Tech Layoffs: Bad News for MBA Graduates Searching for Jobs
Figure 1. Tech Layoffs Are Bad News for MBA Grads Seeking Jobs (Mandelbaum, 2023). llustration: James Clapham for Bloomberg Businessweek. Retrieved from www.vox.com
The tech industry has been hit hard by layoffs in 2023, with more than 94000 workers in U.S.-based tech companies losing their jobs so far this year. The news is especially concerning for MBA graduates seeking employment, as many of these layoffs have come from large tech companies that are traditionally popular employers for MBA grads.
According to data compiled by Layoffs.fyi, the online tracker keeping tabs on job losses in the technology sector, tech companies have laid off 101,657 workers since the start of the year. This includes high-profile layoffs at Meta this week, where thousands of employees are expected to be let go.
These layoffs are having a ripple effect throughout the industry and beyond. For MBA graduates looking for work in the tech sector, it means fewer opportunities and increased competition for those positions that remain available. With fewer jobs available and more people vying for them, employers can be more selective when it comes to hiring new talent.
Figure 2. Cumulative Global Layoffs at Tech Companies. Source: Compiled by Bloomberg. Retrieved from www.vox.com
It's not all bad news though; some experts believe that these layoffs could actually open up new opportunities for MBA grads who are willing to think outside the box and look into other industries such as healthcare or finance. Additionally, many laid-off workers are taking this opportunity to learn how to unionize and fight back against unfair labor practices in the tech industry - something that could benefit future generations of MBAs who may find themselves facing similar issues down the road.
Overall, while it's certainly a difficult time for MBA grads looking for work in tech right now, there is still hope that things will improve over time and new opportunities will arise as a result of these layoffs. It's important to stay positive and keep an open mind when searching for employment - you never know what doors might open if you're willing to explore different options!
Sources:
https://layoffs.fyi/
https://news.crunchbase.com/startups/tech-layoffs/
https://www.computerworld.com/article/3685936/tech-layoffs-in-2023-a-timeline.html