Are Jobs in Tech Still Desirable Despite Recent Layoffs?

Although there have been many layoffs and furloughs in recent months, there are still many opportunities in the tech industry. Small companies are hiring, allowing people who were laid off to find new work within two months in some cases. Now is the time to grow your skills as you observe expanding trends like cloud computing, cybersecurity, and artificial intelligence (AI).

By Timothy Mably

As layoffs and furloughs impact the tech industry, some are wondering if jobs in tech are still worth pursuing in the current climate. Last year, over 150,000 professionals in the industry were laid off. The unpredictability of the job market has shaken things up for professionals of varying levels.

Although there’s uncertainty looming around the future of individual positions due to the economy, there are many openings in tech. At the moment, there are 700,000 unfilled positions in cybersecurity throughout the country. While this presents an opportunity for some, it also signals positive change ahead for many.

Tech Companies Are Still Hiring

According to the U.S. Bureau of Labor Statistics, the median amount of time that laid-off professionals in tech are unemployed within 9 weeks. This turnaround indicates that people in the tech industry are securing new work around the two-month mark. Other research backs up this analysis, as some tech companies are hiring many new workers while others are laying them off.

The two-month search for new work also appears to be a result of professional networks being utilized. Posting publicly about a layoff, letting your connections know about your circumstance, and pursuing new connections can decrease your length of time unemployed.

Founder of Level Up In Tech and Google Cloud training architect, Broadus Palmer, says, “Even with layoffs and furloughs we’ve seen companies typically layoff folks in non-technical roles for the most part. This means that individuals with technical hands-on skills and experience are seeing an increase in pay and opportunity even with a downturn in the economy.” This has been seen in cybersecurity, as wages have increased due to massive shortages. 

CompTIA analyzed positions hired by tech companies at the end of 2022 including IT services and custom software development at more than 8,100. Other hiring influxes were data processing, hosting and other services (4,100+), search engines (2,100+), and computer product manufacturing (1,900+). Professionals who received layoffs from these positions and related areas of expertise can have some encouragement.

Grow Your Skills

Whether or not such positions are relevant to you, it may still be worth growing your skills during a time of professional uncertainty. Palmer says, “I really think tech professionals should focus on understanding cloud computing, getting hands-on with some technologies and understand the business decisions around it.”

This suggested approach accounts for companies seeing cost savings tied to migrating to cloud technology. Palmer observes this as a pivotal point, saying, “Whether investing in internal talent or external, the industry is leaning towards cloud adoption and better technologies to help companies solve enterprise and internal organizational problems. There is plenty of opportunity even with the anxiety of layoffs there are also plenty of companies who have invested right in hiring people like you.”

He recommends a few practices for professionals in tech to consider. He suggests first looking at 2023 trends, like cloud security, DevOps, and artificial intelligence among others. After assessing which types of tech jobs are on the rise, understand what you might need to learn to grow and land a position.

By understanding who you need to become professionally, you can be informed to brand yourself accordingly. Knowing what employers are looking for can minimize a season of unemployment and accelerate your search to find a suitable position.

Look Ahead

Many reports agree that tech and IT jobs are still in high demand, despite recent layoffs. IT professionals in particular are receiving salaries that have risen due to inflation. Within smaller companies, IT salaries increased by nearly 8% and executives in the field received nearly a 9% increase. Regular managers and staff members experienced an increase of 7.21% in pay.

As the industry continues to grow, professionals can be optimistic about the future. Prepare for your career by determining where tech is headed. Although many small companies are hiring and opportunities still exist within large organizations, layoffs can present the chance to reevaluate your career and expand your skills.

Since tech is at a turning point with an influx of cybersecurity jobs, positions related to AI, and cloud computing, now is the time to consider alternate paths in the field. Despite recent layoffs, it has never been more desirable to enter the tech industry.

Top Takeaways

Are jobs in tech still worth considering despite recent layoffs?

• According to the U.S. Bureau of Labor Statistics, the median amount of time that laid off professionals in tech are unemployed is around 8 weeks. 
• The two-month search for new work also appears to be a result of professional networks being utilized.
• Wages are increasing across the industry due to inflation and increased demand for workers.
• Within smaller companies, IT salaries increased by nearly 8% and executives in the field received nearly a 9% increase.
• If you have been laid off, consider 2023 trends, like cloud security, DevOps, and artificial intelligence among others. Consider them as you grow your skills and brand yourself.