Layoffs swept US businesses in 2022 leaving nearly 80 thousand professionals impacted across industries. According to the Wall Street Journal, tech layoffs are happening faster than at any time during the pandemic. With Amazon set to announce mass cuts early this year, it doesn’t look like layoffs are slowing down.
In fact, according to a recent survey of business leaders by Resumebuilder.com, professionals should expect mass layoffs to continue in 2023. Sixty-six percent of business leaders tell the job search website their organizations will likely experience layoffs this year and the majority anticipate cutting up to 30% of their workforce.
The Survey
So, how are professionals on Fishbowl, a professional social network, reacting to the very real possibility of finding themselves (or someone they know) unemployed in the near future? Given the dire outlook (and the anticipated competition that will likely emerge from widespread job loss) some might assume the job search process is well underway for many. So, we polled professionals and asked them to answer the following question:
Are you looking for a new job in anticipation of being laid off?
More than 13,000 professionals weighed in and it turns out, they aren’t.
Nearly 8 in 10 Professionals Confident
Overall: 79% of professionals are not looking for a new job out of fear of a looming layoff.
By Industry: Teaching is the highest industry of respondents answering “No” with 94% saying they are not looking for a new job because they are not worried about getting laid off. Following is accounting with 88% and law with 82%.
What About Tech? 65% of tech workers say they are not looking for a new job in fear of being laid off. Marketing and advertising follow behind with 72% and other industries with 78% answering “No.”
Gender: 79% of female and 80% of male professionals are not looking for a new job in fear of being laid off.
In Conclusion:
This data—suggesting a high level of professional confidence—aligns with our insights from last month (see below), which indicate that the vast majority of professionals feel they could find a new job quickly if they were laid off.
69% Of Workers Unbothered By The Threat Of Layoffs
In recent weeks, the conversation around the water cooler has shifted to layoffs. Twitter, Gap, Zillow, J.P Morgan, Peloton, & Docusign, and many others all announced layoffs this month. And yesterday, employees working for Meta (Facebook’s parent company) found themselves handing in their badges. The Wall Street Journal reports the company, which employs 87,000 people, parted ways with nearly 13% of their workforce (11,000 people).
Professionals across all industries have turned to Fishbowl, a professional social network to seek support. In thousands of comments and messages, professionals are sharing their layoff stories and, in what could be a silver lining, encouraging their peers to remain optimistic about finding employment. In fact, one professional shared that not only did she find work quickly after being let go, but managed to secure a pay bump!
The Survey
With thousands more comments and messages on the app just like this one, we were curious to learn how the majority of professionals feel about their confidence in the job market and prospects for employment amid layoffs. We polled professionals and asked them the following question:
“If you were laid off, do you think you could find a job quickly?”
They could answer with either “Yes” or “No”. The survey ran from October 28, 2022, to November 2, 2022, and was answered by 11,000 professionals on the Fishbowl app. Respondents included employees at companies such as Amazon, Bank of America, Edelman, Google,IBM, JP Morgan,McKinsey, Meta, Nike, Twitter, and thousands of others.
The Majority Of Professionals Unfazed By Layoffs:
Overall: Nearly 7 out of 10 (69%) of professionals answered “Yes” indicating a high confidence rate about finding a new job across sectors.
By Industry: Accounting & Teachers share the top spot for the highest percentage with 84% of respondents answering “Yes”, they would find a job quickly. Following Accounting is Law with 78%.
Marketing and Advertising had the lowest percentage of respondents who are confident in the job market and their ability to find employment swiftly at 52%, followed by Other Industries at 61% and Healthcare at 63%.
What About Tech? Contrary to the massive industry-wide layoff taking place, the majority of Tech workers think they can find a job quickly. 65% of respondents answered “Yes”, landing then two percentage points shy of a spot in the Top 5 most industries most confident.
By Gender: The data is fairly consistent when split by gender: 66% of women and 70% of men answered “Yes”.
Top 5 States: Among the states with 100 responses, Michigan and Colorado had the highest percentage, with 75% of professionals saying “Yes”. Following closely behind and tied with 73% are Pennsylvania, the District of Columbia, and Massachusetts.
Looking Forward
Despite the overwhelming confidence, the Fishbowl community has expressed in the current job market, getting laid off is an incredibly stressful event. If you are navigating this transition, here are some tips:
1.) Take a few days to decompress. Go on walks, read a book, explore meditation, or any other form of self care that grounds you.
2.) Update your LinkedIn profile and resume to get ready for your next gig.
3.) When you’re recharged, start networking. Get active on Fishbowl and let people in your industry know that you are looking for a new job.
4.) Lastly, for those who’ve been laid off in the Tech industry, Fishbowl has launched a community called “Laid Off In Tech Support Group”. The group already has hundreds of members. We invite you to join this community if you are looking for support, a place to vent, or your next job referral.