The Wall Street Journal report that 79% of recently laid off technology workers were able to find a new job within three months of starting the search. The data comes from a survey conducted by ZipRecruiter in which new hires were tested on their circumstances. While it’s great that nearly four-fifths of people go on to find new employment, when you look at all workers, the numbers re-employed rise to 83%.
According to the data, almost 40% found their new job within a month of starting the search. A little more than 40% took between one and three months. About 15% took three to six months to get a new job, and about 5% took more than six months. One of the reasons for the quick turnaround time in finding a new job is that they likely have experience in the sector so they don’t need as much hand-holding in their new role.
For those wondering, 74% of the rehired workers stayed in the technology sector. The remaining 26% decided to switch industries and get work in retail, financial services and healthcare. ZipRecruiter’s survey was answered by 2,550 US residents who had started a new job in the six months to mid-October.
This year, Neowin covered a lot of layoffs happening across the tech industry. Twitter and Meta have laid off a significant number of people to make their financial situation better, as interest rates rise and credit becomes more expensive.
As things currently stand, interest rates in the United States are expected to rise to 5% by March 2023 and remain there for most of the year. As mentioned, higher interest rates will make it harder for businesses to employ as many people as possible and fewer startups may be created so there may be fewer employment opportunities there as well. However, the data from ZipRecruiter does show that most people were able to get a new job so that’s positive.
source: The Wall Street Journal