Positive things have come out of the worst crises and the latest redundancies are no different

The Meta news comes just after one year since Facebook changed its name to Meta. In that time, the company’s market value declined by €624bn, or three quarters.

The tech industry has been suffering through a slowdown in recent months, following a spike of success that accelerated during the pandemic. Amid a broader global economic downturn, rising interest rates, and regulatory struggles, many tech companies are slowing or stopping hiring.

Tech stocks generally do not fare well in uncertain economic environments with high-interest rates and rising prices. During times like these, investors tend to turn to more secure “safe-haven” items such as gold, while more speculative and high-risk stocks like tech are left out in the cold.

While the number of layoffs in the tech space is concerning, it is important to note that this is not indicative of the entire industry. There are still many successful startups out there, and the overall health of the tech sector remains strong.

Despite the economic downturn, many startups and scaleups are still welcoming new hires. Many have recently completed significant growth funding rounds, with venture capital firms changing in light of the current recession and economic climate.

As Sanjiv Sanghavi put it in his latest post: “The last time I saw something like this was from 2008-2010, when the banking giants all toppled. This period brought us Instagram, Pinterest, WhatsApp, Venmo, Airbnb, Uber, Beyond Meat (yes, seriously), AngelList, Square… oh, and ClassPass, among others.”

I think it’s just because these are gigantic tech companies that have hundreds of thousands of employees or at least more than 100,000 employees. And when you see layoffs or even slowdowns there, you start to think, well, if these big companies that are supposed to be so– positioned so well aren’t doing as well as they normally are, then this is a larger problem.

Restarting your job search after redundancy can sometimes feel forced, but it doesn’t mean you can’t get the most out of this experience. Take the negative and turn it into a positive, you have the ability to find something new and continue positively in your career. It is an opportunity and you will see this when you start your new role.

After you have had some time to process and understand your redundancy, you can begin to restart your job search. Depending on how long you were employed with the company, you may need to take some time to brush up on your CV writing skills and update any professional media profiles. Try and take some time to read, evaluate and make some changes to your CV. After all, depending on your role and length of service, your last role is still very important to your career development.

When you are invited to interviews and asked about your last role, it is always important, to tell the truth. You can let them know that you were made redundant and you can always let them know the reasoning, but always remain positive. Do not talk negatively about your previous employer, talk about your achievements and what you enjoyed about the role but how you are looking forward to developing in a new role. Never disrespect a company in an interview.

Take the time you need and evaluate all of the good that came out of your employment there. Once you see the achievements and positive effects you had on the business, you can start to sell yourself better in interviews.

Here, at Beagle Talent, we have compiled our latest Salary & Benchmarking Report Q4 update for 2022. You can download it for free here.