But they haven't developed the experience and know-how that have made their older colleagues indispensable to the bosses. They make more money than recent grads and are therefore more expensive to employers. Millennials, on the other hand, are kind of stuck in the middle. And the youngest workers, Gen Z, were underrepresented in the layoffs - probably because they're not earning enough yet to make them useful targets. Gen X workers and baby boomers, who mostly stayed at their existing employers, have been largely spared from the job cuts. The more you make, the more risk you face of being laid off. People who were let go in operations, admin, sales, and marketing roles also earned about $10,000 more than their counterparts.
The average laid-off engineer, for example, made $86,000 - compared with an overall average of $75,000 for engineering roles. Revelio Labs found that the salaries of those who were laid off were substantially higher across a variety of occupations than salaries of people who kept their jobs. There's an obvious reason making a bigger salary makes you a sitting duck in a round of layoffs: Employers save more money by cutting the jobs of high earners. But those huge raises came with a hidden risk: Now that the economy is slowing down, new hires have found themselves with a big fat target on their backs, in the shape of a big fat dollar sign. That's the primary reason, in fact, that record numbers of Americans switched jobs during the Great Resignation - they knew they could get a much bigger salary by changing companies. In some tech occupations, that gap is as large as 20%. As I wrote in May, companies have been forced to compete so fiercely to attract new talent during the Great Resignation that they've been doling out salaries that are 7% higher on average for new hires than for existing employees. One factor that's making tenure an especially important factor right now is the widening pay gap between recent hires and longtime staff members. By comparison, the average tenure at those same employers was 2.5 years - suggesting you're far more likely to be kept on if you joined your company before the coronavirus pandemic. The average laid-off employee in Revelio Labs' analysis had worked for their employer for 1.2 years - meaning they were most likely hired near the start of the Great Resignation. So it's no surprise that in the current wave of layoffs, veteran employees are enjoying more job security. Last in, first out: That's how companies often decide who stays and who goes. The data reveals four kinds of workers who are getting laid off the most: 1. How much tenure did the people who were laid off have, versus those who escaped the chopping block? What did they earn? How old were they? What kinds of jobs did they perform? Using the people's LinkedIn profiles, the economists compared those who were let go with everyone else who worked at their companies. To answer that question, economists at a workforce data provider called Revelio Labs started with a list of 17,000 professionals who had been laid off since March. Amid all the hiring freezes and layoffs, everyone quietly began to worry: Am I next? In the past three months alone, the website Layoffs.fyi has counted more than 40,000 people who have been let go. But before long, everyone from Netflix to JPMorgan began to slash headcount, and the red-hot job market started to show signs of a slowdown. At first, the layoffs were limited to a few troubled startups. Then, just a few months into 2022, the cracks started to appear. It was, as some news outlets hailed it, "the year of the worker." Those who participated in the Great Resignation landed big raises, great benefits, and all sorts of perks that would have been unthinkable just a few years ago.
An unprecedented hiring frenzy gave millions of Americans a chance to ditch their jobs for better ones. For a while, way back in 2021, it looked as if nothing could go wrong for professional workers.
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