How working for Big Tech lost its “dream job” status.

Despite blockbuster earnings from giants like Alphabet and Microsoftlayoffs continue to roil the tech industry.

Abbreviations.fyia platform for tracking job cuts in the tech sector, recorded more than 263,000 job losses in 2023 alone. As of April, there were more than 75,000 job losses in the industry in 2024.

“So instead of rewarding the growth that we’ve seen [tech companies] everyone was chasing years ago, now they’re rewarding profit,” said Jeff Shulman, a professor at the University of Washington’s Foster School of Business. “And so the cuts continue. People are used to them. Unfortunately and sadly, it looks like layoffs will be the new normal.”

Although mass layoffs in the tech sector continue, the job market still looks strong. The US economy added 303,000 jobs in March, well above the Dow Jones estimate of 200,000, and the unemployment rate fell to 3.8%.

According to Handshake, a popular free job posting site for students and graduates, layoffs in the tech industry have caused new workers to look for other opportunities. The share of tech job applications sent to internet and software companies fell by more than 30% between November 2021 and September 2023.

“Part of the reason this happens is because stability is such a major factor in students’ decisions about what types of jobs they apply for and what types of jobs they accept,” said Christine Cruzverga, chief education strategy officer at Handshake. “They look at the headlines in the news and pay attention to all the layoffs that are happening in Big Tech, and it makes them feel unstable.”

Mass layoffs have dented the tech industry’s luster, leaving workers to question whether getting a job in the tech industry should still be considered a “dream job.”

“For people who are pursuing … a dream job in technology, I think keep your options open and be realistic,” said Eric Toloti, a senior engineering partner at Snowflake, who was laid off by Microsoft in 2023. “Not just focus on one company and feel like you have to get into that company because that’s the dream.”

Watch the video to learn about tech worker sentiment, considerations for aspiring Big Tech employees, and more.