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63% of tech workers started their own firm post-layoff: Report

For professional growth, creating something new, more money, difficulty getting hired, being their boss, leading others and others were the top reasons tech workers decided to start a company after being laid off.

Edited By: India TV Tech Desk Noida Published on: March 07, 2023 12:48 IST
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It has been reported that around 63 per cent of technology professionals have started their own company after being laid off- as 83 per cent of these new ventures have been in the technology industry.

As per Clarify Capital- the lending firm, around 1 out of 4 tech workers could not find a job or get hired by another company post- the layoff-spree.

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The report further included 1,000 surveyed tech workers who were laid off during the Covid-19 pandemic years, and they have started their own companies since the time.

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About 93 per cent of workers say they are now competing with the company that let them go.

Moreover, the report said that the tech workers reported a yearly salary increase of $13,000 on average after starting a company after a layoff.

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Around 58 per cent of tech workers who started a company after a layoff feel better about their new job security.

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For professional growth, creating something new, more money, difficulty getting hired, being their boss, leading others and others were the top reasons tech workers decided to start a company after being laid off.

Further, the report stated that 40 per cent of respondents, the idea to start a company came between 6 and 12 months after getting laid off.

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Nearly around one-third of the people had their lightbulb moment even sooner in under six months and the rest took a year or more to decide that owning a business was the next logical step in their career. the IANS report mentioned.

Inputs for IANS

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