As tech firms cut thousands of jobs, skilled workers are finding themselves in demand in a variety of other sectors.
Workers who jumped from one high-paying job to another as Big Tech companies staffed up at a dizzying pace in recent years are now considering leaving the sector entirely as those same large employers lay off tens of thousands of workers. MarketWatch spoke with several recently laid-off tech workers who are looking for jobs at companies that don’t focus solely on technology — many of which say they are still hiring.
Longtime tech workers like Naumova and Erickson are considering making these kinds of career changes as tech giants like Apple, Meta Platforms Inc. META , Amazon.com Inc. AMZN , Alphabet Inc.’s GOOGL GOOG Google, Microsoft Corp. MSFT , Cisco Systems Inc. CSCO , HP Inc. HPQ and Intel Corp. INTC pink-slip thousands of employees in an effort to cut costs. The shift would help explain why the U.S.
‘It remains hard to recruit’ Stephen Deasy, chief technology officer at Benchling, a biotech-research platform, predicts that many jobless tech workers will land at more traditional businesses, which he says is an invaluable opportunity to transfer their skills. Wells Fargo & Co. WFC , for example, is in the midst of a tech-hiring binge. After filling more than 1,000 tech-related job openings in 2022, the financial-services company plans to hire 1,500 additional software engineers, systems architects and people skilled in user-experience design, operations and AI and machine learning. Wells Fargo already employs 40,000 technology workers globally.
Somesh Dash, a general partner at Silicon Valley VC firm IVP, said 90% of people laid off at his portfolio companies, which include Uber Technologies Inc. UBER and Netflix Inc. NFLX , found jobs within a year.
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