#TechUnemployment #JobLoss #IndustryGrowth #TechCareers #LayoffStatistics
In today’s fast-paced world, the tech industry remains a hub of innovation and growth, providing countless opportunities for skilled professionals. However, despite the industry’s resilience, layoffs and job loss statistics can still cause uncertainty and concern among tech workers. 📉
## The Impact of Layoffs in the Tech Industry
According to recent research, layoffs in the tech industry in 2022-2023 had a significant impact, with some of the biggest tech giants, such as Meta, Apple, Amazon, Netflix, and Alphabet, being the sources of job loss. These layoffs, while notable, only accounted for a small percentage of the workforce hired by these companies over the past few years. The tech industry saw a slight setback in growth post-layoffs, but projections indicate a steady recovery in the coming years. 💼
## Tech Unemployment Rates and Industry Growth
Despite the challenges posed by layoffs, tech unemployment rates have remained historically low, staying below the national average throughout the year. In fact, tech unemployment rates were as low as 2% in the summer, showing the resilience of the IT economy. Additionally, industry growth projections suggest a positive outlook for the tech sector, with a projected growth rate of 5.4% in 2023. While salary growth has been modest, the tech industry still offers lucrative opportunities for professionals. 💰
## Finding New Opportunities in the Tech Industry
One silver lining in the midst of layoffs is the high rate of reemployment among laid-off tech workers. A staggering 79% of laid-off employees reported finding new jobs within three months, highlighting the industry’s demand for skilled talent. This trend underscores the fact that tech remains a viable career path, offering not only job security but also room for growth and advancement. 🌟
In conclusion, while layoffs and job loss can be unsettling, the tech industry continues to present promising opportunities for those willing to adapt and evolve. By staying informed, honing your skills, and remaining resilient, you can navigate the challenges of the tech industry and carve out a successful career path. Remember, tech is still one of the best fields to be in, offering countless benefits and opportunities for growth. 💻🚀
For more detailed insights, you can refer to the [hiring report](https://motionrecruitment.com/hubfs/TSG-24/IT-Salary-Guide-2024-Ad-Response.pdf) for a comprehensive overview of the tech industry and job market in 2024. Stay informed, stay proactive, and embrace the endless possibilities that the tech industry has to offer. #TechCareers #IndustryInsights #JobMarket2024
Do these reports take into account new grads and students? Just wondering, have been noticing a downtick in entry level job postings on the typical online platforms. Are most people getting jobs through referrals that don’t make it out?
Can anyone with 0-3 YoE share their experience?
BS, smaller companies just don’t have to do huge layoffs and report them. They can either go completely unreported, or just do a hiring freeze coupled with firing the least permanent Devs. Couple that with RTO policies and you can cut your headcount without bit layoffs.
20% of those reported laid off not finding a job is extremely worrisome consider almost half of them are ex FAANG.
The mass of engineers who lost their jobs at smaller companies and not part of the statistic must be doing far worse.
Would be interesting to see this split by domestic citizens versus non-domestic, H1-B/OPT.
I would guess the unemployment rate does not factor in the latter.
>TL;DR Technology is still a viable career path albeit harder to break into admittedly.
For some of us it’s not just about breaking into it but breaking *back* into it. Some of us who were laid off, and some who took breaks through Covid, are having trouble getting *back* in. Lots of people with good experience can’t get jobs right now. Low unemployment isn’t always a good thing. You want a healthy amount of unemployment but there’s an amount that’s too low where job mobility is hindered, and I think that’s where we’re at. We’ll be better when interest rates are lowered and there’s more borrowing but until then some of us are screwed.
8% would represent about 1 in every 12 workers losing their jobs.
Uh yeah, I don’t think anyone’s been saying tech’s NOT a viable career path. I think everyone’s panicking because it’s basically inviable to make real progress. Like, a lot of people are stuck right at entry level.
“Out of 3000 people, only 4 of you got hit in the nuts with a Wiffle bat”.
Maybe it’s selective data
I feel like there’s a lot of missing details from this report, some areas not enough, some areas they included info that imo shouldn’t be included
for example, it says that 37% of people found new job in 0-1 month and 42% of people found new job in 1-3 month, that’s how they arrived at the “Of the people who reported being laid off, 79% of them found a new job within three months” claim
now both numbers I can believe, but I do question 2 things:
#1 how many of those are on visa?
#2 what compensation numbers are we talking about here? like if I’m happy with say some $100k/year job then yeah I probably don’t even need to practice leetcode at all, but if I want those ~$300k/year job… I’m very skeptical that the interview loop can be done in 0-1 month considering it takes like 2 weeks just for HR to get back to you and schedule 1st round
and that’s just one, another example: why the hell is “Customer service”, “Sourcing, procurement, and/or supply-chain management”, “HR and talent management” considered “**Tech Talent** Demand in 2024”?
Looks like I’m in the bottom 20% of software engineers. 3 years ago when I had 0 years experience I was getting a 7% response rate. Now with 3 years of experience I’m getting a .3% response rate.
I’m going to imagine that I’m also not taken into account with the hundreds of other personal devs I know in the Seattle area that are significantly underemployed or are outside of the unemployment window.
All of this is word salad. There is a lot of ghost jobs postings
> Of the people who reported being laid off,
79% of them found a new job within three
months. Talent reabsorption continue at an
all-time high
Aren’t most of them from big tech?
>Of the people who reported being laid off, 79% of them found a new job within three months.
21% of people who got laid off not being able to find a job in three months seems pretty bad to me.
Your problem is “tech industry” versus computer programming that is the most abused with work visas. H1-B is well-known but my previously employer abused the L-1 visa to replace every American with a cheaper Indian.
Your source is a computer programming recruiting company. In their interest to distort reality.
I never heard of anyone with a degree submitting hundreds of applications until last year. Request for interview / initial HR phone call for me with over 10 YoE dropped from about 50% to 10-20%. Salaries are down 20%. LinkedIn messages from recruiters are down by at least a factor of 3x.
Still doesn’t explain MoM declines in job postings and MoM increases in people looking for work.
I’m pretty sure that you’re only considered unemployed if you haven’t found a job within 6 months of the previous one. Meaning if you are unemployed for over 6 months, you are not considered unemployed. Stupid but true. They’ve boasted “low unemployment rates” using this metric for a long time.
Wow with all these stats and statistics I’m sure all those complaints about not finding a job is unfounded and we truly are living in the best economy ever!
Well they don’t count me and people don’t even call me back now thst I have a gap so grain of salt
Pretty sure that I don’t count. This is despite spending 50-100% of my time each month trying to get a new job for the past 9 months (a fair bit of that was practicing LC after my first coding test which was a failure). This is because I had started my own business which has failed (the little bit of work that I am getting now isn’t enough for me to pay my bills, and for most of the last 9 months there was no revenue ), and business owners (even of failed businesses) don’t count as unemployed as far as I can tell.
I just don’t get it. I’ve been unemployed for 9 months now. No tech screens for 5 months. I know of 6 people who are unemployed on a similar time scale.
You can call me a crazy person but I haven’t trusted economic statistics since 2008.
Does anyone have a link to that BLS graph of CS and tech openings? I’ve been trying to find it but can’t.
I found it here:
https://fred.stlouisfed.org/series/IHLIDXUSTPSOFTDEVE
I don’t trust anything that comes out of Biden administration, especially a report that suggests and implies things that is contradictory to everything we are observing.
Basically office jobs that people want, there is no hiring right now and the job market went dead last summer,
..and Feb had 12 record layoffs,
while new jobs are not created.
I have experienced professionals out of work for 12 month + , i have corporate recruiters out of work for 12+ month and I have agency managers/owners saying that it’s worst job market they have ever seen.
I do not expect a quick recovery considering that it’s still getting worst.
If people who actually recruit and hire professionals are out of work and if professionals who train Jr level and fresh graduates are out of work, what does THAT mean ?
I do not think that this is specific to IT, any office career that pays 100k+ is like that.
> Accounting for 42% of all tech layoffs this year, FAANG companies (Meta, Apple, Amazon, Netflix, Alphabet) were the biggest sources of job loss.
This is a bigger than you may realize. If you’re already in the industry then sooner or later you’re looking to move up. The value behind FAANG isn’t just their pay compared to most of the industry but also they have numbers to handle a large-scale of upwards movement. And in turn they force smaller businesses to remain competitive in terms of employee benefits and treatment, or else they’ll bleed talent.
You hear plenty about “as soon as the market picks up, I going to find another job” online and maybe even in real life. The market won’t really get to that point unless Big Tech has that demand for talent.
My career center told me that the employment rate (just from my school) for last year was 99% of all CS students that were looking for jobs. But she also said that graduates are advised to “think outside the box” in terms of where they are applying. So take that for what it’s worth…
There is a drastic shortage of senior devs. The only way to get more is to train the Juniors
There will be jobs for the juniors. That’s so long as there is a need for the seniors
There will be a need for the seniors until they have completed general artificial intelligence
Now I vote we build roko’s basilisk for the general artificial intelligence It will make sure we have job security
These metrics absolutely never make sense for tech to be nationwide. Tech is extremely sensitive to location. I can go throw a brick and hit another job here in the DC metro cleared contracting space. But that doesn’t mean shit about the industry outside of my metro area, or even in the same area in private sector.
These books are so cooked