I'm still gathering information on how coronavirus is impacting the job market, but what I know now is that many companies have laid team members off in the last week, and I suspect many more will soon. Most early-stage startups that did not recently fundraise and do not yet have significant revenue will struggle during this pandemic. If they were planning to fundraise this summer, fall, or winter, their investors and advisors have already told them start cutting costs in order to survive. Hence, a rise in layoffs.
More stable startups may have slowed their hiring efforts (i.e. "we planned to hire 40 engineers by 2021, but after adjusting our budget, we're now looking to hire ~20"), but they've also explicitly told me that filling certain roles are more urgent than ever.
While this all sounds bleak, some companies will endure, and a smaller number will actually thrive during these times.
Several folks who have recently been laid off have reached out to me. I know that getting laid off can give you the impression that every company is laying people off, but it isn't true. Companies who need to hire in order to keep up w/ unprecedented demand are ramping up and are excited to capture talented folks who were recently let go. So stay positive, put yourself out there, and keep looking!
I'm currently reaching out to all of the companies I work w/ in order to stay on top of their hiring plans, and I hope to message what I learn in my upcoming newsletters. It is the easiest way for me to keep folks up to date on what I'm seeing, and I absolutely will not take offense if people unsubscribe. Key Values: https://www.keyvalues.com