Amazon Fresh Grads – New college grads’ hopes of landing jobs at Amazon, HP, Microsoft, and the like may seem unrealistic now.
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After 2020’s record year of growth for the technology sector, several corporations are reducing their workforce by half. Fortune estimates that by 2022, substantial job cuts will result in the loss of employment for more than 120,000 people in the IT industry.
Companies in the technology sector are reportedly making these cuts because they are fed up with the slowdown in the overall economy and the tech industry’s retreat.
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Since only the internet allowed traffic during the COVID-19 blackout, all firms had to relocate online. The host technology industry’s revenue and activities increased by up to 90% in value and stock.
The hospitality industry has collapsed while the IT industry has flourished. Technology has forced these struggling organizations to change. The tech business boomed unexpectedly, and corporations increased their personnel to meet demand.
Tech corporations are drowning in revenue loss. “When Your Boss Is Crying, But You’re The One Who Got Fired,” companies struggle to manage the situation and resort to cost-cutting, including layoffs.
I’m more worried about college graduates who will have to compete with ex-Meta engineers and ex-Amazon product leaders than the world is about ex-employees who are unemployed. result. College graduates have always struggled in the employment market. Hiring supervisors “pledged” to favor experienced candidates over newcomers.
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The United States took great satisfaction in the fact that it offered more employment opportunities than it had people to fill them. Fortunately for recent college grads, the need for tech skills has created a more open door into the field.
However, ongoing layoffs have led to a surplus of qualified IT workers. I shudder to think what will become of all the bright young minds entering the tech business.
Competition for entry-level jobs will be fiercer than ever before due to the influx of qualified candidates from all over the world. If you’re planning to enter the tech industry right after college graduation in 2023, you might find it challenging.
As a result, there is a great need for new talent, and the odds of them landing decent jobs in the tech sector are high. Therefore, this essay considers the potential job market for recent college grads in the technology sector in the year 2023. Some of the most pressing problems in the technology sector, and how they affect recent graduates, are as follows:
The tech industry has seen a record number of layoffs this year. For instance, Meta cut 13,000 jobs, or around 11,000 employees. One of the major tech businesses, Twitter, has just fired almost 3,700 of its employees, or roughly half of its workforce.
While these companies have received the most attention, Best Buy, Ford Motors, HBO Max, Peloton, Shopify, Re/Max, Walmart, and Wayfair are all expected to lay off employees soon as well. also.
Experts also believe that this is not the end of layoffs in the IT industry. We could witness an extra 30,000-40,000 layoffs by the beginning of the year 2023, according to estimates. Therefore, over 40,000 experienced workers will assault the oversaturated sector, competing with these greenhorns and making it even more challenging for them to gain a chance in the closed recruitment business.
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Since the pandemic, remote work is quickly becoming a culture in various organizations, and the percentage of companies adopting a remote work policy is growing exponentially every year. One of the beauties of remote work is that it allows people to work from different parts of the world.
This means that jobs that would normally be limited to people living in the United States will now be open to the global community.
With that said, the presence of a job in the United States does not automatically mean that the job is limited to residence in the United States, an increasing number of recent graduates will struggle in a tight labor market. In other words, fresh graduates won’t just be competing with ex-Twitter employees; they will be competing against equally bright fresh graduates who are not equally skilled but also cheaper to hire.
Facebook founder message to Meta employees stated that Meta will have a hiring freeze until December. Twitter, Search engine, Amazon and others have done the same. Hence, the dreams of fresh graduates hoping to work with these tech giants now seem over-ambitious.
While many are predicting an increase in startups, if we place the production of each startup hired at about 110 people, it would take 100 startups to hire the tons of workers Meta has laid off, which is honestly a generous number.
How much more if we add the population of Amazon, Twitter and other giant tech companies to the skilled unemployed? The unemployment rate of 3.7% by November 2022 is alarming and fresh graduates still need to thrive in this loop.