A study of 17,000 recent layoffs reveals who is most at risk of losing their jobs.
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Coders make no sense being on this list with how difficult it is to replace them. This data is probably skewed by startups who are hemorrhaging jobs.
The data reveals four kinds of workers who are getting laid off the most:
1. Recent hires
Last in, first out: That's how companies often decide who stays and who goes. So it's no surprise that in the current wave of layoffs, veteran employees are enjoying more job security. The average laid-off employee in Revelio Labs' analysis had worked for their employer for 1.2 years — meaning they were most likely hired near the start of the Great Resignation. By comparison, the average tenure at those same employers was 2.5 years — suggesting you're far more likely to be kept on if you joined your company before the coronavirus pandemic.
2. High earners
There's an obvious reason making a bigger salary makes you a sitting duck in a round of layoffs: Employers save more money by cutting the jobs of high earners. Revelio Labs found that the salaries of those who were laid off were substantially higher across a variety of occupations than salaries of people who kept their jobs. The average laid-off engineer, for example, made $86,000 — compared with an overall average of $75,000 for engineering roles. People who were let go in operations, admin, sales, and marketing roles also earned about $10,000 more than their counterparts. The more you make, the more risk you face of being laid off.
3. Millennials
In a
previous analysis, Revelio Labs found that young professionals were much more likely than their older coworkers to switch jobs during the Great Resignation. The moment presented an especially welcome opportunity for millennials, who had been slogging it out for years in lower-paid roles following the global financial meltdown in 2008. Spurred by the hot job market in the aftermath of the pandemic, they were finally able to regain some of the earning power they had lost in the 2010s.
But now, the decision to switch jobs has come back to bite young workers in their late 20s and early 30s. Indeed, the current round of layoffs has been largely a millennial phenomenon. At the employers Revelio Labs tracked that implemented job cuts, millennials made up 79% of the workforce — but suffered an astonishing 94% of the layoffs.
4. Recruiters and coders
During the recent wave of layoffs, no one has been at greater risk of getting cut than recruiters. It makes sense: The last thing a company needs in a hiring freeze is an army of people whose sole job is to hire employees. The opposite was true during the Great Resignation. Until earlier this year, businesses were on a hiring spree for recruiters, whom they needed to carry out a hiring spree for everyone else. As recently as March, job openings for HR professionals were up by 130% during the pandemic — marking some of the biggest increases across the dozens of occupations tracked by Indeed. They've since tumbled by about 40%.
Software engineers have also suffered disproportionately in the recent round of job cutting. That surprised me, because the layoffs Revelio Labs studied were primarily concentrated in the tech industry — and tech companies are notorious for having two-tiered workplaces, in which coders are treated like gods. They're usually the last to get laid off, because they're considered essential to the core business. But this time engineers were actually more likely than those in other roles to get laid off. That's most likely because their salaries rose so dramatically during the Great Resignation, when they were in high demand, that their companies saw layoffs as a way to reset pay closer to pre-pandemic levels.