If you work in the tech sector, there’s no way you won’t have heard about 2022’s round of hiring slowdowns, freezes and layoffs.
Fintech, crypto and real estate have been the hardest hit industries so far. Within the cryptocurrency world, Coinbase, Gemini and BlockFi have let staff go, while in the Fintech space, PayPal, MainStreet, On Deck and Klarna have all announced layoffs – writes Kirstie McDermott, Senior Content Manager, Amply.
One reason that layoffs are happening is that firms are tightening their belts ahead of recession. Y Combinator, the American startup accelerator which has launched companies such as Stripe, Airbnb, and Dropbox alerted its portfolio founders in May of choppy waters ahead. It said the coming downturn would affect “international companies, asset heavy companies, low margin companies, hardtech, and other companies with high burn and long time to revenue”.
Not all layoffs happen the same way: some projects get cut entirely, leaving the rest of the company unscathed. In other businesses, costs are cut across the board, chopping heads in all areas of the business. No matter how it happens, it is unsettling and a worrying time. Here’s how to navigate your role at a company where layoffs are happening.
Understand your stress
Tech workers are already operating at a high level, with many approaching burnout. Yerbo’s Burnout Index for 2022 surveyed over 32,000 workers across 33 countries and discovered that 62% feel physically and emotionally drained. Forty-two percent are considering quitting in the next six months, and it also discovered that women are more prone to burnout than men.
When employees are made redundant and aren’t replaced, that adds an additional burden. You may be feeling bad that you got to stay and they didn’t. This is known as survivor’s guilt and can manifest as stress, overwork and performance anxiety or you might find you withdraw completely, finding it difficult to achieve anything due to overwhelm.
Ask for a meeting
If you’re expected to juggle additional workloads, you’ll need to do some swift assessments. Map out your own existing tasks and responsibilities and the time these take. Add up the same for the tasks you’re now expected to cover and take this to your line manager. Explain how you can do some of these tasks, but not all of them.
Ask if there are non-priority tasks or projects you can drop for the time being so that you can get the work done. The aim is to get your boss to understand that while you realise the business is under pressure, and you’re willing to come up with a strategic plan to help, there is only so much that you can do.
Prepare a plan
Now is the time to refresh your CV, adding new skills and experience. It’s a good idea to begin to follow key influencers within your area or industry, set up job alerts, and connect with recruiters. Ultimately, you may not decide to make a move, but if you do need to, you will be fully prepared to do so.
If you are ready to look for a new role now, we’re looking at three companies which are currently hiring below, and there are plenty more to discover on our Job Board too.
Xero makes a cloud-based accounting software platform for small- and medium-sized businesses. Founded in 2006, it now has over three million subscribers and is a leader in cloud accounting across New Zealand, Australia and the UK. Right now there are a range of roles available in Manchester, Milton Keynes and London, including Full Stack Software Engineers and Revenue Analyst. View all roles at Xero.
Providing investment management, servicing and administration as well as research and trading, and financial data analytics for institutional investors, State Street is an American financial services and bank holding company. The bank has offices globally, and right now it is hiring for roles in London which include Information Technology Lifecycle Manager, State Street Global Advisors, VP and Blockchain Platform – Digital Integration Lead, VP. Discover all jobs at State Street.
Allica Bank’s mission is to serve established SMEs, which are the driving force of the British economy. Left behind by the big banks, Allica is serving this sector by combining modern tools and technology with having feet on the ground in local communities. It believes in using human relationships and tailored expertise to empower SMEs with the tools they need to succeed. The bank is hiring in Milton Keynes and London for 1st Line Support Engineer and Product Designer roles, among others. Find more roles at Allica Bank.