Long reads

3 ways to predict if you'll be affected by layoffs

Kirstie McDermott

Kirstie McDermott

Senior Content Editor, Amply

News last week that over 105,000 global tech workers have been laid off since the start of 2023 has, understandably, left many uneasy. The layoffs.fyi website was set up by founder Roger Lee during the pandemic to track tech layoffs and show the reality of life within this volatile sector. The site hit the news when its automatic counter showed that, so far, 2023 is far surpassing 2022 for tech layoffs.

While we ended 2022 reeling from news of redundancies at Klarna, Stripe and Shopify, 2023 began with updates that PayPal and Paddle, among many others, would follow suit.

Much of the well-funded finance and fintech sector has escaped the worst of the cuts, with some companies such as Revolut even bucking the trend––reports indicate it is currently looking to onboard 1,700 new staff.

These job losses are part of a much bigger picture––and in many cases are the result of over-hiring during the pandemic. That’s little comfort if you feel your job could be on the line. There are, however, steps you can take to both predict the possibility of layoffs at your company as well as future proofing themselves against redundancy.

1.   Do Your Research

Research both the wider fintech industry and your company––and do both simultaneously. Layoffs generally come about when companies post poor financial performance, or report on a failed project or expansion plan that already required investment.

Signs that companies are struggling financially include a reduction in previously generous bonuses, a hiring freeze (no matter how slight) and a reduction in team budgets which manifests in an increased workload and a smaller workforce.

Redundancies don’t tend to happen immediately, but if your employer is cutting costs and refusing to replace team members as they leave, then trouble may be afoot. Find out what other companies are hiring: where did those former colleagues go, and how are they finding life on the other side?

Which company secured the tender your employer perhaps failed to nab, or what areas of your sector are growing? For example cybersecurity, artificial intelligence and data science are predicted to grow in 2023–– are there opportunities within your current company to move into a role that may be a little more secure?

2.   Network

Find out where your old boss is working now, or the team members you started out with––where did they all end up? Reach out to your established networks: go for coffee, arrange drinks and be upfront about the reason why.

Re-establishing networks will not only give you insider information on what companies are hiring and firing, but it will also help you establish what areas are thriving and, more importantly, provide you with insight into the culture of other businesses helping you avoid a bad fit caused by an impulsive decision.

The fact also remains that getting a personal recommendation from a current employee or C-suite member does make your resume more likely to rise to the top of the HR pile, and usher your name to the next stage of discussions. Reach out, but do it before you need to.

3.   Rewrite

Work on your CV and other materials and ensure you have the most up-to-date versions ready to hand should an opportunity arise. And remember, as you grow in seniority, you should become more discerning with the information included.

Show the value––both personal and financial––that you bring to an employer, which means leaving off lists of duties and responsibilities, and instead focusing on wins, achievements and personal passion projects that propelled your job forward.

Remember as well, if your company does lay off some workers, competitors will want your skills and abilities. While you should remain professional, this will stand to you, so don’t shy away from highlighting your involvement in key projects.

The Finextra Job Board is full of roles across the fintech sector and provides the perfect opportunity to test drive your new resume and brush up on your interview skills. Below is a taster of three opportunities available right now.

VP of Product Growth, Monzo, London

The Role: As VP of Product Growth with Monzo you will develop and execute a product strategy for growth, focused on identifying and prioritising opportunities for growth and innovation.

The Responsibilities: As a key member of the leadership team, you will be responsible for leading the development and execution of the product strategy for growth.

The Requirements: You should have a proven track record in mobile user activation and monetisation, with extensive know-how in pricing, bundling, tiering, and subscription models.

Advanced knowledge of experimentation stacks.

Apply for the VP of Product Growth role or browse all available opportunities with Monzo.

Application Security Engineer, Zilch, London

The Role: As Application Security Engineer with Zilch you will be joining Europe’s fastest growing double unicorn to work with its systems and data to ensure it stores and process information securely and effectively

The Responsibilities: You will collaborate with software engineering teams to implement, review, and improve solutions from a security perspective.

The Requirements: You will have three years’ in application security, developing or securing Java Spring Boot applications and two years’ hardening Linux and/or Docker systems as well as a demonstrated experience working in the fintech sector. 

View all the information on the Application Security Engineer role or see more opportunities on Zilch.

Senior Full Stack Engineer, Moonpay, London

The Role: As Senior Full Stack Engineer with Moonpay you will work with product managers to come up with the best solutions and implementation plans for new features.

The Responsibilities: You will be responsible for implementing UX and UI in Moonpay’s customer facing app, while scaling systems to support the ever growing partner and consumer base.

The Requirements: If you have extensive engineering experience at leading startups or fast growing tech companies, and are confident in developing, releasing and maintaining web applications in a fast paced, iterative environment while working a full stack role on the front and backend, then this is the role for you.

Apply for the Senior Full Stack Engineer role or browse all available opportunities at Moonpay.

Explore the Finextra job board to find your perfect role. 

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