How Volatile Is Tech? We've Had 3 Rounds of Lay-Offs in 3 Months.

...and they terminated my contract in August.

When AI wiped out the copywriting industry in 2023, I switched to tech for greater stability. My goal was to get into cybersecurity, but artificial intelligence found me instead.

While the AI job market has seen a boom in the past year or so, the tech industry itself is increasingly unstable. Full-time employees are losing their cushy benefits to contract workers like me, and we contractors keep losing our teammates to budget cuts and project changes.

Since June 2024, my team has gone through three rounds of layoffs and a few voluntary resignations—including one of our team leads. So, imagine the thoughts in my head in mid-August when I asked about my contract extension and received a termination notice instead.

Here’s what happened.

When I joined Project Magi in October 2023, my initial contract was for three months of work. However, they’ve renewed my contract within 2 to 4 weeks of every upcoming expiration since then. Then, in mid-August, I noticed I hadn’t yet received my next extension, and my contract was scheduled to end on August 31, 2024.

During a meeting with my team lead, I expressed my concern and asked whether another round of layoffs was afoot. He assured me that he knew of no more planned layoffs and that my spot was secure.

“Maybe reach out to the agency tomorrow and ask for your extension contract,” he suggested.

So, I did exactly that.

Instead of receiving that extension, I got an email informing me that the client had terminated my contract and that August 31, 2024, would be my last day on the team.

Here’s what I did.

Honestly, at first, I just accepted it. As I’ve said before, I feel incredibly fortunate to have been on the team for so long. This job has been an amazing experience, and I love what I do.

But after about 15 seconds, I remembered that the agency that hired me didn’t have a track record for good work or accurate information. So, I forwarded the email to my team lead and project manager and asked them to confirm.

They were as shocked as I was.

The team lead expressed his doubt that this was true and pressed the PM to look into it. She then promised she would contact the higher-ups to figure out what was going on.

Here’s how it ended.

I received my termination notice on a Thursday and was asked to acknowledge receipt and prepare to return corporate equipment. My project manager advised me not to respond or acknowledge receipt until she had done some digging, so I said nothing.

The following morning, the recruitment agency called to apologize and said the termination notice was an error. However, I received no extension, so I was in limbo until Tuesday of the following week, when I finally had a signed contract in my hand.

I’m not gonna lie. It was a stressful week.

I had just paid an almost $1,000 vet bill, so facing a potential layoff wasn’t anywhere on my preferred to-do list.

The uncertainty continues.

I’d love to say that my new extension brings peace of mind, but there are still some rattled nerves on the team. Today, someone requested a one-on-one that lasted 40 minutes. Our team lead had recommended me to her as the person to go to for advice on how to upskill in tech and what other fields to move into.

She told me she was worried about the job insecurity on the team and wanted to ensure she had a Plan B at the ready. “Be honest with me,” she said. “How much longer do you think the project will last?”

This is a common question that comes up in our team meetings. Almost every week, there’s at least one discussion about potential layoffs. People worry about the criteria, and many are looking for other jobs. But I’m not privy to that information. I can only speculate like everyone else.

I’m one of the few who’s pretty content with riding out the uncertainty because I’m used to freelance work. In comparison, this is far more stable than freelancing, especially when I’ve kept a backup plan or two.

How will things pan out over the next few months? It’s hard to say. As I told my team lead in July, “Just keep me hired until I get to Spain. After that, you guys can do whatever you want!”

At the time, he had laughed and told me the odds of me being on the chopping block were slim to none. Still, you just never know. More useful and experienced people than me have lost their jobs in this merciless tech market.

For now, I’m riding the wave and continuing to be grateful that an extension letter replaced the termination notice I received in August.

It’s now been over a month since I’ve returned to Atlanta. What have I been up to all this time? I’ve renovated the RV and done some landscaping around it. Next week, I’ll share updates and photos with paid subscribers. Hopefully, you love it as much as I do!