The last decade has been a time of prosperity for technology and interested task seekers.
Tech giants like Google, Apple and Meta (formerly known as Facebook) posted record profits and growth, and there were frothy, mind-boggling valuations for startups. In turn, workers benefited from giant payment packages, complemented by generous bonuses and inventory offers. .
But today, at a complicated time for the industry, the employment landscape may seem a little more precarious.
More rounds of layoffs are expected.
However, tech hiring experts say the scenario of job seekers in the tech sector is possibly not as bad as it sounds. Even during a recession, companies of all sizes continue to want technical staff to keep their products running smoothly, and there are exceptions for certain roles, even during hiring freezes. In addition, some talent scouts hope this era of flow will pave the way for startups and other lesser-known non-tech corporations to grab skills they couldn’t attract or afford in the past.
“This presents an opportunity for small businesses, absolutely,” said Rob Barnett, a New York City headhunter who scouts candidates for media and technology companies.
The same goes for task seekers, he added: “Many of the applicants I work with who have experienced negative environments in giant corporations are excited and intrigued with the concept of entering a position where they can have more impact, get things done faster. “and where they might not spend all their time in meetings. “
Barnett and Mavens agreed that even if some big tech corporations pull out, applicants still have forged characteristics, as long as they are realistic about their prospects, know where to look, and know how to position themselves in the task market.
Despite an avalanche of gloomy headlines, the U. S. hard labor market is struggling to make waves. The U. S. economy remains limited. The most recent data from the Bureau of Labor Statistics indicated that many other people were still quitting their jobs and were confident they would find new and better ones. Last month’s figures showed 11. 5 million task posts and 4. 5 million resignations in March, the highest grades since data collection began in December 2000.
In other words, it’s still largely a market for job seekers, even in the tech industry, according to experts, where the unemployment rate is 1. 3%.
“It’s been very complicated for corporations and recruiters over the last six to 12 months,” Barnett said. “Right now, for example, I’m looking to fill a position as a senior UX designer, a popular task in many corporations, and it’s been strangely challenging. “
Job postings in software are 125% higher than pre-pandemic figures, according to Indeed, a task search site. In the San Francisco metropolitan area, a generation hub, task posts are 36. 1% above pre-pandemic levels.
“In terms of where we’re headed in the coming months, I’d say there’s nothing to tell me there’s going to be a crisis all of a sudden or something,” said AnnElizabeth Konkel, an economist at Indeed Hiring Lab.
Still, there’s no doubt that economic red flags — high inflation, a falling inventory market, and continued rumors in the supply chain — are looming in the background. On Tuesday, Meta’s inventory had fallen more than 40% since mid-November, while Amazon, Google and Netflix had fallen 37%, 22% and 71% respectively over the same period.
“If you have a meteoric rise, you’re likely to have a competitive dip as well,” said Sheridan Orr, chief marketing officer for online technology network Built In.
He mentioned the recent layoffs, but said staff had not experienced lasting unemployment, and emphasized that it would replace more of a redeployment of staff.
“Today, there are two vacancies for each of the technology professionals in the U. S. In the U. S. , there’s a lot of flexibility in the market, so to speak,” he said.
Andrew Flowers, senior hard-working economist at Appcast, a software company that is helping companies hire staff, said his “impression is that those points are hurting tech companies, but also tech workers. “
After all, software engineers don’t just work at Google. Retailers, government agencies, and other non-tech corporations also want tech talent.
“The outlook for tech professions is more potent than the tech industry,” he said.
If you’re a technician and wondering what all this means to you, mavens have two words: don’t panic. Konkel, the economist, said it was imperative that such announcements of layoffs and hiring freezes were not indicative. of what was happening in the technology sector.
“People, when they heard those announcements, were very worried: is a tidal wave coming?”But in reality, “it feels more like a wave,” he said.
“It’s actually imperative to make sure you put yourself in the most productive position imaginable to get deals for the opportunities that exist,” he said.
Below, extensively about your target companies. Consider startups, medium-sized businesses, and small businesses. Also look for jobs in other industries. There’s a world of opportunity beyond Meta, Amazon, Apple, Netflix and Alphabet, said Barnett, the talent scout.
In addition, he said, the hiring processes in those are notoriously long and arduous.
“You have to be interviewed by 8 or nine other people and pass all those tests, and then other people have to vote for you,” he said. “The chances of being hired are high, but if you’re lucky enough to have that happen, congratulations, one of the countless geniuses and he’s going to spend a lot of time in meetings. “
If you fancy enjoying a great company, Thomas Vick, regional director of human resources consultancy Robert Half, said many giant corporations are seeing a stream of hiring and simply continuing their general hiring practices. He called corporations like Meta and Amazon “not a direct mirror image of the entire market. “
Instead, Vick pointed to a strong desire from IT professionals due to increased interest in cybersecurity, cloud migration, digitization, and more, as corporations across industries seek more tech insights.
“While the entire organization may or may not be affected, what we continue to see is that more and more organizations, even large technology corporations, continue to invest cash when it comes to their IT-related positions,” Vick added.
Finally, it’s vital to have an open brain when it comes to pay and equity, said Lauren Maillian, chief executive of Digital Undivided, which elevates the monetary expansion of black and Latina entrepreneurs.
Salaries might be less negotiable in smaller organizations, but inventory is flexible. Keep in mind, he added, that inventory subsidies and features granted during a market downturn can ultimately prove very useful.
“If you reposition your mindset a little bit about it if you’re someone looking for a task in a position that’s going on to grant shares,” he said, “it’s like, ‘Wow, this is the best time to spend getting the stocks when they’re low, and then holding on for a year or two or 3 and accepting as true that everything is going on in a cycle. ‘”