Technology Mass layoffs and hiring freezes: Tech workers report huge drops in confidence in job security

tom_mai78101

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Just 9% of tech workers are feeling confident in their job security, according to a June survey from Blind, the anonymous professional networking site.

No doubt, job-market fears are being fueled by months of headlines about hiring freezes, job offers being rescinded and mass layoffs from burgeoning upstarts and tech giants alike, including Robinhood and Oracle just this week.

More than 32,000 people have been laid off from the U.S. tech sector in 2022, according to Crunchbase data.

Today’s lack of confidence in the job market marks a 180-degree shift from just months ago, says Rick Chen, head of PR for Blind. Back in March, some 80% of tech workers were confident in the job market and were considering looking for a new job.

Layoff news is making tech workers across several industries feel skittish, especially those in e-commerce, real estate and businesses tied closely to the stock market, which saw a boom during Covid recovery in 2021 but massive volatility in today’s economy.

Workers’ job stability worries have skyrocketed at companies that announced layoffs in recent months. As of the Blind survey, conducted on June 20 and 21, companies with the highest shares of concerned workers included Compass, where 95% felt less confident about their job security compared to a year ago, as well as Twitter (91%), Robinhood (90%), Instacart (90%) and Coinbase (83%).

Workers are taking their concerns online, Chen says: Discussions of hiring freezes and layoffs doubled in the first quarter of 2022 compared with 2021, while discussions including the term “recession” have increased 15-fold.

 
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