Navigating the Job Search in Tech’s Layoff Era: New Strategies for Job Seekers

The days when a computer science degree alone could land you a job in the tech industry are long gone. As of 2024, according to data from layoffs.FYI, more than 130,000 tech workers have been laid off from industry giants like Cisco and Intel, following a staggering 263,000 job cuts in 2023.

In this challenging environment, job hunting has become fiercely competitive, with hiring processes growing increasingly complex and drawn-out. Companies now rely heavily on AI to sift through resumes and use technical interviews to assess candidates’ problem-solving abilities and coding skills, making the employment search even more daunting.

Even though the reduction in job openings at large companies might make it easier to find high-skilled workers, many job seekers still have their sights set on landing roles at big tech firms. The efforts they put into securing these positions are substantial, a fact that recruitment agencies know all too well.

Resume Optimization

Kevin Wu, the co-founder of Pathrise, explains that their business model is centred on guiding job seekers through the application process by leveraging social networking, resume optimization, and interview preparation. Clients do not pay upfront; instead, they pay 7% to 14% of their first-year salary once they land a job. Entry-level salaries typically average $80,000, while senior positions can reach nearly $200,000.

Wu notes that Pathrise signed $30 million of contracts last year and is assisting about 1,000 clients. Although this revenue is contingent on clients successfully finding jobs, Wu emphasizes that Pathrise is very selective, focusing on candidates with the highest potential for securing a position. While he did not provide specific figures, Wu mentioned that most of their clientele consists of recently laid-off individuals.

Mock Interviews

Another strategy to improve job search success is to invest in mock interviews. Evan King, co-founder of Hello Interview, mentions that many laid-off job seekers turn to them for support. The company, which launched just a year ago, offers mock interviews priced between $160 and $350 per session, depending on the coach’s expertise. King has observed that many long-term unemployed individuals, frustrated and exhausted by the gruelling job search process, are open to trying new approaches.

Similar services are available through platforms like Interviewing.io, where prices start at $225. Aline Lerner, the founder, says that around 8,000 people sign up for their services each month, and they have served 300,000 clients over the past nine years. According to Lerner, about one-third of engineers in the Bay Area have used their resources. She adds that the top 5% of performers in their mock interviews are often connected with major tech companies for real interviews.

Casting a Wide Net

ApplyPass offers a different approach by helping job seekers cast a wide net. David Hopper, co-founder of ApplyPass, explains that their service uses AI to send out 100 job applications per week on behalf of clients, with pricing starting at $99 per month.

Although some large companies use their automated systems to filter applications, Hopper says his team is working to help their AI overcome these barriers. For many job seekers, this is their first experience facing an economic downturn, which can be quite daunting. Interviewing.io’s Lerner remarks, “There used to be a dozen recruiters on LinkedIn every day begging to talk to you—now you have to work hard to get into companies. It’s not the mindset they’re used to.” Fortunately, these job seekers aren’t alone; they’re finding new ways to navigate the job market.

In this era of tech layoffs, innovative strategies like these are helping workers adapt and find new opportunities, even in a fiercely competitive job market.