Why It’s Been Hard for Gen Z To Get Jobs in Tech, Finance & More

Industry Concerns - The tech industry is experiencing significant anxiety among workers, particularly remote workers, with 47% expressing concerns about layoffs compared to 20% of in-office workers [1] - Layoffs are more prevalent in certain industries, prompting workers to reassess their skill sets and develop transferable skills to remain competitive [2] - The finance sector, especially investment banking and fintech, is undergoing transformations due to economic uncertainty, investment risks, and higher interest rates, leading to regular layoffs [7] - The healthcare industry, while historically stable, is facing challenges due to federal job cuts impacting the Health and Human Services Department, resulting in layoffs primarily affecting administrative roles [10][11] - The education sector is also grappling with layoffs, exacerbated by funding cuts from state and federal governments, leading to staff downsizing [12][13][14] Layoff Trends - Nearly one in three Americans would accept a 10% to 20% pay cut to avoid layoffs, highlighting the financial preparedness issues, with 13% having no savings [3] - Layoff concerns are driven by trends such as economic uncertainty, political volatility, AI and automation, shifting consumer behavior, and over-hiring during economic booms [3] - The outsourcing of talent due to funding issues is contributing to layoffs in the tech sector, as companies hire software developers in countries with lower wages [5][6] Future Outlook - Despite the volatility in the job market, the year is projected to be active in hiring, particularly in the finance sector, supported by a strong equities market and increased mergers and acquisitions activity [9] - The evolving nature of jobs means that while concerns about layoffs are valid, opportunities for growth and adaptation remain for younger generations entering the workforce [15][16]