Mass layoffs in the tech sector have left thousands of people unemployed, while companies freeze hiring, or become more selective about job candidates
The labour market is flooded with qualified tech professionals, while the demand remains subdued. Source: pexels.com
What happened to the tech industry?
The tech industry has witnessed a wave of major layoffs before the holiday season. More than 88,000 workers in the US tech sector have been laid off so far in 2022, according to Crunchbase News. Meanwhile, Layoffs.fyi tracker estimates the number at 144,500.?
Stripe, Lyft, Twitter, Meta, and Snap have already fired thousands of employees to cut costs. Others, like Amazon, are preparing to follow. Moreover, while the retail giant was previously suggested to lay off 10,000 employees, now the reports are that as many as 20,000 employees will leave the company in the coming months.?
The layoffs are the result of multiple factors, including global economic decline and low earnings results. Besides, they have all happened almost at once, as companies trim their budget-planning for next year.
Therefore, now the labour market is flooded with qualified tech professionals, while the demand remains subdued. In these conditions, looking for a new job is challenging. Nevertheless, you can always boost your hiring chances by following expert advice.
Develop your skills
Pooja Chhabria, LinkedIn’s career expert, notes that employers have changed their approach to hiring, first and foremost concentrating on skills data. Therefore, job candidates should pay attention to developing skills in the software and IT segments that face top demand, e.g. AI, ML, SQL, Python, and AWS.?
To find out which skills you will need most, browse the desired job descriptions and check on the required qualifications. General skills you might improve to enhance your IT career include cloud computing, programming, understanding cybersecurity systems and networks, DevOps, threat and risks analysis, etc.?
In addition, some job positions may require specific skills. Thus, mobile app development has lately emerged as one of the most profitable and quickly expanding professions. Applicants with a computer science or information systems degree typically have a massive advantage, competing for this role. At the same time, job candidates also need to master UI design, back-end computing, cross-platform development, and product management.
Senior professionals should also not forget about using the job pause to improve their team management and leadership skills. Those will come in handy even if you decide to completely overhaul your career and have a fresh start in another industry.?
Soft skills like communication with customers, problem solving, creative thinking and time management shouldn’t be ignored as well.
Soft skills like communication with customers, problem solving, creative thinking and time management shouldn’t be ignored. Source: pexels.com
It’s the early bird who catches the worm
In times of fierce competition like this, professionals often forget the common wisdom which applies to all life spheres. Timely application matters as much as good skills.?
Typically, being among the first to apply gives an applicant an extra competitive edge. It shows the employer your determination to find a job and interest in the particular company. Thus, LinkedIn data suggests you have 40% more chances to be hired for a position if you apply in the first 10 minutes.?
Luckily, to apply shortly after the job is posted, you don’t need to constantly monitor the job sites. Numerous services offer job alerts based on your selected career filters. Use this chance to react quicker.?
By the way, don’t postpone applications until 2023. December is still a time for active hiring, so candidates who prefer to start their job search after the holidays might miss out on great opportunities.?
Pay attention to alternative job listings and networking
Tech-related job positions are not limited to the tech industry itself. Consider various categories such as professional services, retail, health care and financial services.?
Sometimes tech jobs are hidden inside less obvious companies or departments you might ignore. For example, you can find jobs that require coding fundamentals on marketing, media, and editorial teams. Therefore, pay attention to the skills description rather than a job title.?
Most people concentrate on major online job boards such as LinkedIn, Glassdoor, or Monster Jobs. However, there is a list of less competitive niche resources that includes:?
Furthermore, good old word of mouth is still a good way to find a job besides large online platforms. Make sure to regularly connect with your professional community, either off- or online. Networking helps job candidates find mentors, discover working and learning opportunities, share experiences, and keep abreast of the tech industry trends even when you’re temporarily out of the game.?
SEE ALSO:
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How to train more cybersecurity savvy employees
Financial sector will lack employees with tech skills: report
Nina Bobro
Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.
