The Globe and Mail reports in its Monday edition that laid-off tech workers are increasingly moving into mainstream industries such as banking as they trade the excitement of start-ups for stability. The Globe's Clare O'Hara and Irene Galea write that while tech companies scramble to cut staff to reduce costs, after swelling by as much as a third during the first years of the pandemic, many tech workers are now looking for opportunities outside the industry. As a result, companies such as Sun Life, KPMG, Magna International, Walmart Canada and Enbridge are, apparently, reaping the benefits of their tech knowledge. Toronto-Dominion Bank has hired more than 2,000 tech employees since the start of 2022. Tech companies headquartered in Canada have laid off about 7,800 workers since the beginning of 2022, according to website Layoffs.fyi, which tracks tech-sector layoffs globally. This includes Shopify, Skip the Dishes and Ritual. More than 200,000 tech workers have been laid off globally since the beginning of 2023. Tech talent is still in high demand, but experts say those who have been laid off are increasingly choosing to pivot away from Silicon Valley startups in search of job stability in traditional businesses.
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