A new analysis by LinkedIn's Economic Graph team tracked many thousands of displaced workers from tech and media companies over the first four months of 2023 as they set out to find new jobs.
The key insight: Five fresh career paths stand out, and only one of them involves finding another job in tech.
Overall, 37.3% of displaced workers from the tech, media and information sector are landing in the same field, down from a rate of more than 40% a few years ago. Many of those end up heading to smaller companies — a choice that can include launching their own startups.
Meanwhile, nearly two-thirds of displaced tech workers are venturing into a wide cross-section of new industries. The most common includes professional services (19.6%), which is dominated by consulting and accounting firms (19.6%) — followed by financial services (8.3%), manufacturing (8.0%) and hospitals and healthcare (3.7%).
New career opportunities aren’t all that’s in store for displaced workers. They’re also landing in new cities, including well-known job hubs with a tech flavor. The fastest growing metros hiring displaced tech workers include Washington D.C.-Baltimore, Chicago, IL, Austin, TX, Salt Lake City, Utah, Miami-Fort Lauderdale, FL, and Phoenix, AZ.
What makes the Washington, D.C.-Baltimore, Maryland market so popular across the job sector? First, the Washington, D.C., Maryland, and northern Virginia metropolitan region is somewhat recession proof based on the location of the U.S. Federal Government. Yearly spending within the region is thought to be in the trillions of dollars. Second, the region is the central region of many trade associations who lobby the Federal Government on behalf of their industries. Lastly, the region is home to many employees with master’s and Ph.D. degrees who are employed within the tech sector.
What do you think about displaced tech workers' new career paths? And do you think location factors into what roles are available? Comments can be emailed to: