Among the reasons cited were the wide range of opportunities available and the long-term relevance of the industry.
These layoffs were fuelled by a multitude of factors, such as rising interest rates and investors’ reduced appetite for risk, experts told TODAY.Although the job cuts have cast a pall over the industry, some undergraduates and recently axed employees told TODAY that they still want to pursue a career in the field.lost his job in the sales department last Friday.roles and exposes one to opportunities in various fields such as fintech and medtech.
One fresh graduate from the National University of Singapore , Ms Nur Wahidah Zainal Abidin, said she is interested in the fintech sector and would still pursue it despite the news about the mass layoffs in tech companies."I know there are layoffs at Shopee, Twitter and all; I think it's inevitable. But technology will always be useful and relevant," she said.
“But I still think that tech pays really well, offers work-life balance and has a lot of career opportunities for progression as compared to anything else, so I would still like to pursue a career in tech.”Experts attributed the layoffs in the tech sector to a culmination of factors that have pushed companies’ focus away from growth and towards profitability.
Hence, tech companies that had once relied heavily on investors to grow now need to be more financially prudent, said Asst Prof Ng. As they spend less on digital advertising, this has impacted social media platforms reliant on advertising spending like Facebook and Snapchat. “Once the uncertain period is over and growth returns, they will need to start ramping up hiring again — and how they have managed the layoffs will affect how prospective employees view them.”