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More than 100,000 tech workers laid off so far in 2023, but job opportunities are opening up

The news: The latest spate of layoffs reveals continued restructuring in tech and adjacent industries.

Tech layoff picture: Tech companies have laid off more than 100,000 global workers to date in 2023, per A total of 159,684 tech employees were laid off in all of 2022

  • Yahoo let more than 20% of its staff go as it shrinks its advertising business, per Axios. Job cuts will affect more than 50% of Yahoo's ad tech employees, estimated at more than 1,600 people. 
  • Twilio announced it was cutting 17% of its workforce, or about 1,500 jobs. The cloud communications software company previously laid off 11% of its employees in September, per CNBC.
  • Microsoft-owned social media network LinkedIn cut staff from its recruiting department Monday.
  • Ford, which is in the middle of an EV pivot, is laying off 3,800 employees in engineering and administration, signifying more possible layoffs in automotive and EV sectors.
  • Meta is reportedly considering a fresh round of layoffs in March as a continuation of its “year of efficiency,” per TechCrunch

Big tech is still growing … While layoffs are expected to continue, ostensibly to regulate staffing to pre-pandemic levels, Big Tech companies still have headcounts that are well above pre-pandemic levels, per Insider.

… But it might not be the ideal destination anymore: “Demand has just shifted from the Big Tech industries to smaller companies, as well as other industries like education, health care, government, [and] financial services,” Megan Slabinski, a Bay Area district president of tech at staffing firm Robert Half, told Fortune.

Opportunities in farm-tech: Behemoth agricultural and construction equipment manufacturers are on a mission to hire Silicon Valley tech workers, per Reuters.

  • Illinois-based Deere & Co., the world's largest tractor maker, is eager to add tech workers to its payrolls as it expands into autonomous tractors, mining trucks, and other smart farming technology.
  • Deere and its competitors are opening new offices in city centers like Austin and Chicago. They are also seeking to transform their industry using AI and automation.
  • While it has traditionally been difficult for farm-tech companies to compete with Silicon Valley compensation packages, they now have their choice of tech and engineering talent.

The good news: Tech expertise has long been coveted by other industries. Recent layoffs will make these industries attractive to workers eager to continue innovating outside of tech hubs.