Many techies, especially those in program manager roles, have been finding it tougher to find job opportunities as their functions are getting replaced or transitioning, which requires additional or a different set of skills. This is a part of the wider layoffs in the tech industry. In 2022, over 1,000 tech companies laid off over 150,000 employees.
This comes after tech companies saw a blockbuster year in terms of venture capital in CY 2021 and 2022, which led to inflated salaries, higher attrition, hyper-growth and a battle to hire and retain better talent, which eventually became a jobseeker’s market.
“If the startups were cautious about the liquidity in the market, we could have avoided this situation. Some hired five times more than they could actually afford, assuming that the liquidity in the market would remain constant. Also, many sectors misjudged the situation and expected everything to move online, which eventually did not happen,” said Anshuman Das, co-founder and CEO of staffing and recruitment firm Careernet. “This time, the frenzy we saw in the tech sector was very high. In the earlier downturns, the tech industry was small, so this kind of tech meltdown was unprecedented.”
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