Whether you live in a tech city or not, headlines and news stories about tech layoffs have been increasingly common in the past few months. “Layoffs Sweeping the US.”1 “PayPal’s layoffs are the latest in Big Tech’s cutbacks.”2 “Mass Layoffs in 2022 & 2023: What’s Next for Employees?”.3 The news can be troubling for the economy as a whole, but most importantly, for the individuals whose lives are changed by those layoffs—the people on the other side of the statistics.
To help workers re-emerge from this situation stronger and more skilled, Santa Clara University Leavey School of Business is offering adapted admissions requirements and a guaranteed scholarship to all applicants affected by tech layoffs. This includes:
- Scholarships of at least $3,000
- Waiving your application fees
- Lifting the GMAT/GRE requirement for those with tech backgrounds
Ranked No. 1 in Career Outcomes by Poets&Quants, and with the No. 2 MBA program for Employment at Big Five Tech Companies, SCU’s Leavey School of Business is closely connected to its Silicon Valley neighbors, with many graduates working in the tech industry.4,5
“The Leavey School of Business focuses on providing a values-based education,” says Ed Grier, dean, SCU Leavey School of Business. “It’s disheartening to see so many tech experts lose their jobs, so we’ve decided to create initiatives that will help those who may decide to increase their credentials with a master’s degree.”6
Keep reading to uncover more about these layoffs, the SCU Leavey scholarship, and the ways in which a master’s degree can improve your hiring potential and help you in your next role.
A Look Behind the Numbers
As of February 2023, more than 100,000 global technology-sector employees from 332 companies have been laid off since the start of the year, according to Layoffs.fyi.7 Together, four of the biggest tech companies (Meta, Alphabet, Amazon, and Microsoft) accounted for about half of the total job losses, removing 50,000 jobs.8 That number has more than tripled since mid-January, and, unfortunately, it doesn’t seem to be slowing down. The data suggest that 2023 is set to surpass 2022 for global tech redundancies as more and more companies continue to announce workforce cuts seemingly every week (by comparison, there were 154,336 total tech layoffs in 2022).7
There are a few factors behind these dramatic layoff numbers. Some companies had a sudden surge in hiring during the COVID-19 pandemic because of the increased reliance on technology and the popularity of remote work (i.e., they could hire people from anywhere and eliminate in-office and travel costs). Now, halted by a decrease in consumer demand and changing economic conditions, they’ve had to backtrack on their aggressive hiring sprees. Others are more concerned with an impending recession and rising inflation costs, so they’re working preemptively to avoid any larger business damages.9
Whatever the reason, the layoff numbers are staggering. Many of the same economic factors that threaten businesses are impacting our day-to-day lives, and being without regular pay for even a few weeks can be extremely difficult, especially for people living in cities that have a higher cost of living.
The SCU Leavey Tech Layoff Initiative
If you or someone you know has been a part of these layoffs, it can be a difficult, often frustrating experience. But there’s good news: Santa Clara University’s Leavey School of Business is supporting those affected by recent layoffs in the technology industry with scholarships of at least $3,000, waived application fees, and no Graduate Management Admission Test (GMAT) or Graduate Record Examinations (GRE) requirement for those with tech backgrounds.
For anyone applying to SCU’s Leavey School of Business, the application fee (which is usually $158) will be waived, along with a guaranteed payment of at least $3,000 toward your tuition and other fees. You also will not need to submit scores from the GMAT or GRE to qualify for any program. Other required admissions materials include a resume, personal statement, two letters of recommendation, and official transcripts for undergraduate degree(s) and any post-baccalaureate work.* You can view our full list of admissions requirements for all programs here.
This scholarship applies to our Online MBA, Online MSBA, Online MS in Finance and Analytics, and Online MS in Marketing, as well as several of our on-campus programs. Although some in Silicon Valley or the Bay Area may prefer to attend classes in person at SCU, one of the main benefits of earning your degree online is the ability to keep job searching, working, and/or spending time with family while you complete the program. From the moment you enroll in an SCU Leavey online master’s program, you’ll be fully immersed in our dynamic online learning environment and have the flexibility to complete classes and coursework on your schedule from wherever you work best.
Your Master’s Options at SCU Leavey
Review program descriptions for our online programs to help you decide which one is right for you.
Online Master’s in Business Administration (MBA): Learn business essentials, principled leadership, and up-and-coming tools to succeed in a variety of roles and industries. Complete in as little as two years.
Online Master of Science in Business Analytics (MSBA): Gain key skills in data analytics, programming languages, and information technology to solve modern business challenges. This program is especially appealing for those in the tech industry who want to build resilience against future layoffs. Complete in just over one year.
Online Master of Science in Finance & Analytics (MSFA): Dive into the intricacies of corporate finance, data analytics, and investment while also learning the latest in FinTech, cryptocurrency, and programming languages. Complete in as little as one year.
Online Master of Science in Marketing (MSM): This novel master’s degree will arm you with the latest skills in digital marketing, marketing analytics, MarTech, and more. Complete in as little as one year.
The Benefits of a Master’s Degree in Your Job Search
In 2022, 92% of corporate recruiters and 95% of staffing firms said that they planned to hire recent MBA graduates in the short term.10 Having graduate credentials can’t guarantee you a job, but adding an in-progress master’s degree to your resume and/or LinkedIn can produce immediate interest from recruiters, as it shows your commitment to bettering yourself professionally, your commitment to education, and your resilience when met with a challenge. Some upper level positions require a master’s degree to even apply.
Long respected as a sign of business acumen, managerial skills, and leadership potential, advanced degrees continue to offer life-changing personal and professional value, immediately and in the long term, to those who earn them.
Below are some benefits of a master’s degree, specifically for those who are looking for their next opportunity.
While job searching, people often revisit the age-old saying “It’s not about what you know, it’s who you know.” References and recommendations can boost your spot among the competition, especially when you’re looking for a new job—having the right contact can mean the difference between securing the interview or getting buried in a sea of resumes.
When you join a master’s degree program, you’ll find yourself surrounded by a cohort who has many of the same goals and interests as you. The ages and experiences of the other master’s students can vary greatly, which will expose you to a variety of perspectives, working styles, and learning opportunities from which you can draw in your own work. Your network also extends far beyond your cohort and will include your professors (and their contacts), program mentors, advisory board members, and SCU alumni.
Surrounded by professionals of various titles and backgrounds, you’ll be informed and up to date on the latest trends, technologies, and best practices for your industry. The SCU faculty is full of active executives, researchers, board members, authors, and consultants who bring their own knowledge and advice to every class, including of-the-moment case studies and real life business scenarios. You’ll also benefit from the experience and perspectives of your diverse cohort, which can include anyone from C-suite executives to fledgling entrepreneurs.
“Members of my cohort were from all different industries in Silicon Valley. Just interacting with them opened up a range of possibilities,” says Charlie H., MBA ‘20.
As always, employers and hiring managers look for specific skills in the tech industry: programming languages, data analytics, machine learning, and information technology, to name a few. Bootcamps and one-off certificates can train you in some of these skills, but very few can match the depth, breadth, and legitimacy of a master’s degree. Rather than searching, enrolling in, and paying for separate programs to meet these requirements, a graduate business program will teach you everything you need (and then some) all in one place.
However, hiring requirements are rarely based only on hard skills. According to a recent Gartner survey among HR leaders, leader and manager effectiveness was the Number One priority for 2023, followed by organizational design and change management.11 These soft skills are crucial to help lead a company into the future, and employers will want to know you’ve been trained as such. To answer that need, much of the SCU Leavey curriculum is based on creating principled, ethical leaders, with classes in strategic leadership and people management.
How to Claim Your Scholarship
If you’re interested in joining SCU Leavey’s powerful network of innovators, schedule some time to talk with an Admissions Advisor. As they get to know you, your situation, and your unique strengths and goals, they can direct you to the online graduate program that’s right for you. Admissions Advisors also can give you more details about this scholarship, walk you through the application process, and help you understand the program setup and learning objectives.
*This includes extension programs and an evaluation from a NACES-accredited organization such as WES.
- Retrieved on February 13, 2023, from https://www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2023
- Retrieved on February 13, 2023, from https://mashable.com/article/tech-company-layoffs-2023
- Retrieved on February 13, 2023, from https://mondo.com/insights/mass-layoffs-in-2022-whats-next-for-employees/
- Retrieved on February 13, 2023, from https://fortune.com/education/business/articles/2022/05/18/want-to-work-at-amazon-or-microsoft-this-mba-program-is-an-unsuspecting-feeder-school-for-seattle-tech-giants/
- Retrieved on February 13, 2023, from https://poetsandquants.com/2022/11/15/the-best-online-mba-programs-of-2023/6/
- Retrieved on February 13, 2023, from https://www.scu.edu/business/news/top-stories/yes-in-my-backyard-leavey-school-of-business-initiatives-help-laid-off-tech-industry-neighbors.html
- Retrieved on February 13, 2023, from https://www.morningstar.com/news/marketwatch/20230209544/more-than-100000-tech-sector-employees-have-lost-their-jobs-since-the-start-of-2023
- Retrieved on February 13, 2023, from https://www.bloomberg.com/news/articles/2023-01-28/goldman-morgan-stanley-ceos-take-pay-cuts-as-others-get-raise-despite-layoffs
- Retrieved on February 13, 2023, from https://www.nytimes.com/2023/01/21/business/tech-layoffs.html
- Retrieved on February 13, 2023, from https://www.gmac.com/-/media/files/gmac/research/employment-outlook/2022_gmac_corporate_recruiters_survey_summary_report_final.pdf
- Retrieved on February 13, 2023, from https://www.gartner.com/en/articles/what-will-hr-focus-on-in-2023