How to Handle Layoffs and Economic Uncertainty

Economic market conditions have been tough for over a year, and these conditions have impacted every industry sector. In the tech space, where (at least on the surface) opportunities seemingly abound, major companies have had to conduct layoffs in an effort to give the business more runway—to preserve existing capital and protect against the possibility of slower sales revenue in the coming months. 

In this article, we’ll take a look at how cybersecurity practitioners can handle job uncertainty, market volatility, and ensure a bright employment future for themselves.

Cybersecurity is an in-demand field, with more open positions than people to fill those positions. For years, human resources teams and hiring managers have struggled to find enough people to fill available roles. In addition, the skills gap—the lack of people with demonstrated competency and experience—is an ongoing complaint. Hiring teams report that they often receive plentiful resumes for every position, but in the majority of cases, applicants don't possess the necessary qualifications to land the role. 

So, you might read that first paragraph and think, “Since I have X years of experience as a [security admin/engineer/architect/analyst/incident responder/pen tester], and can demonstrate my skills, finding or keeping a job in the field should be a cake walk.”

Unfortunately, unemployment (especially in tech) is tricky right now. Companies that found themselves flush with cash in boon years are having to course correct, even while cybersecurity positions sit unfilled.

The world is experiencing troublesome economic times. The U.S. has been in a bear market for over a year, a longer cycle than average. Tech funding is way down, and the unicorn boom has turned into zombieland quickly. Companies that need an infusion of cash are accepting down rounds, leading both investors and consumers to question long-term effects. As a result, executive teams are feeling forced into layoffs in an effort to sustain business operations. Case in point, in 2022, more than a thousand tech companies laid off nearly 160,000 employees. With just a month of 2023 under our belts,  more than two hundred tech companies have laid off more than 67,000 employees. No company is immune; even the biggest tech names, like Google, Microsoft, and Amazon have announced layoffs, while security companies including IronNet, Cybereason, Lacework, Malwarebytes, Snyk, and Sophos have slashed staff.

The employment conundrum

It seems we’re looking at a two-sided coin. On the one hand, the cybersecurity industry needs more employees. Millions of them, by most estimates. Hiring managers can't find enough skilled and experienced talent to fill necessary roles. 

On the other hand, economic conditions are making it hard for talented workers to keep the jobs they have, much less identify new positions if they find themselves out of a job…even though security teams desperately need workers. Many companies have frozen hiring and are asking security teams to do more with even less. And then they’re hoping we pull out of a bad market soon so hiring can resume.

Handling job uncertainty

It’s hard not to worry about job security when your social feeds and text messages are filled with friends and colleagues posting about their newly unemployed status and asking for help. It’s natural to think, “Will I be next?” 

Deidre Diamond, Founder and CEO of CyberSN, a leading jobs and career marketplace for cybersecurity professionals, says she and her clients are feeling the strain. During a recent conversation she told me:

“Cybersecurity professionals are being negatively affected by the economic shift and yet they are not nearly as affected as other technical and non-technical roles. Regardless of the numbers, layoffs cause emotional stress and potential financial harm. 

“Combined with how awful job searching is, constant news of layoffs has caused many professionals to be very upset, especially since most cybersecurity teams were already understaffed. 

“I hear security professionals asking, ‘Does anyone actually care about people, or will the corporate environment forever be about making sure those at the top continue to receive big incomes while I struggle to find stable, lucrative employment?’ This sentiment is expressed again and again because, as we’ve observed, many of the tech companies laying off security staff have plenty of money in the bank and have been making plenty of money at the top for years.” 

Deidre continued to point out, though, that there are still many companies hiring security staff, and those employers—the ones that appear to value cybersecurity as part of their overall business plan—are earning “major loyalty points” with job seekers.

Put in the work to work

How do you go about finding those cyber-forward companies? Not every company is going to openly report layoffs so you have to piece information together. LinkedIn does a decent job of mining its users’ posts to track layoffs, while industry media sites and mainstream media report on what’s publicly disclosed. Dedicated websites like Layoffs.fyi have popped up, too, proving that the situation is dire. Even if you don’t proactively seek out layoff news, if you’re anything like me, you can probably get a good sense of who’s hiring and who’s firing by skimming your social feeds.

Despite the doom and gloom (cybersecurity practitioners are good at that), there’s a positive spin. Here’s how security professionals can find their next role—at a good company that values both its workers and cybersecurity as a business unit.

Use your network

Probably the most important tool in your job-seeking toolbox is your network. Whether you were recently terminated or simply exploring leaving your current company for any reason, one the best approaches you can have is leaning on your professional network. If you’ve taken the time to cultivate strong business relationships over the years, friends and colleagues will be happy to extend a helping hand. Associates who enjoy their work and their company may be willing to put in a good word for you, even if their company isn’t hiring right now. Or they may know about open positions at another company—because of their own network and relationships.

Personally, the last five jobs I’ve had were a result of professional connections. Do good work and have integrity and people will want to help. Never underestimate the power of relationships.

Buff up your resume

In conjunction with reaching out to friendlies, make sure your resume is in tip-top shape. If it’s been a while since you last used your resume, carefully read through and make changes to reflect the current market state. This includes incorporating trending industry keywords and technologies, plus the specific terminology that accurately describes the types of jobs you’re interested in. Recruiters and hiring managers will look for this alignment; companies using automation software will discard a resume if the correct keywords aren’t present.

Don’t forget about your cover letter, though. In the era of “click to apply,” some job seekers think it’s OK to send an updated resume and disregard the cover letter, or they’ll send a generic one. This is not a good tactic, say the many recruiters I’ve been in contact with. If you don’t take the time to research the company to which you’re applying—to learn about its mission and culture—you’re probably not going to be invited for an interview, even if your resume has all the correct keywords.

Invest in your brand by being deliberate about the roles you apply for and the way in which you handle the applications. 

Assess your career choice

While the above recommendations are (perhaps) obvious, what may not be obvious is thinking about what kind of job you want. Many people go through life working in the same field or type of role they’ve always been in because…that’s what they know. That’s what they’re comfortable with. That’s where they’ve found success in the past. 

I was there, personally. I spent fourteen agonizing years in sales, pretending to be an extrovert who didn’t mind haggling over money, before I got the courage to switch careers and try my hand at research, writing, and analysis. It was incredibly scary. It was worth it.

Career Coach Tonya Montella, Founder and CEO at Tonya Empowers, works every day with women who admit they feel lost in their careers.

“If you are unfortunate enough to find yourself part of a layoff,” she said to me recently, “use this as an opportunity to be clear on what you want to do. You don’t need to be stuck in a role or a field where you don’t want to be, even if the fear of being laid off is overwhelming. Take a moment to pause and think about the work you're doing. Ask yourself: ‘Is this [job] something I want to do elsewhere? Is there another area I can explore? Where else can I use my skills?’”

She then explained an exercise she uses with her clients who are grappling with career choices.

“Think about things you’ve done in the past that you really enjoy. These things may not be related to your current work. But think about what really gets you motivated and excited. In your career, you want to do more of what you love and less of the things that bog you down. Figure out what those things are and see how you can incorporate them into your next position.

“Next, take the time to understand your own strengths. That means self-reflection, but I also encourage people to ask their friends, family, and colleagues where they think they shine. It’s always a good idea to pose the question in generic terms. Instead of asking, ‘where do you think I’m strong at work,’ ask about your overall personal strengths. The feedback you get might surprise you. But you’ll probably also find themes. It’s enlightening because, when you marry what you love doing with what you’re good at, you’ve found the magic spot for the type of work and roles you’ll excel in.”

Set yourself up for success

If you find yourself worrying about layoffs, if you’ve recently been laid off, or if you want to look for a new job or career independent of any layoff potential, try some of the tips above. Reach out to Deidre or Tonya, if you want a little extra help. 

It’s easy to let fear and uncertainty rule your work decisions, but careful analysis of your situation and mindful preparation will help you find not just your next role, but one that you enjoy and that fulfills you. Maybe that role is outside of security. Maybe someone who doesn’t currently work in security is reading this and is thinking, “Security sounds like a cool field!” (It is. Check it out. We need more good people in security.)

Will these tips make your job recession proof? No, sadly no one can promise that. The truth is that no one knows exactly how the market will fare and when the highs and lows will come. But if you put in the thoughtful work now, you’re in a better position to find the right role more quickly, and you’ll inevitably be happier about the results.