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What's the Deal: Preparing for your future amid rising interest rates, tech sector layoffs

The pandemic brought on a lot of changes, many of which were supported by technology.

INDIANAPOLIS — Microsoft, Amazon and Salesforce are just some of the companies laying off workers right now. 

The pandemic brought on a lot of changes, and many of those were supported by technology.

"It had to amp up in ways that it really had never needed to do before," said Bankrate.com's Mark Hamrick.

Hamrick said while we still rely on technology, the extent just isn't the same, which is part of the reason the tech industry is seeing layoffs.

The website Layoffs.FYI shows that the companies with the highest number of people affected include Meta with 11,000, Amazon and Microsoft with 10,000 each, and Salesforce with 8,000.

Just search LinkedIn with the hashtag "open to work" and you can see the faces and names associated with those numbers.

Another factor in recent layoffs is interest rates.

"I think many companies have gone through the past few years thinking that the good times would continue no matter what, and part of that assumption was based on record-low interest rates," Hamrick said.

But now that they're rising, its shutting off the flow of easy money. So to prepare for market uncertainty, Hamrick suggests keeping your professional connections alive at all times.

The time to activate your employment network is not as late as the time as you've recently been laid off.

So tech industry or not, there's no time like the present to prepare for the future.

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