Jobs in tech have always had a "land of Oz" glow about them, especially during the pandemic when so many career pivoters looked to the tech industry as a path to finally get higher pay and better benefits.

But with layoffs mounting at companies like Netflix, Better, Klarna, Peloton, and others, can jobseekers still be hopeful about a role in an industry that’s clearly going through some challenges? In short, yes.

Sure, some layoffs are happening.

May was particularly brutal for the industry, with more job cuts in the technology and fintech industries than in the entire rest of the year put together, according to outplacement firm Challenger Gray & Christmas. More than 4,000 tech jobs were axed in May — a 10-fold increase compared with the 459 jobs cut in the first four months of 2022. And over 1,600 fintech jobs were cut in May, compared with 440 in January through April.

Hiring freezes are occurring, too, such as Meta (FB) and Nvidia (NVDA) recently announcing hiring slowdowns, among others.

But it’s important to know why layoffs are happening. Context is everything when it comes to layoffs, and many experts seem to agree that this kind of course correction in tech was long overdue. The pandemic fundamentally altered the economy and while tech firms saw huge interest in their products while everyone sheltered in place, many firms have had disappointing starts to 2022 as Americans return to somewhat normalcy — including our shopping habits (those “stimmies” have long since dried up after all).

And, as Yahoo’s Myles Udland writes, “a slowdown in hiring across the U.S. economy is the explicit goal of both the Biden administration and the Federal Reserve as policymakers work to bring down inflation down from 40-year highs.”

The good news? There’s still a lot for jobseekers to be excited about. Some firms may be cooling down hiring but overall U.S. employers added 390,000 jobs in May, above analyst expectations, and the unemployment rate was just 3.6%.

“Despite concerns of a slowdown, this doesn’t look like a labor market about to tip into recession,” wrote Daniel Zhao, Glassdoor’s senior economist. As Zhao notes, even as some firms have had layoffs, the tech sector actually added more jobs than it appears to have cut — information companies added 16,000 jobs and professional and technical services added 48,200 jobs in May.

And jobs site Indeed announced that job postings are still 55.7% higher than they were pre-pandemic baseline and new job postings were up 78.4%.

The reality is layoffs are always a risk factor when you work in Corporate America. That’s why it’s incredibly important to create professional resiliency if you ever happen to be on the chopping block yourself.