Long reads

If you have been laid off from a tech company - what happens now?

Kirstie McDermott

Kirstie McDermott

Senior Content Editor, Amply

Tech layoffs are dominating the news cycle, and none more so than Elon Musk’s pillaging of Twitter. The Space X CEO started his tenure at the social media platform by firing several top executives, and followed that with a company-wide missive announcing huge layoff plans.

In Europe, the full impact of the redundancies has yet to be seen as Twitter will have to enter a 30-day consultation period with affected employees in the countries in which it operates. Meanwhile, Musk is doubling down on his intention to stimulate change at the company, announcing plans for “hardcore” working conditions and slashing benefit programmes as well as team activities and training and development schemes.

Elsewhere, other tech firms are also shedding employees. Through the spring and early summer, rumblings began with digital wallet platform Curve and crypto trading platform Bitpanda letting go of staff.

Then came Klarna and Stripe’s devaluations – down 85% and 28% respectively – along with headcount culls. In September, online furniture e-tailer Made.com failed, and online car sales platform Cazoo exited the EU.

Crypto exchange FTX filed for bankruptcy on 11th November, ushering in a chilly medium term future for cryptocurrencies. Both Pleo and Wayflyer have also announced job losses this month. It is an uncertain time for those working in the tech sector, and begs the question for those who have lost their jobs during the recent rounds of rationalisations: what comes next?

Growth sector

Firstly, there is still considerable growth in the sector. 2021 was the best year so far for UK tech in terms of investment, with the industry securing £29.4 billion in funding. Even though 90% of the UK’s IT leadership expects a recession according to a Digital Leadership report from Nash Squared, it will not affect their tech spending, which is set to grow at its third fastest rate in over fifteen years in 2022.

Additionally, most tech executives expect their budget to rise next year and 56% of UK organisations expect to increase their technology headcount in 2023. When it comes to jobs that will experience growth, there is some positive news.

The pace of digital transformation accelerated by the pandemic means that careers in cloud computing, information security and cybersecurity, artificial intelligence and machine learning, and data science all have future growth potential.

Get back in the market

If you are reeling from a recent layoff, it is important to take some time to process that. It is not unusual to feel anxious or depressed, have trouble sleeping, or experience elevated stress. You may feel like the future of your career is in doubt, but aim to keep a sense of perspective. Redundancy is common; many people experience it at least once during their working lives.

A future employer is unlikely to balance the fact you have been made redundant against a hiring decision, so when working on your CV or interview prep, make sure you are clear about dates of employment, reasons for your redundancy, and the context around that. You can use this as a chance to segue into some accomplishments and goals achieved while in the job.

Maintain your own personal and professional networks too, update all your online profiles and devote a set amount of time to job seeking. This is a setback, and a new role will come. We are taking a look at three open roles below – and of course, there are plenty more to discover on the Finextra Job Board.

Backend Software Development Engineer - Internal Risk Group, GoCardless, London

A global leader in account-to-account payments, GoCardless is looking for a Backend Software Development Engineer. You will join the internal risk group, working on building tools and integrating solutions to fight bad actors and helping protect GoCardless, as well as building data pipelines, backend APIs and predictive engines for turning large volumes of raw data into actionable insights.

You will build a smarter organisation by automating manual processes and transform systems to serve more customers and unlock new markets. You will need to have experience building web products and services, and have an awareness of technologies across the stack, be able to adapt to new technologies and processes quickly, and thrive in a collaborative environment. Get the full job spec here.

Financial Institutions Solutions Delivery Lead, Plaid, Remote

Plaid’s mission is to unlock financial freedom for everyone and it is building the future of fintech with us. Plaid is looking for a seasoned Financial Institutions Solutions Delivery Lead who has experience with complex technical integration projects, driving outcomes across design/technical scoping, collaborating with engineering and product teams during development and data migration, as well as program managing with internal and external partners leadership teams.

You will develop and execute a compelling delivery plan for strategic financial institutions to ensure successful outcomes and own end-to-end delivery for the portfolio of implementations and liaising with engineering, product, support, and growth teams. You will need a track record of successful end-to-end delivery of technical initiatives, with a focus on “productising” solutions and working closely to scale said offerings, as well as eight to ten years of total professional experience working with cross functional teams. Apply for the role here.

Regulatory Policy & Projects Lead, Starling Bank, London

As the Regulatory Policy & Projects Lead at Starling Bank, you will manage the analysis, review, and implementation of new products from a prudential policy perspective. You will also be involved with regulatory developments, capturing and assessing the impact of new and evolving rule changes and technical updates. You will lead delivery of compliance with BoE/PRA recovery and resolution requirements, SWD, Recovery Plan, and RAF, and interpret regulation and develop associated policy.

You will also lead communication of issues with appropriate owners and track and close issues to ensure timely and appropriate resolutions are achieved. To apply, previous banking experience is essential, with demonstrable experience working on regulatory projects, and deliverables in a fast changing environment. Get more information here.

If you are looking for your next great role in finance or tech, visit the Finextra Job Board today.

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