Amidst the ongoing headlines concerning tech layoffs, many are questioning the future of work in the industry. Companies with global reach have laid off thousands of workers over the last several months, and if you’re one of them, you likely are reeling.
Even if you haven’t been displaced, chances are you’re concerned about your employment future … if there is one at all.
Despite the doom and gloom, there is reason for optimism—there is still a talent shortage in the tech industry, with 78% of hiring managers reporting difficulty finding skilled talent. And a lack of top talent spells opportunities for job seekers, especially if you’re looking to advance your career with non-traditional tech companies.
Who Is Being Laid Off, and Why?
According to new research, eight of the top ten best jobs to seek in 2023 are in the technology sector. How does this match up with the significant rounds of tech layoffs? The answer is more straightforward than it may seem.
Tech companies hired aggressively during the pandemic, as the world was disrupted and forced to shift more to e-commerce and virtual business operations. The industry assumed that the rapid acceleration in revenue would continue in a post-pandemic world. This is a reality that never came to pass.
As the revenue booms started to dwindle, tech giants faced a difficult decision: reduce their workforce or face massive revenue shortfalls that could threaten the company’s future.
How Workers Are Coping
The pain of losing your job is bad enough, but when the parting is unceremonious, it can feel like a betrayal. One worker describes feeling like she was in a fog after receiving an email in the morning telling her she’d been let go after nine years.
When layoffs happen, they don’t always spare those who have dedicated years of their life to the company. If you’ve been laid off, you need to realize that a business reality for one company doesn’t define your value as an employee.
Instead, it represents an opportunity. A chance to find an even better job. One with great benefits, a healthy work culture, and an income supporting the life you’ve been building.
What You’re Not Hearing: There Is Still High Demand for Tech Talent
With all the attention being paid to negative headlines, it’s easy to assume that the technology industry might be waning. After all, if the industry’s biggest names can’t afford to keep their workforce intact, what hope do displaced engineers and developers have at finding employment?
Luckily, the data is much brighter than the news headlines. The overall tech unemployment rate dropped from 1.8% to 1.5% in January, proving that plenty of tech companies are still hiring in 2023. This is evidenced by the fact that many laid-off tech workers were quickly absorbed back into the workforce.
According to Manpower Group’s Employment Outlook Survey for Q1 2023, the U.S. IT industry is the most optimistic in the world in terms of expected hiring activity. 64% of employers surveyed stated that they were expecting to hire, while only 12% were planning decreases.
Their only problem is lack of qualified talent. 78% of the companies we surveyed reported a talent shortage in the hard and soft skills they need to grow.
Reality Check: Every Company Is a Tech Company
The most important thing to realize about the job economy is that every company requires some level of technical expertise in 2023. Almost every company will require a website, custom software, IT or information security.
This means that regardless of how you got your start, there is a company searching for someone with your skillset right now. Best of all, the lack of adequate talent to fill these roles means you’re more valuable than ever before.
The opportunity is there for those who look to advance their careers and improve their income doing the work they love.
The Numbers Are Clear. The Jobs Are Out There. Now How Can You Find Them?
Experis knows first-hand the value that skilled technology experts can bring to a company and how valuable they are for it.
That’s why we focus on matching prospective employees with companies that will appreciate their skills and compensate them appropriately.
Why Experis?
- Experis matches your in-demand skills with top companies that need them most.
- We take the time to learn your career objectives, so we can locate opportunities that will help you achieve them.
- We know you’re interested in growth, not just a salary. Experis offers career development programs so you can keep moving forward.
- We study market trends and demands to make sure you’re getting fair pay.
- Our Consultants are eligible for benefits after a few weeks on the job, so you can stay focused on the task at hand.
Final Thoughts: Tech’s Long-Term Trend Is Strong
While the end of 2022 and the beginning of 2023 have seen overall negative job growth, for the technology sector, this is a reversal of 27 straight months of job growth.
2022 saw 264,000 new tech jobs added, a significant increase over the 213,000 created in 2021.
So, while the tech sector as a whole experienced a setback in the last few months, fueled mainly by the giants scaling back over-hiring, the state of tech talent hiring is still fantastic. It’s a picture that says the technology industry is still the best place to be a worker and find a great career in 2023.
Join our talent pool and let Experis illuminate your career path today.
