Is the job market shifting? Big Tech, the Great Resignation, and where we are headed
- Jul 20, 2022
- 2 min read
What we'll cover
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Prospect of a hiring freeze
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Why sector specificity matters
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Steps you can take to keep yourself grounded
Welcome to Money Moves. I’m digging into all things money — moves that can impact you, links and insights.
What happened:
Lately we’ve heard a lot of companies talk about slowing hiring plans or even actively reducing their workforces. Think Apple, Meta, Google, etc. When big tech companies start talk about pumping the breaks on hiring, it can feel like a warning signal. But it’s important to maintain perspective – despite the Great Resignation and these recent developments, the job market is still strong.
Why it matters:
The tech sector has accounted for many of the hiring changes we’ve heard about. Those companies have been hit harder than most by rising interest rates, the inflationary environment and a strong dollar. However, a recent study indicates that Tech occupation employment over the next 10 years is expected to grow at about twice the overall employment rate across the economy. While tech might be slowing down, don’t count it out.
Other sectors are currently showing healthy growth. In June, the jobs report showed there are still job gains in professional and business services, leisure and hospitality, and health care (while unemployment remains low at 3.6%). Further, job openings remain at elevated levels.
What it means for you:
Take a deep breath. If all this news has you wondering what to do, consider taking these steps to help keep yourself on solid ground.
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Level set and keep cool – First, find ways to keep your anxiety at bay. Prioritizing meditation, sleep and eating right can help get you in the right mindset for work and beyond.
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Be proactive – Optimize your resume, keep networking, and focus on learning through conferences, workshops or certifications that will help you prepare for your future.
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Get your financial house in order – Make sure you have (or are actively building) a rainy-day fund in case of emergencies.
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Talk it over – Have a candid conversation with your employer about their outlook on hiring, retention, and promotions and what you can do to set yourself up for success.
Whatever your job situation, stay focused on your long-term goals.
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Lindsey Bell is an award-winning investment professional with a passion for personal finance and more than 17 years of Wall Street experience. Bell’s unique ability to connect the dots between data and real life and craft bite-sized money ideas that people can use and apply stems from her deep background as an analyst, researcher and portfolio manager at organizations including J.P. Morgan and Deutsche Bank. She is known for demonstrating why and how an understanding of all things money improves a person’s finances and overall well-being. An ongoing CNBC contributor, Bell empowers consumers and investors across all walks of life and frequently shares her insights with the Wall Street Journal, Barron’s, Kiplinger’s, Forbes and Business Insider. She also serves on the board of Better Investing, a non-profit focused on investment education.
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