COVID 19 Job Market Update – May 2020

A lot of people and companies have been feeling the affects of COVID 19, but most of the data around who specifically has been affected, has been slow to trickle in.

 

So, what roles have been most affected by COVID 19 layoffs at some of the leading startups?   Layoffs.fyi was able to compile a detailed list from many of the top start-up firms across the country.  These numbers represent over 48,000 employees (as of May) and unfortunately still counting.

The data compiled shows that job cuts have affected sales and customer success most deeply. These two functions alone account for over 50% of the employees laid off.

If you look closely, you’ll notice the one area not represented below – Accounting and Finance.  The layoffs have been, so far, not affecting finance professionals enough to have them represented statistically.  In fact, we here at The Hiring Advisors dug into the numbers locally for Los Angeles and Orange County and found that, of those companies who have shared layoffs and from findable LinkedIn Data, these professionals were let go at a rate of less than 1%.

Needless to say, despite the large number of professionals who are unfortunately out of work, the market is even tighter and more competitive for Accounting and Finance professionals than BEFORE COVID-19 started.  This, coupled with a real hesitation by most people about making a job change during such uncertain times, only further highlights why partnering with and utilizing an outside search firm is even more critically important today.

Candidates who might entertain a job search would hardly be considered “passive” in this market. Here at The Hiring Advisors, we have an extensive network of professionals across many industries and specializations ready to make a change and an impact.  Despite what is forecasted as protracted Q2 revenue growth, these people can help your company make sure that you are able to still meet your goals during these times.

Reach out today to schedule a call so we can show you how we can further help!.

 

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