The Wall Street Journal has reported that 79% of tech workers that have been laid off recently managed to find new jobs within three months of beginning their search. The data comes from a survey conducted by ZipRecruiter where new hires were quizzed on their circumstances. While it’s great that almost four-fifths of people go on to find new employment, when you look at all workers, the numbers rehired increase to 83%.
According to the data, almost 40% found their new job within one month of starting their search. Just over 40% took between one to three months. Around 15% took three to six months to land a new job, and about 5% took more than six months. One reason for the quick turnaround time in finding a new job is likely to be that they have experience in the sector so they don’t need as much hand-holding in their new role.
For those wondering, 74% of the workers that were rehired remained in the tech sector. The other 26% decided to switch industries and get jobs in retail, financial services, and healthcare. ZipRecruiter's survey was responded to by 2,550 residents of the United States that started a new job within six months up to mid-October.
This year, Neowin has covered plenty of layoffs that have taken place throughout the tech industry. Twitter and Meta have laid off considerable numbers of people to get their finances in better shape as interest rates rise and credit becomes more expensive.
As things stand right now, interest rates in the United States are expected to rise to 5% by March 2023 and be held there for most of the year. As mentioned, higher interest rates will make it more difficult for businesses to hire as many people as they have been and fewer startups may be created so there could be fewer employment opportunities there too. Nevertheless, the data from ZipRecruiter does show that the majority of people have managed to get a new job so that’s a positive.
Source: The Wall Street Journal
