Disclosure: This post may contain affiliate links. Please read my disclosure for more info.
It seems to me that just a couple of months ago, the tech industry was booming during the pandemic. Hiring sprees with generous sign-on bonuses and big pay happened everywhere.
As software engineers, Mr. FAF and I were constantly contacted by tech recruiters on LinkedIn asking for a sell call. We didn’t even bother to read those messages since there were so many of them.
And now the table has turned.
You might have heard of big tech layoffs like Meta, Amazon and Lyft letting go of thousands of employees just before the holidays. It seems that everytime I go on LinkedIn, there are multiple posts about software engineers and tech recruiters getting laid off.
It’s both sad and scary to see something like that on a daily basis. Tech stocks are plummeting in value. Tech people are becoming unemployeed.
Are we scared? Yes, we are.
Both of us are still employed. But we have also heard that some organizations at our companies are or will be laying off employees in the thousands.
We are scared it might happen to us. But we are already prepared if that happens. And let me tell you why.
1. We are no longer on H1B work visa.
In the past, it would be the biggest headache for us. If we lost our jobs, we would have 60 days to look for a new job in order to stay in the country. I saw on LinkedIn that a lot of tech people who lost their jobs are on H1B visa, and I feel for them. I’d freak out.
However, now that both of us have a green card, we don’t need a job to stay in the country. That means we can take our time to look for the next opportunities.
2. We will apply for unemployment benefits.
Our unemployment insurance benefits will last us for about six months. That will be enough to cover all of our expenses for that duration. And since we are permanent residents, we can claim the benefits and don’t have to worry about being deported if we have no job.
3. Our family can live on one income.
We have paid off our house mortgage and are living in a rental in Seattle. The rent from our old house covers most of our current monthly rent payment at the new home. If either Mr. FAF or I lose our job, we can still live on one income without dipping into our savings.
In case where both of us lose our jobs, we have enough savings that can last us for at least a year. Of course, it’s not ideal since we are saving for our second home and will not have health insurance after losing our jobs. That leads me to my second point.
4. We will look for new jobs.
We would like to get new developer jobs as soon as possible. But in order to do that, we will need to study and prepare for the tech interviews. That means practicing solving hundreds of interview questions so we won’t be clueless at the interviews.
If we get bored at home, we can also pick up some seasonal jobs in the area. In fact, I did call the Target and a couple of stores near my house to look for temporary work for two weeks. I want to know what it’s like working at those stores and to earn some money during my time off. However, they said it’s too short of a period and declined my application.
Mr. FAF has expressed interest in driving Uber for break, so that’d be his side gig.
5. We are traveling to Vietnam for a month.
That’s right. We are planning to travel to Vietnam early next year. Even if we get laid off, it won’t change our plan. In fact, we might have more time to travel without job requirements. We won’t be traveling for too long since our kids have school. But it’s an option that gets us excited and not down about being unemployed.
Those are our plans and preparation for potential layoffs. We are taking it by day. I told Mr. FAF we need to put in more effort at work, especially during this time. We don’t want to be the first to do although it might be beyond our control.
After moving to Seattle in July, we talked about buying a new home. I am glad we didn’t make the purchase. With a mortgage, it would be much more difficult for us to weather the storm if it comes.
Given the current situation, we will wait for this recession to be over before we make any big purchases like a new home.
Join Us For The Latest Update!