The past couple of months have left tens of thousands of employees from Silicon Valley’s tech industry workforce without jobs, after many companies performed round after round of layoffs.
Ahmed Banafa, engineering professor at San Jose State said these job cuts are a product of mass hiring and inflation that took place over the course of the pandemic.
Banafa said big tech corporations, including names like Google, Meta and Salesforce,brought on more staff in order to accommodate an influx of people using their services.
He also said the tech industry used to add 100,000 new employees every year.
“In 2022 they added 260,000; this shows you how the hiring went crazy,” Banafa said.
Computer science freshman Siddarth Thati said he understands that companies experiment its workforce size to maximize efficiency.
“If the smaller workforce can achieve the same targets, this would really help them understand how the company works internally for their next hiring season,” Thati said. “COVID has changed the game.”
Banafa said he ended up losing his job in the tech industry in the market crash of 2000.
He said it caused him to employ a mindset of investing in skills and himself first, as future success is not reliant solely on the company he is serving.
“I tell my students very clear, marry your job, don't marry your company, because you can take your job and do it at another company,” Banafa said.
Tech company layoffs have become common over the past two decades, as commentators are looking to observe the circumstances of the economic crash of 2000 as insight for tackling this year's layoff problem, according to a Jan. 23 article by The Berkshire Eagle.
Banafa said this is especially so in moments of economic recession including the ones witnessed in 2000 and 2008.
Banafa said students should know that, despite the amount of jobs being lost in the industry, there are still plenty of jobs out there that can each have its own unique avenue to a consistent and fulfilling career.
“There are still jobs available for people . . . it might take an effort from your side to open your mind and broaden your horizon . . . just to get my foot into the door and then after that I can just work with a big company,” Banafa said.
Economics department chair Matthew Holian said a common lesson taught from SJSU’s educators is making sure you are using all of the resources available to you in order to succeed.
“[Students] need to create a LinkedIn account, they need to apply for jobs, they need to have a resume, they need to network, they need to apply for internships and get their foot in the door,” Holian said. “Just because the economy and the tech industry in particular is facing some shake up or a down period, doesn't mean that there are necessarily totally different strategies students need to follow.”
Lisa Trikofski, assistant director of employer engagement at SJSU, said she encourages students to continue using the resources available to them in order to secure a job.
“Don't get discouraged about what's going on out there in the economic climate,” Trikofski said. “There's tons of opportunities in Handshake for students to look at and we have hundreds of positions that are posted each and every day.”
She said she recommends students to participate in SJSU’s careers fairs, which offer jobs and internships to students looking to find part-time opportunities.
