Haven't Found A Job Yet? Here's What You Need To Know About The Current Tech Job Market And What You Can Do About It

As of November 6, 2023, according to TrueUp's Tech Layoff Tracker, there have been 1,781 layoffs at tech companies, impacting 400,538 people. This means that, on average, 1,296 people have been laid off per day in the tech industry since January 2023. (As comparison, in 2022, there were 1,557 layoffs at tech companies w/ 243,318 people impacted or 667 people per day.)

Whether you’ve been laid-off or are an early career tech professional, here are some key takeaways I'd like to share with you:

I led with the layoff figures not because I want to scare you or discourage you but because I want you to know that, first and foremost, if you're doing things right, it's NOT you, it's the current market, so please don't beat yourself up. (However, if you're willfully ignoring the advice of experts and letting it in one ear and out the other, and you're not doing what you're supposed to be doing, go ahead, beat yourself up.)

The job market is showing signs of improvement, but it's not back to pre-layoff levels.

I will take my wins where I can get it and the fact that the pace of job cuts has slowed down in recent months does suggest that the worst of the layoffs may be over, and the job market is gradually stabilizing. Additionally, the hiring of recruiters signals that companies are preparing for future growth and anticipate a resumption of hiring activities.  BUT (yes, unfortunately, I do have to temper the win with pragmatism as well), it's also essential to set realistic expectations regarding compensation and hiring pace.

The last several years has felt like VC’s were doing the Oprah ("You get funding! You get funding! Everybody gets funding!") but those of us who have seen this before knew the party had to end at some time, and that time came crashing down on everyone's heads last year, and since then, tech companies have pivoted from a growth mindset to one based on efficiency in the face of stubborn market conditions.

This means that the job market for 2024 will likely not replicate the frenzied hiring spree of 2020-2021, when companies were flush with cash and eager to expand their workforces. Compensation packages may not be as inflated as they were during that period, and job seekers may need to work harder to demonstrate their value and adaptability to secure attractive positions. 

So, what are the main challenges that you’ll find out there?  

Increased competition: The recent layoffs in the tech industry have flooded the job market with experienced professionals, making it more difficult for new job seekers to compete and stand out in the crowd.

If you’re a new graduate or a career changer, you may have difficulty finding a job in the tech industry due to your lack of experience and the fact that you're competing with more experienced tech professionals who are out of work.

Less job opportunities: Many tech companies have implemented hiring freezes or are slowing down their hiring pace due to economic uncertainty and, as mentioned above, an eye on efficiency ("The Year of Efficiency", as Mark Zuckerberg put it, which has resulted in 10,600 layoffs at Meta this year.)

Demand for specialized skills: Employers are increasingly looking for candidates with specialized skills, such as cloud computing or artificial intelligence. This can make it difficult for job seekers without these skills to find a job.

Uncertainty about the future of the tech industry: The rapid pace of change in the tech industry can make it difficult for job seekers to predict which skills will be in demand in the future.

We've been told that AI will replace many of our jobs - especially the repetitive ones (in August, news broke that IBM planned to replace nearly 8,000 jobs with AI over the next few years) but at the same time, we should also be aware that 80% of the jobs that will emerge due to AI are not yet in existence and are still in the process of morphing. We're in a very uncomfortable position right now because we just don't know exactly what this brave new AI-driven world looks like since we're right smack dab in the middle of it and even the tech industry's thought leaders have widely differing opinions on the matter.

So, how do you navigate the current job market so you come out winning in the end? 

You have to focus on enhancing your skills, building your network, and showcasing your adaptability.

Make sure to take advantage of online courses, tutorials, or certifications and build projects to enhance your skills and make yourself a more attractive candidate. You can also find volunteer opportunities that enable you to exhibit your skills as well. 

You absolutely have to master the art of strategic networking, and change your mindset from thinking of job applications as the be-all-and-end-all to job searching (applying to jobs is a tactic, y'all, not a strategy) and instead, think of job searching as a sales and marketing campaign with you as the product that you’re trying to convince the right audience to buy.  

There is only so much applying that you can do, and data shows that it’s the least effective way of finding a job.  Strategic networking can be a great way to find a job in the tech industry.

For those of you who are introverted people or those who are new to the industry, don’t let being introverted or new hold you back. In fact, I wrote an article a couple years ago about networking specifically for introverts, and you can find it pinned to my Featured section and on my website.  

You need to be open to exploring different opportunities and industries that align with your abilities. There’s more to the world of tech than FAANG so expand your horizons. In addition to full time work, you should also look into contract or freelance work as well. The same goes for remote work.  They’re still there but since there aren’t as many as before, the competition for those roles is stiff, so if you can do onsite or hybrid, do consider that option.

The one thing I tell people is there is no such thing as a stable job, and you are never tied to a company or a job permanently, so you have to look at job searching as a chess game. What you do next is a strategic move!

Seek professional guidance to navigate the job search effectively.

In the current competitive tech job market, having a skilled job search strategist by your side can be a game-changer. (Notice I said 'skilled', and by skilled, I'm not referring to some influencer on Tiktok spewing anecdotal advice, but rather someone who actually knows what the hell they're doing and who have come about their knowledge and expertise from having been in the hiring trenches themselves day in and day out, and can provide lots of proof that their methods have helped other professionals like you.)

A skilled job search strategist can provide invaluable guidance, support, and expertise throughout your job search journey. They can help you identify your strengths and weaknesses, develop a targeted job search plan, craft compelling resumes and cover letters, and help you hone your interviewing skills. They can also offer personalized advice on navigating the unique challenges of the tech job market, such as networking effectively and staying up-to-date on industry trends.

With the right job search strategist to support you throughout your job search, you'll gain a significant advantage over your competition. You'll be better prepared to identify and pursue the right opportunities, present yourself effectively to potential employers, and navigate the complexities of the job search process. Investing in a job search strategist is an investment in your future career success.

With the right approach and a positive mindset, you can successfully navigate the current job market and find a fulfilling tech career in 2024 and beyond.

If you’re interested in how a job search strategist can help you land the right job with no guesswork and less frustration, grab a free initial consultation on my calendar by going to www.careercoachdezzi.com