There is still a surprising number of open vacancies
When you to lose 100,000 jobs in one month, as happened in tech in January, it’s easy to think that the tech job market is bottoming out. The deluge of layoffs at major companies has been swift and relentless, with the likes of Microsoft, Alphabet, Amazon and Salesforce each laying off thousands.
But as with everything else in this economic downturn, nothing is as it seems, or certainly not as clear-cut as it was in 2008 or after the dot-com bubble burst in 2000, when the economy crashed hard and it was a long, hard ride. back to stability.
The justification for these layoffs is to cut operating costs and increase profits, perhaps reducing the payroll that was booming during the height of the pandemic. It’s a wild thing, but a careful look at the jobs data suggests it may not be as bad as it first appears.
Conventional wisdom suggests that this job loss should eventually catch up with us, but so far tech workers – especially those with specialized skills such as engineering, data science, AI and cybersecurity – remain in demand as supply lags behind the number of job openings.
The people let go by Big Tech may not go to other tech companies.
