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In the wake of massive layoffs across the technology sector, thousands of skilled professionals find themselves navigating a fiercely competitive job market, facing uncertainty and economic challenges reminiscent of the dot-com crash of 2001, according to recent findings from CNBC.
A reported 50,000 workers from over 200 tech companies have lost their jobs since the beginning of the year, according to Layoffs.fyi, with no end in sight for continued losses.
The recent downsizing wave has affected industry giants like Alphabet, Amazon, Meta and Microsoft, along with numerous other firms including eBay, Unity Software, SAP, and Cisco.
Even tech behemoths like Google have not been immune, with hundreds of positions being eliminated in recent months.
For many tech professionals, particularly software developers and data scientists, the job market has undergone a dramatic shift.
Once highly sought after, they now find themselves facing stringent requirements for qualifications and lower pay than in their previous roles. Some are even contemplating leaving the industry altogether to secure employment.
Roger Lee, creator of Layoffs.fyi, acknowledges the changing landscape, noting that many professionals “are either leaving tech entirely or accepting roles with less stability or lower compensation”.
The stagnation in tech salaries over the past two years further compounds the challenges faced by job seekers.
Despite the grim outlook, there are pockets of optimism.
Booming demand for AI engineers has led to rapid hiring and salary increases in that niche.
However, for many tech workers, the road to reemployment remains uncertain, with the job market continuing to evolve in unpredictable ways.
As tech workers grapple with the toughest job market since 2001, they are forced to adapt, remain resilient and explore new avenues to secure their future in an increasingly competitive industry.
