What’s going on:
LinkedIn’s Economic Graph team conducted a data analysis of U.S. workers exiting their previous tech and media jobs. According to the study, around 37.3% of displaced workers from the tech and media industries have been transitioning to smaller companies within their sector. 19.6% of displaced workers were recorded as pursuing opportunities in professional services, 8.3% in financial services, 8.0% in manufacturing, and 3.7% in Hospitals and health care.
The study found that nearly two-thirds of tech workers were finding work in new industries.
Why it matters:
In 2023, there has been a significant number of job cuts with 191,000 layoffs already surpassing last year’s rate. As a result, many employees in the tech and media industry have been displaced and are in search of new positions.
The findings from LinkedIn’s data shed light on the changing landscape for thousands of displaced tech workers and provide insights into the future of these industries. The fact that only 37.3% of displaced workers are finding new jobs within their previous sector indicates a shift away from traditional technology roles.
That data implies that there is a need for tech workers in other industries because of the demand for leveraging data analysis, artificial intelligence, automation, and other proprietary software.
How it’ll impact the future:
Skilled tech workers that are finding new career paths in other industries will play a role in shaping the future distribution of the workforce. The displaced workers across various industries will diversify skill sets to bring technological expertise to different sectors, driving innovation and growth.