By Kirstie McDermott
As tech and financial services layoffs continue to bite, a few job functions in particular are emerging as most under threat.
According to Roger Lee, founder of Layoffs.fyi, a website that tracks tech layoffs, "Sales is the most common role, accounting for 20% of the laid-off tech workers".
But Lee has also noticed another trend. "Recruiting and HR are the functions most disproportionately affected relative to their size; it's becoming quite common for companies to lay off 50% or more of their talent teams," he says.
Companies which have shed HR and DE&I (diversity, equity and inclusion) employees include Salesforce, Amazon, Meta, and Redfin. At Google, the global director of mental health was laid off, and at Twitter, the DE&I team has been reduced from 30 people to two.
As companies simultaneously struggle to hire tech talent and HR teams are left to do more with less, the effect of what is being called the "perkcession" is also affecting HR employees. Naturally, it's human resources workers who are the ones dealing with the removal of perks, which employees previously took for granted.
Positive news
Of course, that is just one part of the picture and there is positive news too. On average, around 73,400 jobs are created for HR professionals every year in the US, and this is a career seeing growth.
According to the U.S. Bureau of Statistics, HR specialists' employment is expected to grow by 10% by 2030 in the US. The rise of DE&I programs is also good news for jobs.
KPMG's 2022 DEI progress survey found that 71% of companies reported they had implemented many DEI-related actions since 2020. Another study from Gallup, for Harvard Business Review, found that eight in 10 chief human resource officers said their companies are increasing investment in diversity, equity, inclusion, and belonging (DEIB) programs.
There are also many open HR roles to discover on the Employee Benefit News Job Board. If you're in the market for a new career opportunity, this is a great pace to begin your search. Discover three top jobs below.
HRBP Lead (HR Business Partners), Morgan Stanley, Atlanta
Morgan Stanley has an exciting role for a Senior HR Business Partner, supporting its Wealth Management Field business. You will handle all aspects of the employee life cycle including employee relations issues, talent development, and diversity initiatives, as well as annual processes including year-end compensation, promotions, talent reviews and performance management. As you will have a high level of client interaction, you must be able to operate effectively across the full range of HR disciplines and provide general HR leadership and guidance to managers and employees in the areas of performance management, objective setting, coaching, staffing issues, employee relations, compensation, and organizational development. To apply, you'll need a Bachelor's degree and seven to ten years' of HR generalist experience, as well as a strong client and commercial focus with outstanding judgment, analytical skills, critical thinking, and communication skills. See all the requirements for this position here.
Regional Director of HR, Teams NYC, Salt Lake City
Teams NYC is seeking a Regional Director of Human Resources (HR). This position is responsible for providing leadership in the development and execution of a human resources strategy in support of the overall business plan, and strategic direction of the organization at multiple skilled nursing facilities in Utah, Arizona, and Nevada. You will plan, organize, implement, direct and evaluate the company's overall HR functions and performance across all facilities and develop staffing strategies and implementation plans and programs to identify talent within and outside the organization for positions of responsibility. Prior experience as regional HR director in healthcare is required as is a minimum of seven years' of HR or related management experience. See all the details here.
HR Director, Peak Talent Capital Solutions, Augusta
Peak Talent Capital Solutions is hiring a HR Director for a client in Augusta. You will be responsible for all aspects related to the hiring of employees such as advertisements, job postings, recruiting, interviewing, processing transfers, and orientation, as well as taking responsibility for all internal associate transactions and processes (i.e. promotion, transfer, performance review, termination etc). Employee relations is also key and you will resolve issues as they arise, conduct all benefit orientations and 401K enrollment meetings and ensure employee evaluations are completed in an accurate and timely manner. The successful candidate will receive a great benefit package, company-paid medical, dental, vision, long term disability insurance and more, as well as paid vacations, holidays, and sick days, plus a 401k with company match. Apply for this job now.
