Pulling the Plug on Big Tech

By: James Flippin · November 07, 2022 · Reading Time: 3 minutes

Mass Tech Layoffs

During the past decade, big tech companies have been growing at a seemingly unstoppable rate. And, as companies like Meta Platforms (META), Google (GOOGL), and Amazon (AMZN) have come to dominate the internet, they’ve been able to shower their employees with high salaries, benefits, and opportunities.

However, it’s looking like the growth might finally be slowing.

In the midst of changing economic factors, many tech companies have been forced to start cutting back. So far, Twitter, Amazon, Stripe, and even Apple (AAPL) have paused hiring or announced layoffs.

Checklist for Freshly Single Employees

To start, don’t burn bridges. While it can be tempting to take the opportunity to tell the company that just fired you off, this is rarely the right decision. Keep it professional, as your words might come back to haunt you. Many employers may still offer strong recommendations to workers who were let go under unfortunate economic circumstances, helping you to step to the next stone in your career.

You’ll also want to determine if you were fired for cause or laid off. This is an important distinction that will help determine if you’re eligible for unemployment benefits.

On that note, you’ll also want to ensure that you weren’t wrongfully terminated, or let go for an illegal reason. If you were, you are well within your rights to appeal the decision — to the company or the courts.

How To Protect Yourself

Finally, there are steps you can take to protect yourself financially after the news has been made official.

For one thing, don’t quit. It can be tempting in the heat of the moment to maintain some control by resigning before you can be fired. However, doing so can make you ineligible for unemployment benefits. You should also avoid signing your severance package until you’ve had a chance to review it. Like many aspects of employment, you can always try to negotiate a better rate.

From there, the best thing to do is just take some time off while you start planning your next move. Being laid off doesn’t have to be more than a temporary setback — before a major comeback.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

TLS 1.2 Encrypted
Equal Housing Lender