Careers in Tech: How to Bounce Back After Redundancy

Ever since the dot-com bubble burst a few decades ago, technology has been a solid but unstable industry. As it continues to advance at a breakneck pace, layoffs and redundancies will continue to be a genuine concern for those working in tech. 

So, if you've recently experienced tech redundancy or fear that it might be on the horizon, you're not alone. Today, we’ll be teaching you how to bounce back from a tech redundancy and turn that setback into an opportunity for career growth.

Why are there tech layoffs?

Tech layoffs are a harsh reality in the ever-evolving world of technology but understanding and appreciating the reasons behind these layoffs can help you navigate the challenges they pose and make those challenges feel a little less unfair. 

Economic downturns

It will come as little surprise that we’re currently in the midst of a pretty severe economic downturn. During such downturns, companies often reduce their workforce to cut costs and stay afloat. The tech industry is not immune to these fluctuations. In fact, even the largest names in tech have been forced to make cuts in recent months, with Google cutting thousands of workers this year.

Technological advancements

As technology evolves, some roles become obsolete, leading to downsizing or restructuring efforts. This is something that’s been underlined recently by the rise of AI technologies such as ChatGPT, which threatens to replace roles from junior coders to even senior software developers as the technology gets smarter and more reliable.
This is not something that is actively replacing the workplace right now, but we are mindful that it is a growing trend.

Mergers and acquisitions

While it might seem unfair for those who have nothing to do with a merger or acquisition to be the ones who bear the brunt of the negative side effects, when companies merge or get acquired, duplicate roles often lead to redundancies as the new entity streamlines its operations. Layoffs after acquisitions are perhaps less common than they once were, however, as the purchasing entity often sees the value in keeping existing teams together. When it comes to mergers, however, consolidation is still typical.

Outsourcing

When resources are scarce, companies may choose to outsource certain functions to cut expenses, resulting in job losses. This is becoming more common in the wake of the pandemic and the rise in remote and hybrid working as businesses can outsource roles to workers from across the globe in countries with a lower cost of living and therefore lower salaries.  

Changing market demands

Shifts in market demand can impact the need for certain tech roles and businesses may adjust their workforce accordingly. For example, the demand for certain roles might be high one year and then take a dive the year after due to changing economic conditions and consumer tastes.

Key things to know after being made redundant

Being made redundant can be a challenge but it's essential to stay optimistic and informed, taking proactive steps and keeping your eyes open for new opportunities. 

Understand your rights

Familiarise yourself with your rights and entitlements, including severance pay, notice period, and any other benefits owed to you. You’d be surprised how many professionals, even in a sector as forward-thinking as tech, are unaware of what they’re entitled to.

Financial planning

Assess your financial situation and build a sensible budget to manage your expenses during your job search. It pays (literally) to err on the side of caution here and plan for a longer time in the doldrums than you might reasonably expect.

Update your CV

Revamp your resume to highlight any skills, achievements and experiences you might have accrued during your time in your former role. This can include anything from generic soft skills to specific hard skills such as new programming languages you might have learned. Find more tips on updating your CV here.

Embrace upskilling

Use your downtime to acquire new skills or certifications that can make you a more attractive prospect for potential employers. Technology is a wheel that doesn’t stop spinning just because you’re not part of it, so use this free time productively to learn and evolve your skillset.

How to cope with redundancy

Coping with redundancy can be emotionally challenging, especially for those who might have never found themselves without a steady job before. It can be a disconcerting and frustrating time but there are strategies you can use to help navigate this difficult period and emerge stronger on the other side.

Accept your feelings

It's normal to experience shock, anger, and disappointment when you’ve been made redundant but don’t shy away from these feelings. Acknowledge how you feel and seek support from friends and family. You might even consider seeking therapeutic help if you’ve been made redundant after a job of many years, as it’s natural to feel cast adrift when you’ve grown so accustomed to a role.

Talk to someone

You’re not alone in these situations, with many companies having made redundancies over the past year. Forums such as Reddit and GitHub have topics dedicated to this, where other people are experiencing the same hardship. But don’t forget to turn to your support network too.

Set clear goals

Define your career goals and create a plan to achieve them that’s practical. It should include several objectives or ‘tick boxes’ to give yourself a sense of purpose and progression during your job search. Base these goals around a strict daily routine to foster productivity and avoid lapsing into indifference. Avoid daytime TV like the plague!

Stay positive

A positive mindset works wonders in times of turmoil so try to keep your head up and remember that redundancy does not define your worth or abilities and it won’t last forever. 

What to do after being made redundant

After a redundancy, taking some time out to get your bearings is only natural. However, you should also make a definitive plan for your career. Take affirmative action to get yourself back on the career ladder.

Assess your skills 

Identify your core skills and strengths to better understand the roles you're suited for. This could be anything from specific practical skills such as knowing your way around certain tech stacks, to managerial or leadership skills. 

Pinpoint what it is that employers should value and give them as much information as possible. 

In tech, roles are constantly evolving - so it’s worth considering whether there’s a similar role to suit your experience, for example, developers can move into DevOps roles.

Explore new opportunities

Consider exploring different sectors or roles that align with your skills and interests. 
Tech is an eclectic industry with thousands of potential niches to explore, some of which you might have written off a few years ago but have changed to become legitimate options.

Job search strategies

Use online job boards, networking, and recruitment agencies to search for new job opportunities. Consider signing up to a platform like hackajob, which automates much of the process for you and will match you, using unique AI algorithms, with companies looking for candidates just like you.

Customise your applications

Tailor your applications and cover letters to each job you apply for, highlighting how your skills match the job requirements. Don’t just copy and paste the same application every time. The recruiters will be able to tell.

Prepare for interviews

If you’ve been out of the game for a while it can be difficult to fall back into the routine of interview preparation but the basic rules remain the same – fail to prepare and you should prepare to fail.

Practice interview questions and scenarios with friends and family members to boost your confidence and always arrive armed with a handful of insightful questions for the interview team. Don’t go overboard - they’re interviewing you, but it pays to show genuine interest. Read more about how to prepare for interviews to maxmise your chance of landing your dream job.

How to find a job after redundancy

Finding a new job after redundancy may seem daunting, however, with the right approach, you can land your next role sooner rather than later. You may even find yourself better off in the long run in a role that’s better suited to your skills and what you want from your career.

Networking

Use your existing professional network to explore job opportunities. Social media is going to be your best friend in this regard, particularly LinkedIn. That being said, you shouldn’t ignore in-person industry events and the immediacy of re-connecting with former colleagues and mentors. Make the most of your relationships and don’t be afraid to ask for any favours you might be owed.

Online job search

Job search engines and company websites can be valuable resources to help you identify job openings in your desired field. These search engines can prove incredibly powerful but you should never limit yourself to just one as different companies will use different platforms.

Recruitment agencies

Consider partnering with recruitment agencies specialising in tech roles as they can connect you with relevant opportunities and negotiate salaries on your behalf. This might prove expensive, however, so is an avenue you might only want to explore when all others have already been tried.

hackajob for finding your next job in tech

At hackajob, we're committed to helping tech find their next dream job. Remember, you're not alone in this journey, and with the right support and resources, you can turn redundancy into a stepping stone toward a brighter future. 

If you’re ready to take the next step, start our simple sign up process.