The Impact Of Post-Pandemic Layoffs In The Technology Industry On Fresh Graduates And New Hires

Corporate Layoffs

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Due to widespread layoffs, the technology industry is grappling with significant challenges for fresh Graduates and new hires. This has led to a saturated Job Market with limited opportunities and intense competition.

Companies affected by the pandemic's economic impact have implemented cost-cutting measures and adjusted their hiring strategies, resulting in hiring freezes and reduced recruitment efforts. As a result, securing job offers has become more difficult for fresh graduates and new hires.

In a recent interview, I had the privilege of speaking with Brian Sathianathan, co-founder, and chief digital officer at Iterate.Ai, a leading company driving innovation strategies and implementing cutting-edge technologies.

Dive into the full interview below as Brian sheds light on the challenges fresh graduates and new hires face in the post-pandemic world. Together, we will explore the impact of recent layoffs on the job market.

Gary Drenik: How has the pandemic and the recent wave of layoffs affected the job market for fresh graduates and new hires in the tech industry?

Brian Sathianathan: The pandemic forced the world to slow down, which led to an economic downturn. Consequently, the companies began to implement cost-cutting measures, including workforce reductions, to cope with financial losses caused by temporary operational shutdowns.

The leading tech players in 2022 laid off around 120,000 people from their jobs. Most companies cited the deteriorating economy as the primary reason for job dismissals. According to CNBC, the tech industry experienced hefty losses amounting to over 7.4 trillion dollars in the same year. It rationalizes tech giants' layoffs at a grander scale and their reluctance to deploy fresh graduates and new hires presently.

According to a recent Prosper Insights & Analytics survey, 41.1% of both Gen-Z and Millennials feel there will be more layoffs in the upcoming six months. This reflects uncertainty and anxiety amongst beginner job seekers as they navigate the unpredictable economic conditions and reimagine their career paths.

Prosper - Layoffs Expected Next 6 Months

Prosper Insights & Analytics

Drenik: What are the challenges that fresh graduates and new hires face in finding employment in the tech industry post-pandemic?

Sathianathan: In the next six months, according to the same Prosper Insights & Analytics survey, job hunting will be pursued by 29.7% of Gen-Zers and 19.3% of Millennials. They are more likely to encounter the following challenges, specifically novice aspirants.

Prosper - Life Events In The Next 6 Months

Prosper Insights & Analytics

The pandemic has instigated a substantial reduction in available positions, intensifying competition among job seekers, including entry-level positions. Skilled professionals with generous industry experience affected by the layoffs might also compete for the same positions, giving a tough rivalry to the fresh talent.

Fresh graduates may need to exhibit a combination of unparalleled technical competence with practical knowledge alongside effortless adaptability to stand out. They need to ramp up their familiarity with project management tools and in-demand technologies such as Artificial Intelligence (AI) and Machine Learning (ML).

Drenik: What can fresh graduates and new hires do to increase their chances of getting hired in the current job market?

Sathianathan: The new graduates and beginners should elevate their marketability to surpass their counterparts in the pool job market. Here are a few ways through which freshers can increase their chances of getting hired in the current competitive setting:

Be a Specialist, not a Generalist: Beginners can raise the success bar for their hiring by becoming specialists rather than generalists. This can be done by identifying the area of interest and gaining specialized knowledge through industry-standard courses and certifications. Acquiring practical know-how through internships or freelancing is also recommended to hone the skills.

Indulge in Networking: Newbies should nurture and expand their professional network by contacting professionals in their area of interest. They should also industry events and participate in online communities.

Customizing Resume and Cover Letter: Do not stick to one standard resume and cover letter; customize them according to every job application. The beginners should highlight their relevant skills, experiences, and achievements to fit the requirements and preferences of a particular employer.

Seek Guidance and Mentorship: Look for mentors or career coaches to gain valuable support, guidance, and insights to thrive in the job market. They also assist fresh hires with professional development and provide industry connections and referrals.

Drenik: What role do you think companies and organizations in the tech industry should play in supporting fresh graduates and new hires during this difficult time?

Sathianathan: In these uncertain times, companies and organizations in the tech space should offer career development programs, mentorship opportunities, and retraining initiatives. It will help individuals to overcome the challenges of the job market. Flexible work arrangements, remote work options, and project-based assignments can also contribute to experience and skill-building for freshers.

Companies should engage proactively with educational institutions to establish partnerships and internship prospects, allowing graduate students to gain industry exposure.

Drenik: What steps can be taken by the government and private organizations to support fresh graduates and new hires in the technology industry and help them find employment?

Sathianathan: The government and private organizations can collectively assist fresh graduates and new hires through the following measures:

Invest in tech-focused education and training programs to equip fresh graduates with in-demand skills.

Offer tax incentives or grants to businesses hiring fresh graduates, encouraging job creation.

Establish partnerships with industry stakeholders to provide internships, apprenticeships, and mentorship opportunities.

Collaborate with educational institutions to develop industry-aligned curricula and internship programs.

Provide opportunities for hands-on experience through internships or entry-level positions.

Hosting career fairs and networking events to facilitate connections between graduates and potential employers.

Drenik: What are your thoughts on the future of the technology industry and the job market for fresh graduates and new hires in light of the recent layoffs and economic turmoil?

Sathianathan: Despite recent challenges, the technology industry continues to demonstrate resilience and innovation. While the job market for fresh graduates and new hires may be impacted due to ongoing layoffs, the growing reliance on technology and digital transformation presents opportunities.

Adaptability, upskilling, and embracing emerging technologies will be crucial for staying competitive in the evolving job market and leveraging new opportunities.

Drenik: Thank you, Brian, for taking your valuable time to share your significant insights on the aftermaths of post-pandemic layoffs and how fresh graduates and hires can overcome them.

It's Clearly Time: All The News About The Transparent Tech Renaissance

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Tech

Updated Today, 2:47 PM

By Umar Shakir, a news writer fond of the electric vehicle lifestyle and things that plug in via USB-C. He spent over 15 years in IT support before joining The Verge.

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Gadgets, much like fashion, can make style comebacks. For tech: we've lived through the '80s beige keyboards, transitioned to the '90s with gray and black plastic video game systems plus bright colors for Sony's Walkman and Nintendo's Game Boy handhelds, and then, at the turn of the millennium, welcomed the amazing see-through iMacs, N64 controllers, and other gadgets with clear casings.

And just like the return of grunge makeup and baggy jeans, transparent tech is back. See-through devices are leapfrogging over the '00s piano white iPods, '10s matte black smartphones, and some of today's colored aluminum and glass finishes to (hopefully) become the next big trend. Now, we've got clear smartphones like the Nothing Phone, see-through earbuds like the Beats Studio buds, colorful translucent shell casings for game consoles, and even chargers and USB-C cables that show off some capacitors for your pleasure.

So dust off your Apple Studio Display CRT monitor, Toys R Us-exclusive Extreme Green colored N64 controller, and your other favorite transparent gadgets as you scroll through all of our clear tech news.

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Microsoft has been doing custom Design Lab controllers for the Xbox for years, but these special Phantom translucent designs are only available in white, black, or magenta. The design includes a matte, textured window that teases the inner workings of the Xbox controller in a beautiful way. This controller also works on iOS, Android, and Windows 10 PCs, and will also support the next-gen Xbox Series X.

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It's a decent deal if you're looking for a new PS4 and a completely bizarre game to go with it. The 1TB console comes with Death Stranding on Blu-ray and the controller for $399.99. It will launch alongside the game on November 8th.

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