Despite strong overall growth in the tech sector, September 2024 saw significant layoffs at key companies, with Drata—an industry leader in compliance and security automation—making headlines for its workforce reduction. Along with Drata, companies like Cisco Systems, which laid off 350 employees, and Outreach, which reduced its workforce by 12%, faced significant cutbacks. Other companies such as Epic Games saw a 16% workforce reduction, cutting 830 jobs, while Airtable laid off 27% of its staff. Additionally, Kinnate Biopharma slashed 70% of its workforce, further illustrating the restructuring happening across tech and adjacent industries.
Why Are Tech Layoffs Happening?
Even as areas like AI, cloud computing, and cybersecurity see expansion, certain tech niches are feeling the crunch. Drata’s layoffs are emblematic of a broader challenge faced by companies operating in compliance and security automation—a space where rapid technological advancement has increased competition, while customers continue to demand more cost-effective solutions.
The restructuring in companies like Drata suggests that while there is significant investment in innovation, there are also tough decisions being made to manage costs and streamline operations. For professionals in these sectors, the uncertain landscape demands agility and preparedness as layoffs remain a possibility even in seemingly stable companies.
How This Affects Job Seekers
If you’re affected by the recent layoffs or looking to move within the tech industry, now is the time to rethink your approach to job searching. The landscape is more competitive, but several tools and strategies can give you an edge.
Top Tools to Aid in Job Search and Recruitment:
- LinkedIn – The go-to platform for professional networking. Utilize its job alert features, personalized insights, and recruiter connections.
- Indeed – Known for aggregating job listings from across the web, Indeed’s easy-to-use interface and detailed company reviews are helpful.
- Hired – A specialized platform that connects tech talent with companies. Hired lets you showcase your skills and match with roles that align with your expertise.
- Glassdoor – Offers not just job listings but insights into company cultures, salaries, and interview processes, giving you a deeper understanding before applying.
- AngelList – Ideal for those looking to break into the startup world, AngelList connects you with early-stage companies seeking innovative talent.
Tips for Navigating the Job Market
- Upskill: Many companies are looking for tech professionals who can wear multiple hats. Focus on gaining certifications or learning new skills in emerging areas like AI, machine learning, or cybersecurity.
- Leverage Networks: Networking is more important than ever. Attend industry events, connect with former colleagues, and reach out to recruiters directly.
- Tailor Applications: Don’t use a one-size-fits-all approach. Customize your resume and cover letter to align with the specific requirements of each job listing.
Conclusion
The tech industry continues to be a mixed bag—while some areas show robust growth, others are facing contractions and workforce adjustments. For job seekers, staying flexible, upskilling, and using the right tools can help navigate this dynamic landscape. Companies like Drata are making tough decisions, but as the market reshapes, opportunities will arise in new areas, offering a fresh start for many tech professionals.
