Tumultuous Times in Tech— 4 Things To Do If You’re A UofT Student

What’s going on, and how does it impact me?

In the past 6 months, companies in the likes of Coinbase, Shopify, and Clearco have rescinded offers and announced hiring freezes and/or layoffs, with more companies to follow. Internship and new-grad positions in tech have been reduced making it a hard time for students and new-grads to gain experience working in tech, let alone a FAANG (or MAMAA)-level company.

There are many reasons why this is happening, but here are a few:

1. Too much hiring from 2020–2022. While the economy took a dive during the pandemic, tech boomed and revenue grew. Since then, revenue growth has slowed and companies are over-staffed, Stock prices skyrocketed above pre-covid levels because people thought the growth in tech that was experienced during covid was going to continue, but it didn’t. Funding is harder to come by now, and companies need to optimize for profitability in the nearer-term. One way to do this is layoffs and to scale back hiring.
2. A big reason why companies hire interns in the first place is to eventually convert them to full-time employees after they graduate. If companies are slowing or stopping hiring for full-time employees, it makes sense for them to reduce their internship program as well since they won’t have the capacity to give return offers to as many interns as they used to.
3. With companies cleaning up their balance sheet, ad spend is decreasing. This particularly hurts Google and Facebook, since ads are a key part of their business.
4. Apple privacy policy changes. People who use Apple products can now easily stop apps from tracking them. This in particular hurts Facebook and Snapchat since collecting, using, and selling user data is a key part of their business.

In times like these there are fewer jobs for the same number of students and new-grads to apply for, making it ever-important to set yourself up well when it’s time to apply.

What you can do

Enrol in the co-op program

Co-op (PEY) remains one of the most effective pathways to getting work experience for students. Universities have long-lasting relationships with companies, and it is not uncommon for companies to have co-op positions reserved for students at UofT. Enrolling in it may be the best way for you to gain a competitive edge in landing a role in tech (or any field for that matter). You can also reach out to the Engineering Career Centre (ECC) for more info.

Join a club or work on your own project

Companies who are hiring for interns and new-grads prioritize past experience and passion for the job/industry. Joining a club or working on a personal project is a great way to check this box if you don’t have relevant work experience. The hatchery is a common place to find a startup to join or recruit members to join yours, but you can also do it on your own or find people yourself. You can also find a list of UofT clubs and design teams here. If you join a club/startup, ideally your position should be the same as or related to the position you would want at a company (eg. Software Engineer, Product Manager, Data Analyst), and the club/startup should be in a related field as the companies you want to apply to.

Tailor applications for companies, and apply to a lot of them

To maximize your odds of getting an interview, knowing what the hiring manager is looking for is crucial. The best way to find this out is by reading the job description, searching on the internet, or connecting with someone at the company such as a current/former co-op student or recruiter.

It is likely that hiring managers are screening for specific experiences or keywords. They often keep an eye out for related work experience, experience using specific tools or coding languages, or leadership experiences. If you’re able to get an internal referral for a position, that’s even better as many companies will prioritize referred candidates.

Tailor resumes to the role and add interesting info about yourself that you think may be relevant to the company. SWE resumes should be framed very differently than a PM or Data Analyst resume. Different roles should show different skills, experiences, and interests.

With fewer job openings, it’s important to make every shot count, and to take a lot of them. The hiring season for graduating students starts in July (the summer before you graduate), so if you’re graduating in May 2024, you should start keeping an eye out in July 2023. The hiring season for interns begins a bit later, usually in late August or September for May starts. However this may change, so keep an eye out.

Network with empathy

Networking and meeting new people is a great way to gain insight about a company and/or position that can’t be found on job postings or online. However, transactional conversations seldom leave either person feeling good, so make sure you’re communicating with more than just a job opportunity in mind. When starting a conversation with a recruiter or someone you’ve met through LinkedIn or introduction, remember that you’re talking to a person! Getting to know someone and making a friend might be even more valuable than any advice they can actually give you. If they get the sense that you’re genuine, passionate, and eager to learn, it’ll give you a better chance at forming a real connection with them.

Tips for better response rates and conversations:

• Try to get a mutual friend to set up a conversation for you
• Avoid messaging people late on Fridays and on Saturdays
• Establish relationships early so that they already know you when it is time to apply
• Use LinkedIn to filter people by company and job title to make sure you’re speaking to the right person
• Offer to help people who are introducing and helping you

Final Word

In times like these, it may feel instinctive to deal with stress and competition by hunkering down and developing tunnel vision. However, it is in challenging times that it is ever-important to practice positivity, and I would implore you to keep a few things in mind:

1. Don’t neglect your health. The hiring process is long, and all the things that come with job applications are tiring. You perform at your best when your mind and body are well and rested, so taking a break and doing the things you love is a worthy investment.
2. Support your friends and lend them a helping hand. Help connect them with the right people, give them feedback, and give them the encouragement they need. Not only is showing kindness and selflessness good for everyone’s wellbeing, but it will create an environment where all of your friends share information and help each other out. A rising tide lifts all boats.
3. Everything will work out. Do your best, be kind, and everything will work out.

Written by Jason Loi.