The year the Big Tech job market cracked

"Over the past year, I've spoken with more than 20 tech professionals for Business Insider stories who, like Khan, were struggling to find work. Many were affected by layoffs intended to right-size overhiring during the pandemic and streamline operations. US tech companies have announced roughly 154,000 layoffs through November, according to Challenger, a 17% increase from the prior year and the most of any sector."

"The job market has been particularly challenging for tech professionals, who are competing not only with a growing pool of laid-off workers but also withrecent college graduates and employed tech professionals looking to switch roles. At the same time, the rise of AI tools like ChatGPT and application bots has made it easier for candidates to submit hundreds of applications, overwhelming some employers and making it harder for top applicants to stand out from the crowd."

"Despite a five-year run at Microsoft as a cloud solution architect, he said, even landing interviews has been a struggle. "I've been constantly applying, and I've had interviews, but I've been turned down everywhere," said Khan, who is in his 50s and lives in Texas. In the meantime, he's exhausted his rainy day fund and fallen behind on his mortgage payments. He's now worried he could lose his home."

Roughly 154,000 tech layoffs occurred through November, a 17% year-over-year increase, with major firms cutting thousands of jobs. Many displaced tech workers face prolonged job searches, depleted savings, and risk of losing homes. Competition for available roles has intensified because of a growing pool of laid-off workers, recent graduates, and employed professionals seeking changes. AI tools and application bots enable mass submissions, overwhelming employers and making standout candidates harder to identify. The combination of fewer openings and rising application volume lengthens unemployment spells and strains financial security for many skilled tech workers.

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