For the tens of thousands of people in Croisant’s position, the path toward reemployment is daunting. All told, 2023 was the second-biggest year of cuts on record in the technology sector, behind only the dot-com crash in 2001, according to outplacement firm Challenger, Gray & Christmas. Not since the spectacular flameouts of Pets.com, eToys and Webvan have so many tech workers lost their jobs in such a short period of time.<\/p>\n

Last month’s job cut count was the highest of any February since 2009, when the financial crisis forced companies into cash preservation mode.<\/p>\n

CNBC spoke to a dozen people who have been laid off from tech jobs in the past year or so about their experiences navigating the labor market. Some spoke on the condition that CNBC not use their names or write about the details of their situation. Taken together, they paint a picture of an increasingly competitive market with job listings that include exacting requirements for qualification and come with lower pay than their prior gigs.<\/p>\n

It’s a particularly confounding situation for software developers and data scientists, who just a couple of years ago had some of the most marketable and highly valued skills on the planet, and are now considering whether they need to exit the industry to find employment.<\/p>\n

“The market isn’t what it once was,” Roger Lee, creator of Layoffs.fyi, said in an email. “To secure a new position, many salespeople and recruiters are leaving tech entirely. Even engineers are compromising \u2014 accepting roles with less stability, a tougher work environment, or lower pay and benefits.”<\/p>\n<\/div>\n

$\"Recent$ <\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Lee said tech salaries have “largely stagnated” in the last two years, citing data from Comprehensive.io, a compensation tracker he recently helped launch.<\/p>\n

Croisant’s job search involved applying for some positions that had racked up hundreds of applicants. She could see that data using LinkedIn’s Talent Insights platform, which shows how many people are vying for an open role.<\/p>\n

Additionally, some listings required applicants to have advanced degrees or professional experience in machine learning and artificial intelligence, a new development in Croisant’s experience on the job market.<\/p>\n

During five weeks of job hunting, Croisant said she applied to 48 openings and landed two interviews. She finally opted to accept a lower-level data analyst role and a roughly $3,000 reduction in her base pay to take a contract role starting next month at a financial technology company.<\/p>\n

“This was an absolutely terrifying experience for me, and I’m not sure if I’ll ever truly feel secure in a job again,” Croisant said. “But I’m still one of the lucky ones in the end. I have friends who’ve been looking for months and still haven’t found anything.”<\/p>\n<\/div>\n

More CNBC news on layoffs<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
‘It’s humbling’<\/strong><\/h3>\n
Krysten Powers was laid off in January from travel tech startup Flyr after two years in marketing at the company. She said navigating the current labor market is like a full-time job, “sometimes even harder.”<\/p>\n
“You’re putting out resumes and getting almost immediate rejections,” said Powers, who’s worked in marketing for a decade. “It does take a toll on your confidence and you get this sort of imposter syndrome.”<\/p>\n
Powers lives with her husband and two kids in the small town of Natchez, Mississippi. A month before she lost her job, her family bought a new house.\u00a0Powers said moving isn’t an option, and she’s only considering remote roles in marketing. However, she is willing to accept a pay cut.<\/p>\n
“It’s humbling for sure,” she said.<\/p>\n<\/div>\n
\n
\n
\n
Google Headquarters is seen in Mountain View, California, United States on May 15, 2023.<\/p>\n
Tayfun Coskun | Anadolu Agency | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
\n
The same dynamics are playing out across the industry, even for former employees of Google