Briefly: It is no secret that the tech business is without doubt one of the best-paying sectors within the job market, however with that profitable paycheck comes concern of being laid off, lengthy hours, and excessive pressures, and it is turning many executives to drink and medicines.
A survey of 500 tech execs (administration degree or above) by well being firm All Factors North (APN) reveals leaders are more and more depressed and anxious about their future, and as such are turning to substance misuse and prescribed drugs as coping mechanisms.
The tech business has seen tens of hundreds of individuals laid off this yr on account of the shaky economic system and overhiring throughout the pandemic. Amazon alone has laid off over 20,000 employees
Nearly 40% of survey contributors have skilled elevated anxiousness and/or melancholy because of these layoffs, whereas 77% say they’ve negatively impacted their well being.
The opposite massive concern for tech execs is the rise of AI. Firms reminiscent of IBM have said they intend to cease hiring for jobs that might be carried out by generative synthetic intelligence, which is predicted to impression 300 million full-time jobs globally. Nearly two-thirds of contributors say AI enchancment and the considered being changed by a pc have negatively impacted their well being, whereas 31% are fearful an AI will take their job.
Practically 80% of tech employees are utilizing medicines, both underneath a physician’s supervision or in any other case. 32% stated they devour managed substances to carry out higher and address lengthy work hours and excessive stress: 45% use painkillers reminiscent of OxyContin, Vicodin, and Codeine; 34% use stimulants together with amphetamines like Adderall; 36% use antidepressants; 35% use sleeping drugs; and 26% use SSRIs.
Extreme alcohol use was additionally a typical issue amongst contributors. Half of them admitted to consuming 3 to 7 alcoholic drinks per day, qualifying them as heavy drinkers. Some stated they devour alcohol or managed substances simply earlier than or throughout work, whereas round 3 in 10 have elevated their alcohol consumption because of stress relating to layoffs and AI.
“This business fosters a fast-paced, bold surroundings and requires a novel method to therapy. It is time for the tech business to get up and destigmatize substance points so each worker feels snug in search of and receiving the assist they desperately want,” wrote APN.
Bloomberg’s Billionaire Index reveals that every one however two of the richest people on the planet come from the know-how business – they’ve additionally been making a median of $14 million per day over the previous six months because of a broad market rally. However for a lot of of these in on a regular basis government positions, the fact is a job stuffed with a lot stress and fear that it might probably result in prescription treatment, alcohol, or drug use to manage.