For the past year or so there is a foreboding by many industry experts that this year (2016) there is going to be heads rolling in the high-tech industry in a major way. Below are the estimates projected by analysts for some of the major corporations that have a large presence in the Silicon Valley. If you add-up all the numbers the lay-offs can peak at nearly quarter of a million high-tech workers employed by these firms alone. In addition, a steady stream of layoffs is already underway from most of the staffing augmentation and IT services companies such as TCS, Wipro, Infosys, and others. It is estimated that those companies employ about a million people globally.
VMware
Estimated percentage of jobs to be cut this year: 10% to 15%
Estimated number of cut employees: 1,700 to 2,500
Symantec
Estimated percentage of jobs to be cut this year: 15%
Estimated number of cut employees: 2,800
Yahoo
Estimated percentage of jobs to be cut this year: 30%
Estimated number of cut employees: 3,500
EMC
Estimated percentage of jobs to be cut this year: 15% to 20%
Estimated number of cut employees: 10,000 to 14,000
Cisco Systems
Estimated percentage of jobs to be cut this year: 20%
Estimated number of cut employees: 14,000
HP Inc.
Estimated percentage of jobs to be cut this year: 30%
Estimated number of cut employees: 14,000
Microsoft
Estimated percentage of jobs to be cut this year: 15%
Estimated number of cut employees: 18,000
Oracle
Estimated percentage of jobs to be cut this year: 20%
Estimated number of cut employees: 26,000
Hewlett Packard Enterprise (HPE)
Estimated percentage of jobs to be cut this year: 30%
Estimated number of cut employees: 72,000
IBM
Estimated Percentage Of Jobs To Be Cut This Year: 25%
Estimated Number of Cut Employees: 95,000
In the US the high-tech workforce amounts to about 0.7% of the total. In California that number is almost twice thatat 1.2%. So, if we assume that the total US high-tech labor force is about 1.2 million then almost 20% of the workforce will be on the chopping block this year alone, not counting those from the above staffing augmentation companies such as TCS and others.
Experience tells us that the demographics of those on the lay-off lists are heavily skewed towards the 45+-year age group. Data indicates that those who are 45 or older are twice as likely to be RIFd than employees in their late 20s. This means that older workers are going to find it more difficult to land alternate employment in high-tech after they are shown the door, unless they find ways to reinvent themselves within the space of the high-tech verticals. Of course, their reinvention can also extend beyond high-tech and venture into brand-new areas, including new careers in biotech and other areas, starting new businesses, and launching their own start-ups.
So, what are some of the ways those at risk can prepare for a better outcome, regardless of their age? Having gone through four lay-offs myself in my corporate career in my later years and found ways to re-invent myself four times, here are some suggestions I would like to offer everyone:
1.Do not wait until you are given the pink slip to start planning on what to do next. Start that process NOW. This is true more for those who received Annual Performance Reviews (APRs) during the last cycle that surprised them negatively. Get your rsum in good order, bring your LinkedIn Profile up-to-date and make it sizzle. Search yourself using commonly used search-strings on LinkedIn and see your ranking. If you are not on the first page of the search results for how you want to be found by others do something about getting up there and fast.
2.When you get out of the company do not wait to apply for unemployment benefits. Many clients, who come to me after getting RIFd tell me that they feel embarrassed to get these benefits. There is no shame in getting what is owed to you. It is no different from feeling shame for collecting your social security check when you get into your retirement.
3.Start augmenting your network now and expand it in the direction of your reinvention. So, if you want to move from high-tech to biotech or to healthcare where there can be more opportunities start connecting with those professionals now and build your network for future use.
4.Decide on the area that interests you and where there is growth. You can find out growth areas by looking at the job boards for open positions, reading the Occupational Outlook Handbook published by the Department of Labor, or talking to experts at conferences hosted by industry trade groups. Generally, such conferences are held by industry groups facing growth because they have the funds to support such lavish events.
5.Make use of the outplacement services offered by your employer to get yourself positioned for marketing your message once you are out of your company. If such services are not available find such services provided by local and state agencies. Career coaches can also be helpful if you are willing to pay them their fees.
6.Do not jump into a start-up venture willy-nilly. Those in their late 40s have the luxury of savings and other resources to fund their start-up ventures. Before you invest your own money in such risky propositions do your due diligence and ensure that you have all the right elements in place to succeed. Remember, only about 5% of high-tech start-ups succeed.
7.Look at businesses that interest you. Many local businesses (and franchises) are often available for buying and running. It is much better to buy a running business than to start a new one yourself. Most people underestimate what it takes to make a go of a new life-style business.
8.Start volunteering in well-positioned organizations. Often, such organizations have volunteers from highly placed company executives or their spouses. This is a good way to connect with influential people and to show what you can do to help organizations in need of talent.
9.Start blogging in your area of interest and showcase your thought leadership in your current area of work or in the area in which you want to re-invent yourself. Nothing gets you more visibility than regularly posted blogs with good readership.
10.If you plan well, not panic, and execute with diligence landing a new job or vocation is not a major hurdle. Follow these tips and see how things work out when you apply your leadership to get where you want to go next.
Good luck!
| About Author | |
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Dilip has distinguished himself as LinkedIn’s #1 career coach from among a global pool of over 1,000 peers ever since LinkedIn started ranking them professionally (LinkedIn selected 23 categories of professionals for this ranking and published this ranking from 2006 until 2012). Having worked with over 6,000 clients from all walks of professions and having worked with nearly the entire spectrum of age groups—from high-school graduates about to enter college to those in their 70s, not knowing what to do with their retirement—Dilip has developed a unique approach to bringing meaning to their professional and personal lives. Dilip’s professional success lies in his ability to codify what he has learned in his own varied life (he has changed careers four times and is currently in his fifth) and from those of his clients, and to apply the essence of that learning to each coaching situation. After getting his B.Tech. (Honors) from IIT-Bombay and Master’s in electrical engineering(MSEE) from Stanford University, Dilip worked at various organizations, starting as an individual contributor and then progressing to head an engineering organization of a division of a high-tech company, with $2B in sales, in California’s Silicon Valley. His current interest in coaching resulted from his career experiences spanning nearly four decades, at four very diverse organizations–and industries, including a major conglomerate in India, and from what it takes to re-invent oneself time and again, especially after a lay-off and with constraints that are beyond your control. During the 45-plus years since his graduation, Dilip has reinvented himself time and again to explore new career horizons. When he left the corporate world, as head of engineering of a technology company, he started his own technology consulting business, helping high-tech and biotech companies streamline their product development processes. Dilip’s third career was working as a marketing consultant helping Fortune-500 companies dramatically improve their sales, based on a novel concept. It is during this work that Dilip realized that the greatest challenge most corporations face is available leadership resources and effectiveness; too many followers looking up to rudderless leadership. Dilip then decided to work with corporations helping them understand the leadership process and how to increase leadership effectiveness at every level. Soon afterwards, when the job-market tanked in Silicon Valley in 2001, Dilip changed his career track yet again and decided to work initially with many high-tech refugees, who wanted expert guidance in their reinvention and reemployment. Quickly, Dilip expanded his practice to help professionals from all walks of life. Now in his fifth career, Dilip works with professionals in the Silicon Valley and around the world helping with reinvention to get their dream jobs or vocations. As a career counselor and life coach, Dilip’s focus has been career transitions for professionals at all levels and engaging them in a purposeful pursuit. Working with them, he has developed many groundbreaking approaches to career transition that are now published in five books, his weekly blogs, and hundreds of articles. He has worked with those looking for a change in their careers–re-invention–and jobs at levels ranging from CEOs to hospital orderlies. He has developed numerous seminars and workshops to complement his individual coaching for helping others with making career and life transitions. Dilip’s central theme in his practice is to help clients discover their latent genius and then build a value proposition around it to articulate a strong verbal brand. Throughout this journey, Dilip has come up with many groundbreaking practices such as an Inductive Résumé and the Genius Extraction Tool. Dilip owns two patents, has two publications in the Harvard Business Review and has led a CEO roundtable for Chief Executive on Customer Loyalty. Both Amazon and B&N list numerous reviews on his five books. Dilip is also listed in Who’s Who, has appeared several times on CNN Headline News/Comcast Local Edition, as well as in the San Francisco Chronicle in its career columns. Dilip is a contributing writer to several publications. Dilip is a sought-after speaker at public and private forums on jobs, careers, leadership challenges, and how to be an effective leader. |
Website: http://dilipsaraf.com/?p=2720
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