Tech Workers Face Tough Choices Amid Industry Shakeout

• Author: Shaun Jerde
• Posted: 2024-05-24

The tech industry's abrupt downturn has left many workers facing difficult decisions. After years of job hopping and bidding wars, employees must now navigate hiring freezes, layoffs and intense competition for openings.

For younger tech workers, this may be their first experience of a truly challenging job market. Employees who joined the sector during its rapid expansion over the past decade have known only soaring demand and plentiful opportunities.

But economic headwinds have led tech companies to slam the brakes on hiring and cut costs through mass layoffs.

According to job search site Indeed, tech job postings are down 5% from last year. The downturn has been especially hard on startups and companies in advertising, e-commerce and crypto. But even large firms like Apple and Microsoft have slowed hiring.

Displaced tech employees face difficult choices. Some may need to acquire new skills to land their next role. Others may switch to more stable industries like healthcare or finance. In some cases, the only option may be to move to lower-cost cities or take a pay cut.

For younger tech workers, the shakeout serves as a crash course in career management during tough times. Building a diverse set of in-demand skills, networking and maintaining an entrepreneurial mindset are key to surviving industry convulsions.

While rapid growth may return, tech employees can no longer count on a red-hot job market.
 

Ways to Upskill as a Tech Employee

Agility and resilience will be vital for tech workers and companies alike in the coming months.

Firms must align staffing to actual business needs, not past trends. Employees should keep skills sharp, seek mentors and explore options across industries. 

Here are seven practical ways for tech professionals to upskill effectively:

1. Online Courses and Certifications
   

   Embrace the wealth of online courses and certifications available on platforms like Coursera, edX, and Udemy. These resources cover a wide range of topics, from coding and data science to AI and cybersecurity. 

2. Attend Workshops and Seminars
   Keep an eye out for tech workshops, seminars, and webinars in your area or virtually. These events provide valuable insights into the latest trends and innovations while offering opportunities to network with industry experts.

3. Master a New Programming Language
   Expanding your programming language repertoire can open doors to different career opportunities. Choose a language relevant to your field and invest time in mastering it. For example, Python for data science or JavaScript for web development.

4. Join Tech Communities
   Engage with tech communities and forums, such as GitHub, Stack Overflow, or Reddit's programming subreddits. Active participation will not only keep you updated but also allow you to learn from experienced professionals.

5. Contribute to Open Source Projects
   Contributing to open source projects is an excellent way to gain practical experience and collaborate with other skilled developers. It's a chance to apply your knowledge and showcase your abilities to potential employers.

The tech downturn is unlikely to last forever. But the sector may emerge transformed, with a more prudent mindset regarding growth and staffing. For tech employees, that may mean less job hopping and more long-term planning.

After the shakeout runs its course, the tech industry should find itself on a more sustainable footing.