Tech layoffs are making headlines, and not just in Silicon Valley. Throughout 2024, many technology companies, including some of the largest global ones like SAP, Cisco, Amazon and Google, have been trimming their employee rosters to cut costs. The layoffs have come as a result of investors demanding tech companies tighten their belts, putting pressure on leaders to cut spending and reduce the size of their workforce in order to preserve cash reserves for an inevitable economic downturn.

Many of the large tech companies are also facing slowing revenue and a fading consumer appetite in the face of economic uncertainty, which has led to declining stock prices for their stocks. As a result, their investors are calling for them to reduce their investment in new projects and take more cost-cutting measures.

This has left tech workers feeling ambivalent about their jobs and future career prospects, as evidenced by the findings of a new University of Washington study of 29 laid-off U.S. tech workers who were interviewed over the course of five weeks on their job-searching strategies and workplace experiences.

Some laid-off tech workers have already found new employment, and a few small businesses are trying to recruit them into their ranks. However, not all industries are able to benefit from this trend. Industries that don’t have a strong tech component, such as healthcare or retail, aren’t able to compete with the salary packages and perks offered by big-name technology companies.