Massive staff layoffs in the first 15 days of 2023 - Worrying!

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The year 2022 was really a massive one for many of us in the crypto sector. The bear market was already biting down on crypto assets and investments. Then came the many crypto fallouts such as the FTX saga and others. Then towards the end of the year and into the start of 2023, we saw another major storm that has continued till today - massive layoff of staff.

When I came across the data below about the number of tech employees that have already lost their job in 2023, I was shocked. Take a look at the screenshot below:

Source: Layoffs

So just 15 days into 2023, more than 24,000 employees are out of their jobs. When I divided 24,151 by 15 days, I got a figure of 1600 daily. Thats really something to worry about. And mind you, this is just in the tech sector and does not account for layoffs in other sectors.

The crypto sector experienced major upsets due to the bear market. So for companies that are directly dealing on crypto, it was understandable that they struggled and had to cut staff. But the number above is not strictly in the crypto sector, but the tech sector in general. So what could possibly be wrong with the other businesses in tech apart from the crypto guys? That is a question I am still thinking about the answer.

Whether you are employed in the Tech industry or not, you should be worried

Yes because we know there is no job security anywhere. But with this high number so early in 2023, every employee should be at the edge of their seats. It would be wrong to assume that one will not be in a situation where one suddenly becomes jobless. Or that it is not yet happening in their sector, country or community. Some of the companies that have cut staff are companies that are well established and no one knew they could be affected by economic situations to that extent. Remember it started with Twitter, and we have heard about Coinbase, Crypto.com and many others.

So it becomes clear that cutting jobs started from the top - big, usually dependable organizations. So if you are an employee, your job is not safe. Anything could happen really fast. You should start taking proactive steps to ensure that you are not taken unawares by the ever-changing job sector, because anyone could be laid off at any time.

So here are some suggestions to get prepared just in case your work is axed:

So to prepare and get ready to cope with lose of your job, there are many things you could do. Below are some suggestions that could prove vital now.

• Learn a new skill: This is very important because even the job sector today is lacking in skilled staff. Its easy to see that there are too many people holding paper qualifications, but do not have the necessary skills required by their industry. Even if you already posses some valuable skills, you can still add new skillsets and enhance your hiring chances.

Having a lot of skills will be of advantage for you if you suddenly loose your job. First, your skillset will put you in a better position to be hired or get a new job. The job sector is highly competitive. So the best candidates that are ones that could be useful to the organization in more ways than one. These are the ones having lots of skills. Second, if you do not land a new job quickly, you can still survive by doing jobs with your skills. This is important for your daily sustenance. Menial jobs that are skill-based can keep you aloft as you hunt for your new job.

• Strengthen your connections now: The size and quality of your connections is very important now - and would be a lifeline for you in case you are axed. They are the ones that will refer you to a new job or let you know of new openings in their organization. Your connections could provide the initial support needed to navigate your job loss and even be of assistance to you then, than you will realize now.

So try to build strong relationships where ever you are now. In all your jobs, try to be good terms with your colleagues and superiors. Be a team-player and allow others to connect easily with you. Be sure to keep contacts of old friends and co-workers. Keep the communication line open and generally try to be nice to people. These healthy human connections could be your first point of support in the event you are asked to leave your current job.

• Start a side-hustle: You probably would have read a hundred articles about multiple income streams. Its not a new subject. But please, take it serious now. The figures should sink in by now. More than 1600 employees have been sacked in the Tech sector each and every single day in 2023 so far. How many do you think there are in other sectors?

This is real. There is global massive layoffs in all sectors. So think of something else you could do now in addition to your job. If you are already in the crypto industry, that is nice. Buying and staking cryptos could be a way to add to your current job. Content creation is another side hustle you could do too. If you are already here on hive, take it serious. Whatever you could do to supplement your current job is effort in the right direction. Please do not depend on a single source of income. In it fails, you find yourself in no man's land suddenly.

Finally..

The threat to our jobs is real and we can always prepare ahead of any difficulties that may arise. The employees that are out of their jobs now, never expected to be fired. But that is the reality staring them in the face now. So its better to be prepared and just expect to be fired (even if that may never happen).

If these suggestions mentioned above would work for you, then why not. Of course you could research other things that could help you survive a sack. With the proper advance preparations, nothing would scare you so much - not the figures above, not getting fired!!!

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