Even though there has been a wave of technology-related layoffs since 2022, with the number reaching nearly 500,000 layoffs. … [+]
The technology and information technology sector is dynamic, continually evolving, and considered a lucrative area for both employees and companies. Despite a wave of tech layoffs that has amounted to nearly 500,000 job cuts since 2022, it remains one of the most in-demand occupations in the global job market, according to ManpowerGroup's recent employment outlook survey. includes IT jobs. Although these fields are gaining attention, we are currently facing a talent shortage with a lack of talent specializing in IT, data science, and cybersecurity.
To gain insight into the rapidly changing high-tech labor market and the workforce as a whole, we spoke to Gar Doyle, head of staffing firm Experis US, part of the Fortune 500 company ManpowerGroup. Ta.
Doyle has an extensive background in IT and engineering. He began his career as an engineer and rose through the ranks in a variety of leadership positions around the world, including serving as chief information officer and senior executive in many prominent organizations.
Recruitment services provided by Experis include providing skilled IT professionals on a temporary and project basis, as well as permanent placements with qualified candidates, to meet the needs of our corporate clients. . The company also provides expertise in managing business-critical IT projects implementing new solutions.
cautiously optimistic
Mr Doyle is cautiously optimistic about the overall job market, but expects it to stabilize in the second half of 2024. As inflation declines and interest rates begin to fall, he expects companies to want to hire more. “I think we'll see a recovery in the second half of this year as confidence returns to the market,” Doyle said.
Although he is “cautious” about the job market and economy, he is optimistic about the tech industry despite continued layoffs. Doyle said there is a growing demand for high-tech talent in the U.S., and growth is being seen outside of Silicon Valley, with IT and technology centers opening up in Austria, Peru, South Africa, Greece and Guatemala.
The job market has experienced major ups and downs over the past few years. Doyle emphasizes that IT talent and specialized digital skills are in high demand. “76% of IT employers say they are facing difficulty finding the talent they need,” he added, citing data from ManpowerGroup's 2024 Global Talent Shortage Report. .
Technology industry remains a good career choice
Tech layoffs may grab the headlines, but real-time data paints a more nuanced picture.
Despite rampant layoffs, the outlook is positively positive for individuals seeking opportunities in the technology industry. Companies in the IT industry reported the brightest outlook for the sixth straight quarter, according to the company's employment outlook survey.
The study found that U.S. employers (34%) reported the strongest hiring intentions across the region in the second quarter. Globally, the strongest outlook for the IT sector (51%) was reported by US employers.
In many cases, companies that have cut staff are still hiring. They are just focusing on hiring to meet demand. Many top companies that have cut jobs this year have also announced plans to redirect investments to generative AI and automation.
Although AI is currently in the “hype” stage, Doyle doesn't think much revenue will be made from it. But he said widespread use of AI co-pilots will drive growth and momentum.
“The situation is much better in Q1 2024 compared to Q1 2023,” Dan Bentibenga, a senior technology recruiter at Innova Solutions, said in an email interview, adding that in 2019 and He reflected on what he felt was a “healthier” job market compared to a few years ago. . “The market we saw from 2020 to 2022 was simply not sustainable.”
“Employment authorities are becoming more selective and spending more time finding the best possible candidates,” he warned of the current employer market. “This made the interviews more intensive, with longer intervals between feedback than most of us are accustomed to.”
Bentibenga said there is a huge demand for individual technical contributors, including software, data and cloud engineers. “Companies want to flatten, peel back layers of management and prioritize individual contributors, especially engineers.”
The U.S. Bureau of Labor Statistics estimates that employment of cybersecurity analysts and software developers is expected to grow at a faster than average rate, indicating continued demand for high-tech talent.
Richard Wahlquist, CEO of the American Staffing Association, said there has also been a shift in the hiring of high-tech talent, with these roles moving away from the big tech companies that used to be their lifeblood against volatility and moving away from “small and medium-sized businesses.” ”.
Demand for technology skills can also be found outside of your industry. “There is demand in almost every industry, including banking, financial services and healthcare,” Bentibenga said.
He urged workers to consider contract work as an alternative to traditional full-time employment, as it is a good “stepping stone” for Fortune 500 companies. “Many candidates are hesitant to sign up, but I encourage them to give it a try,” said the technical recruiter. “Everyone clearly wants to be a full-time employee, so the pool of candidates on a contract is much smaller and there is much less competition. Additionally, interviews are typically shorter and the lead-up to a job offer is much smaller. It saves time. So if you're actively looking and haven't had much luck, you want to offer yourself a chance at a deal. You never know what they'll land on you. yeah.”
