In the past couple years, economic downturn has had massive effects on technology, forcing layoffs across the tech industry. As of October 2023, more than 240,000 tech workers lost their jobs, leading to a 50%+ increase YoY in jobs lost. Budget adjustments and “macroeconomic pressures” are having major impacts on big tech companies like Salesforce– with 7,000+ layoffs, Meta– with 10,000+ layoffs, and Amazon– with 25,000+ layoffs in 2023 alone.
As the number of layoffs continues to grow, many are left wondering– now what? Will I still be able to find a job? Will that job pay the same or more as my previous job?
In this article, we’ll answer these questions, explore the current job market, and give advice for tech workers who were recently laid off.
Shifting focus: Emerging markets to enter
Within the technology industry, there are emerging markets that are growing and may offer better job stability. Despite budget cuts in personnel from big tech companies, tech spending has and continues to trend upwards– from $4.6 trillion worldwide spending in 2023 to a projected $5 trillion in 2024. Additionally, software spending saw double-digit growth of almost 13% YoY with IT managed services spending following closely behind with a 7.3% growth rate.
And although the number of laid off workers continues to rise, the number of available jobs in tech remains steady. According to the US Bureau of Labor Statistics, the overall unemployment rate remains unchanged at 3.8%.
What does this mean for those who have been laid off? Well, it may be time to consider a new market within the tech industry. From cloud computing to AI, here are some of the growing tech markets to steer your focus towards.
Cloud computing
Cloud services is a growing market that is attracting top talent. Gartner forecasts a 20.4% increase in cloud spending in 2024 due to increased utilization and cloud services pricing.
To take advantage of the growth of cloud computing, obtain the following skills and experience:
- Experience with cloud platforms like AWS, Microsoft Azure, and Google Cloud
- A solid understanding of programming languages like Python, Java, and JavaScript
- Familiarity with databases and experience with SQL, NoSQL, and Linux
To make yourself a more attractive candidate, these cloud certifications may help you get a job:
- Cisco Certified Network Associate (CCNA) – Cloud
- Amazon Web Services (AWS) Solutions Architect – Associate Certification
- Microsoft Certified – Azure Fundamentals
Potential jobs: Cloud administrators, cloud engineers, and cloud architects are growing career options within cloud computing.
Cybersecurity
In a recent Gartner survey, CIOs reported cybersecurity as the top priority of technology investment in 2024, with 80% of respondents saying they plan to increase cybersecurity spending next year. CIOs also cited the desire to “ensure compliance and minimize risk” as a desired outcome for 2024.
With the recent changes to cyber insurance requirements, companies need to put in additional cybersecurity measures and become more proactive in detecting threats and vulnerabilities to obtain cyber insurance.
To get into cybersecurity, consider obtaining the following skillset and experience:
- Understanding of security fundamentals like common threats and security best practices
- The ins-and-outs of operating systems and networks, and particularly, how to secure them
- Understanding cybersecurity frameworks like NIST, ISO, and more
To make yourself a more attractive candidate, these cybersecurity certifications may help you get a job:
- CompTIA – Security+
- ISC2 – Certified Information Systems Security Professional (CISSP)
- EC Council – Certified Ethical Hacker (CEH)
Potential jobs: As the cybersecurity industry continues to grow, the desire for highly skilled cybersecurity professionals also grows. Forensic cybersecurity analysts, cybersecurity engineers, and security architects are some potential jobs in the cybersecurity space.
Artificial intelligence
With the rise of Generative AI, artificial intelligence is another growing technology sector that is providing opportunities for career growth. A recent survey reported that 45% of leaders are piloting GenAI, with another 10% that already have GenAI in production currently.
To get into the AI industry, you need to obtain these skills:
- Strong programming skills and Python experience
- Familiarity with AI libraries like TensorFlow and PyTorch
- Understanding of unsupervised and supervised learning algorithms
To make yourself a more attractive candidate in AI, these certifications may help you get a job:
- Google Developers – TensorFlow Developer Certificate
- Microsoft Certified – Azure AI Engineer Associate certification
- edX – IBM Foundations of AI
Potential jobs: Automation specialists, business analysts, and data scientists are potential career options that rely heavily on AI. Because AI is a growing tool for businesses, you may be tasked with implementing AI tools to improve scalability, speed of production, and the quality of services or products.
Looking for a new job: Not all hope is lost
Although thousands of employees in the tech industry lost their jobs in 2022 and 2023, a recent survey showed that those who were laid off are returning to the workforce relatively quickly. 37% of people surveyed found a job within one month of being laid off. Zooming out, 79% of people surveyed started a new job within 3 months of being laid off. Of those who found a new job, 74% found work in the tech industry.
According to the same survey, “62.6% of recent hires said they received a pay boost when they switched jobs, while 15.6% said their pay stayed the same.”
What does this mean for a laid off worker? Not all hope is lost. Companies that are still hiring through tech layoffs (link to the other Navigating Tech Layoffs blog post) realize that major companies are letting go of their top talent, and the job market is shifting rapidly. Most people find a new job within 90 days and don’t have to move out of the tech industry.
Working with a recruitment agency can help increase your chances of finding a new job. At Microserve, we take the time to understand your career desires and job requirements. With our commitment to universities and educational institutions across Canada and our vast business connections, we connect people to people. Our expert recruiters connect you to career opportunities and provide guidance through the interview process. Whether you’re in the market for a full-time or part-time position, we’ve got your back.
Get in touch with Microserve’s recruitment agency today to start on the path to your dream career, or check out Microserve’s current job openings.
