If you are a software engineer working in a tech company, you might be worried about your job security. After all, many tech giants like Google, Meta, Amazon, Microsoft, Cognizant, IBM, and others have announced layoffs of thousands of engineers in the past few months. But why are they doing this? Is it because they are losing money or facing tough competition? Not exactly.
According to some experts, the main reasons behind the tech layoffs are:
One: Tech companies overhired during the pandemic. When the Covid-19 crisis hit the world in 2020, many tech companies saw a surge in demand for their products and services, especially those related to online communication, e-commerce, cloud computing, and entertainment. To meet this demand, they hired aggressively, sometimes without proper planning or evaluation. For example, Amazon CEO Andy Jassy acknowledged that the company overhired during the pandemic and had to let go of some employees who were not performing well.
Two: Tech companies are restructuring for efficiency and innovation. Another reason why tech companies are firing engineers is because they are trying to optimize their operations and focus on their core competencies. Some tech companies are shifting their resources from less profitable or less strategic areas to more promising ones. For example, Meta announced that it would cut 10% of its workforce, mainly from its reality labs division that works on augmented and virtual reality products. The company said that it wanted to streamline its organization and invest more in its metaverse vision.
Three: Tech companies want AI engineers. One more reason why tech companies are firing people is because they are re-aligning the staff to prepare themselves for the future. Many tech companies believe that the future is going to be all about AI tools, AI services, cloud computing, machine learning, and even AR and VR. Therefore, they are looking for engineers who have these skills and can help them create innovative solutions. This means that some engineers who have outdated or irrelevant skills may be replaced by those who have more advanced or specialized ones.
What does this mean for software engineers?
The tech layoffs do not mean that software engineering is a dying profession or that there is no demand for it. On the contrary, software engineering is still one of the most sought-after and lucrative careers in the world. However, it also means that software engineers need to keep up with the changing trends and technologies in the industry and constantly update their skills and knowledge. They also need to be flexible and adaptable to different roles and projects.
- Stay curious and learn new things. Technology is evolving rapidly and you need to stay on top of it. Read blogs, books, podcasts, newsletters, and online courses that can help you learn new skills or improve your existing ones. You can also join online communities or forums where you can interact with other engineers and share your ideas and challenges.
- Showcase your work and achievements. Having a strong portfolio or resume is essential to impress potential employers or clients. You should highlight your projects, skills, tools, frameworks, languages, and platforms that you have used or learned. You should also include any certifications, awards, publications, or testimonials that can demonstrate your expertise and credibility.
- Network and connect with others. Networking is not only about finding new opportunities but also about building relationships and trust with others who can help you grow professionally and personally. You should attend events, workshops, webinars, hackathons, or meetups where you can meet other engineers or tech professionals who share your interests or goals. You should also use social media platforms like LinkedIn or Twitter to follow influencers, join groups, participate in discussions, or share your insights.
- Be open-minded and adaptable. The tech industry is dynamic and unpredictable. You may face challenges, failures, changes, or uncertainties along the way. You should be ready to embrace them and learn from them. You should also be willing to try new things, experiment with different approaches, or switch to different roles or projects if needed.