Layoffs.fyi creator, Roger Lee, created his tracking tool in 2020. Now, almost three years later, the tech layoff tracking tool continues. In 2022, 150,000 tech workers lost their jobs, and Lee says that more are on the way. He said, “There’s obvious correlation between the Fed raising interest rates and these tech companies doing layoffs.” But he thinks that once the Feds slow down the pace of rate increases that the current layoff trend will end by the second half of 2023.
He adds, “There are many companies still hiring, and far more job openings than there have been layoffs, so there’s reason to be optimistic for folks who have been laid off recently.” One key way to stand out to candidates is to point out how your company is slated to weather any recession. Connect the dots for candidates so they see the organizational strengths. Transparency with candidates can go a long way in making the hire.
Layoffs: IT Coalition
VA-based Information Technology Coalition Inc plans to cut 370 employees in Texas, effective Jan 31, according to the Texas Workforce Commission. IT Coalition plays a role with many government organizations like DHS, FBI, and the DoD. Due to a contract ending at a government facility, the company is making the layoffs.
The DoD is offering a 12-week paid fellowship program for military spouses. Their new Military Spouse Career Accelerator Pilot program provides spouses of currently serving members of the U.S. Army, Navy, Marine Corps, Air Force and Space Force, to include active, reserve and National Guard components, with paid fellowships at civilian employers across various industries and locations.
“The military spouse career accelerator pilot is a game changer for career ready military spouses,” said Patricia Montes Barron, deputy assistant secretary of defense for military community and family policy. “The department has partnered with Hiring our Heroes to provide robust and meaningful fellowship placement that could lead to full-time employment. Military spouses have made it clear that meaningful employment is essential to their quality of life. We hope this program provides them a strong start to solid employment opportunities.”
Military spouses who are accepted into the program will be placed with host companies that match their location and work experience, among other factors. Spouses will receive in-person or professional training and mentoring. At the end of the fellowship, spouses who excel in the program may be invited to join the host company as a direct hire.
This program will run for three years, and applications will be accepted throughout the length of the program, with new opportunities available each month. The first cohort of fellows will be placed with their host companies starting in January 2023.
Spouses can find more information about eligibility and learn how to apply for this unique opportunity on MySECO, the website of the Spouse Education and Career Opportunities program.
Cleared Employer at Work: CISA
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Opportunity to Watch
Defense and national security company, Xcelerate Solutions provides enterprise security, digital transformation, and strategic consulting. And last week, McNally Capital made an investment in the Xcelerate, adding to their ongoing portfolio.
“I founded the business with one goal in mind: ‘To Help Make America Safer.’ Everything that we do is aligned toward that mission, and it’s why our organization exists,” says Mark Drever, CEO and Founding Partner of Xcelerate Solutions. “This partnership with McNally Capital and Nio Advisors aligns perfectly for us, particularly given their immense national security expertise. We are excited about the knowledge and significant continued growth McNally, Nio, and their strong network will contribute.”
Managing Partner and Founder of McNally Capital, Ward McNally, stated, “We are excited to partner with Xcelerate Solutions, and for the opportunities it brings to continue enabling growth for a founder-owned company. Given our industry expertise and ‘walked in your shoes’ approach, the partnership was a natural fit for both of us.”
McNally makes thesis-driven investments in the U.S. and targets founder- and management-owned companies. The firm partners in their investments with a bench of Industry Partners who provide incremental industry and operating knowledge and expertise. McNally focuses on investing in lower middle-market businesses with $5 to $20 million in EBITDA in the Aerospace & Defense, Industrial Products & Services, and Business Services industries. The firm is currently investing out of its committed buyout fund.