Think the tech job market has been rough? You’re not imagining it. WSJ reported that tech unemployment rose to 6% in August, higher than the national average of 4.2% [This is up from 5.3% in July.] Technology has always felt like a safe career, but shifts are occurring. Mostly due to AI and streamlining efforts. You have all seen the tech layoffs in 2024 from companies like Cisco, SalesForce, Tesla, Microsoft, Amazon, and others. Software Development and IT Support job postings are 30% less than in 2021, and salaries have dropped, too. There are some bright spots for hiring in technology. Companies will add positions for AI, including data preparation, prompt engineering, and model management and development. So what should you do if you are in technology? ➜Take AI-related courses. ➜Move to teams focused on newer technology. ➜Update your resume to reflect newly acquired skills. The big attraction to a tech career is the challenge of learning new things. Don’t wait around to be a layoff statistic. Take control and upskill your career. PS – Follow my weekly posts to learn more about AI tech.
AI isn’t just a buzzword anymore, it’s the driving force behind these changes. I love how you emphasize the importance of taking action rather than waiting for things to happen. How are you personally approaching the need for new skills or adapting to this changing market? Ruth Smith
No one should ever feel "safe" in their career. That is a time-tested lesson of business, repeating itself over centuries. Something is wrong with our education system and values, so people feel compelled to be lulled into the fallacy that they're invincible.
I've seen that on the tech team I work for currently. Three people gone in one week. One to another job, and two out for budget reasons Ruth Smith.
I wish I could look 5 to 10 years into the future to see how many bets on AI panned out. My gut is telling me we'll see a re-balance similar to other trends in tech. Companies will admit they made bad bets, CEOs will take full accountability for layoffs, yada yada yada.
The comment that I keep hearing about AI is that it will not take that many jobs away, but it will definitely positivelyimpact those that are willing to use it rather than those that are refusing to use it.
Ruth Smith wow, I’m not in the tech market, but this actually surprises me. I would think with all of the explosion of AI and summon new products coming down the pipe that it would be a healthy market right now. That explains a lot of the layoffs.
Great emphasis on taking control and upskilling—AI is opening new doors, and staying ahead of the curve is key.
AI won;t replace humans but people using AI will Ruth Smith
CRO @ Ronin Consulting | Connecting leaders in the tech space to their next opportunity | I help you leverage generative AI in your business
3moCheck out the article: https://www.wsj.com/articles/it-unemployment-hits-6-amid-overall-u-s-jobs-growth-bc2f2915