may know or headhunter. It also means being willing to collaborate and support others in achieving their goals.

Unleash creativity, discover your unique gifts and use them to create innovative solutions. This involves exploring your creative potential and using it to come up with new ideas and approaches to solve problems. It also means being open to trying new things and taking risks.

Stay positive and move forward, despite the current circumstances. Try to have a positive outlook, we can stay focused on the future and find ways to thrive in uncertain times.

Embrace change, embrace uncertainty and be agile to take advantage of opportunities. This means being open to change and adapting quickly to new situations. It also means being willing to take risks and trying new things in order to capitalize on opportunities.

In the face of mass layoffs in 2023, it's important to take steps to prepare for the future and thrive in uncertain times. It also entails being open to collaboration and looking for ways to add value to the lives of others.