The Wall Street Journal What is the report? That 79% of tech workers who were recently laid off were able to find new jobs within three months of starting their search. The data comes from a survey conducted by ZipRecruiter where new hires were asked about their circumstances. While it’s great that about four-fifths of people move on to find a new job, when you look at all workers, the number of rehires jumps to 83 percent.
According to statistics, about 40 percent found their new job within a month of starting their search. Just over 40% took between one and three months. About 15% took three to six months to find a new job, and about 5% took more than six months. One of the reasons for the quick turnaround time when looking for a new job may be that they have experience in the field so they don’t need much hand-holding in their new role.
For those wondering, 74% of workers who were rehired stayed in the tech sector. Another 26 percent decided to switch industries and find jobs in retail, financial services and healthcare. ZipRecruiter’s survey was answered by 2,550 United States residents who started a new job within six months through mid-October.
This year, Nevin has covered a number of layoffs that have taken place across the tech industry. Twitter and Meta have laid off plenty of people to get their finances in better shape as interest rates rise and credit becomes more expensive.
As things stand now, 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 more difficult for businesses to hire as many people as they have been and fewer startups will be created so there will be fewer jobs. However, data from ZipRecruiter shows that the majority of people have been successful in getting a new job so that’s a positive.
Source: The Wall Street Journal
