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2024 Q1 Employment Trends



Corporate Rightsizing: Last year, tech saw the worst job loss since the dot com bust. Pandemic hiring, weak demand, and high inflation were cited as the cause. In 2024, we're experiencing layoffs, although not at the same volume. Keep in mind that layoffs are good for stock prices, especially if quarterly earnings fall short of expectations. Big Tech stock benefited from last year's layoffs, and companies will continue to trim. For more, check out this article – Nearly 25,000 tech workers were laid off in the first weeks of 2024. Why is that?


How You Can Prepare – No one is emotionally prepared for a layoff, especially when you've been rewarded as a high performer. If you are part of a layoff, remember that the decision to lay you off had more to do with shoring up stock price or preserving runway. Be proactive and invest in 1:1 Career Coaching or join a Career Coaching Cohort. A little polish goes a long way.

 

Current Job Market: Start-ups and Mid-sized companies are hiring. Big Tech is also hiring for AI, and positions focused on growth. Being located close to HQ or a regional office can be an advantage, even if the posting is listed as remote. I'm seeing a shift in titles and function; more on that below.

 

How You Can Prepare – Explore openings in your area and see who's hiring and what skills they're looking for. To assist you in your research, check out this previous post – Become a Search Ninja

 

Title and Functions Changes: The deck chairs are always moving. One moment, Customer Success is on its own, and the next, it's part of Sales or Revenue Operations. The same applies to Project Management functions and anything to do with strategy. What you can be sure of is that there's a push to centralize transformation and growth. I'm seeing strategy and transformation lining up under a Chief Transformation Officer and other GTM and Revenue Operations falling under a Chief Growth Officer. There's also a push to diminish the CMO role. See this Forbes post for more – UPS’ Removal Of CMO Role Reveals The Real Problem Facing The C-Suite.

 

How You Can Prepare – Research openings to normalize your title and reposition your brand. As above, invest in 1:1 Career Coaching or a Career Coaching Cohort.

 

Regarding AI – In the end, AI will help us make better business decisions and create new job opportunities.

 

How You Can Prepare – Develop your critical thinking and communication skills. Improving how well you ideate and collaborate will be key. Of course, polishing how you talk about your great work goes a long way, too. 

 


If you'd like to learn about upcoming Power Camps, Professional Development, or say "hello," email me at lisa@lisaaskins.com.


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