We conducted an extensive survey involving 500 crypto employees sourced from Twitter, Galxie, and Facebook to assess the repercussions of the 2023 Tech Layoff on their professional landscape.
The impact of the
2023 Tech Layoff on
crypto employees
In 2023, the tech industry witnessed a massive layoff, with hundred thousands lost their jobs. But how does this industry setback affects the crypto sector? Our report delve into the impact of the 2023 tech layoff on employees who are working in the crypto industry.
Methodology
KEY FINDINGS
3 out of 4
crypto employees experienced
salary reduction as a result of
the Tech Layoff.
1 to 3 months
is the time it take for an
employee to find a new job in the
crypto industry.
50%
crypto employees are taking
more workload as companies cut
off their workforce.
75%
of surveyed crypto employees
are looking to move to a new
company in less than one year.
Salary Reduction Due to Tech Layoff
Statistics show that Gen Z employees got their salary reduced much more than their Gen X counterparts, with 85.1% of Gen Z employees got salary deductions while the number for Gen X is 62.4%.
We've gathered data on the extent of salary reductions, revealing that a majority (60.09%) experienced a 10% cut, while only 8.86% of crypto employees reported a reduction exceeding 30%.
The Time It Takes to Land a New Job in the Crypto Market
Crypto employees are finding new job opportunities at varying speeds, with 20.9% securing positions in less than one month, while the majority (55.1%), reported that it took them 1 - 3 months finding themselves a new position after being laid off.
Additionally, 13.4% took between three to six months to secure employment, while 10.6% faced a longer job search, taking more than six months to land a new position.
A Larger Workload as the Company Cuts Workers
As companies started to lay off employees, it comes to no surprise that those who remain are shouldering more workload. Statistics show that 51.8% of employees are experiencing a significantly increased workload.
Layoffs also leave a negative impact on employees’ mental health, as 50.7% of employees express concern about potential future layoffs, contributing to heightened anxiety.
Crypto Employees Considering Job Change Within a Year
According to our survey, 76.7% of crypto employees admitted that they are having the intention of switching to a new company in the next year. Possible factors such as salary adjustments or increased workloads might contribute to this shift in career goals.
Importantly, when we looked at the different age groups in the survey, we found that Gen Z is leading this trend, with an impressive 85.5% saying they plan to switch to a new company.Â
CONCLUSION
The 2023 tech industry layoff had a significant impact on crypto employees, leading to widespread challenges and changes in their professional lives. The aftermath revealed a landscape of uncertainty and change, with concerns about job security, increased workloads, and a desire for improved conditions.
As crypto professionals navigate these challenges, the industry may witness notable shifts in workforce dynamics in the coming years.
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