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The Trending Tech
Industry Layoffs
will Undo and
Disrupt Equity &
Diversity Gains:
As the future of work evolves, and likewise the disruptive opportunities it presents.
In 2022 we experienced a landslide of layoffs; from Amazon, Twitter, and Meta announcing a 13% reduction of its workforce. Businesses are currently being forced to reevaluate their strategies, and Microsoft has announced plans to lay off 10,000 employees as part of a comprehensive financial in-house refocusing, in a securities filing on Wednesday, January 18, 2023.
The problem with this, is that the ongoing ‘big-tech purge‘ largely affects marginalized groups, such as women in tech [who are often underrepresented in leadership and technical roles]; given the industry estimate of the tech industry workforce of underrepresented groups is at 7.4%, and, which will further disrupt equity and diversity efforts.
This is also reinforced by a recent study by the Kapor Center for Social Impact.
Job cuts lead to a loss of institutional knowledge, unique perspectives and experiences that contributes to the overall success of a tech company. Meta‘s virtual reality technology is at the forefront of innovation, and the loss of talented employees could slow the pace of progress in this field.
Losing diverse employees can result in a homogenous workforce, which can lead to a lack of innovation and a failure to fully understand and serve diverse customer bases.
Additionally, job cuts can create a toxic work environment, where minority professionals and employees of certain demographics may feel uncertain – negatively impacting employee morale and productivity, leading to a lack of trust and engagement from employees about a company’s commitment to job security and inclusion.
The impact of comprehensive, industry-wide, tech workforce reduction will also be felt more broadly, including issues surrounding visa implications, healthcare, rescinded job offers, bonuses and benefits and the associated disappointments in pursuit of a new job start.
The Impact of the Current Tech Purge to Greater Equity:
A steady source of income is acknowledged as the prerequisite and determinante to adequately sustain a family – owning and maintaining a house, education, wellbeing and enjoying life’s comforts. This has multigenerational impact; a positive knock-on effect across communities, given that one’s likelihood of success is largely determined by the economic circumstances of the family they are born into.
This is a phenomenon sadly experienced by underrepresented communities, who for long periods, have been largely marginalised.
21st century innovation and the emerging possibilities within the tech sector has the potential to be a once-in-a-lifetime vehicle for an economic reset; and equally, to even the socio-economic playing field. This could have a profound impact on the economic security of Black and marginalised communities, thereby affecting racial equity in society.
Closing The Network Gap: The Talent Pool & Thinking Critically:
As A.I, technology and automation continue to drive a ‘more efficient workplace’ [narrowing the labour force within big tech] it is important to upskill to meet new opportunities, as well as new challenges.
Our neighborhoods – where we grow up, the schools we attend and the work opportunities/environments we encounter presents a reality that can impede or obstruct career advancement, and for some, these are factors that are completely out of their control.
Closing the “network gap.”
At SUCULTURE, we realise that networks are super important – providing you with the tools, partnerships and mentorship that could define your career path, and ultimate success. Networking, when done consciously and intentionally, can unlock economic opportunity and increase access, across racial, cultural, gender, and socioeconomic lines – particularly when transitioning between career paths.
We are prioritising opportunities by creating a diverse/inclusive culture, and messaging [Job] platform where people can work together, scale ideas, and to align their vision.
SignUp here [on the Job platform] and collaborate: https://suculture.com/forums/forum/categories/jobs/
#EconomicRecession #DiversityinTech #DEI #VentureCapital #Amazon, #Twitter, #Meta #BlackinTech #Founders #Tech #VentureCapital #Economy #BlackCommunity #SUCULTURE
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