Tech Industry Faces Mass Layoffs in 2023
In 2023, the tech industry saw a wave of layoffs that affected both startups and big tech companies. According to data from Layoffs.fyi, over 260,000 employees were laid off by 1,179 tech companies, compared to 164,000 job cuts in 2022.
Crypto Employees Suffer from Tech Layoffs
A report by CoinWire reveals that crypto employees were hit hard by the mass layoffs in 2023. A survey conducted among 500 crypto industry workers showed that 75% of them experienced pay cuts. Gen Z employees were particularly affected, with 85.1% facing salary deductions.
Job Hunting Becomes Challenging for Crypto Workers
The survey also found that finding a new job in the crypto industry became more difficult after the layoffs. While some employees managed to secure new positions within a month, over 50% spent up to three months searching for employment. Others took six months or more to find new opportunities.
Layoff Survivors Face Increased Workload
With companies reducing their workforce, the remaining employees had to shoulder a heavier workload. About 52% of crypto workers reported an increase in their work responsibilities. Additionally, the downsizing had psychological effects, with 50.7% experiencing anxiety about potential future job cuts.
Majority of Crypto Employees Considering Job Switch
Due to the pressures of reduced pay and increased workload, around 77% of crypto employees are contemplating switching jobs in 2024. This trend is especially prevalent among Gen Z employees, with 85.5% expressing a willingness to change companies.
Hot Take: The Impact of Tech Layoffs on the Crypto Industry
The mass layoffs in the tech industry in 2023 had significant consequences for crypto employees. Not only did they face pay cuts, but they also encountered challenges in finding new jobs. The survivors of the layoffs had to handle increased workloads and experienced anxiety about future job security. As a result, many crypto workers are considering switching companies in the coming year. These findings highlight the far-reaching effects of tech layoffs on the crypto sector and the need for support and stability within the industry.
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