The wave of layoffs emanating from the tech sector continues to disrupt the job market, touching different industries and professions which seemed immune from being impacted by mass layoffs. While it is too early to forecast what this means for job seekers, one thing seems to be holding true for the time being. Tech workers remain in higher demand, especially if they are freelance workers. In the recent Forbes article from January 30, 2024, “…79% of tech workers who were laid off are able to find a job in 3 months. And because tech skills continue to be invaluable even in non-tech companies, specialist jobs will remain sought after.”
Going back even further to December 2022, an article posted on LinkedIn “Why tech’s hiring pendulum is swinging towards contractors”, past trends should be a good indicator of where opportunities will be experiencing an increase in activity. For example, in January 2021, contracting roles were just 5.7% of paid tech listings on LinkedIn. But as of October 2022, 19.9% of paid tech listings on LinkedIn were aimed at contractors. These job listings were for in-demand roles ranging from data scientists, UX developers, project managers to IT specialists who can provide site support. This is further reinforced by trend-spotting analysis in the December 2022 Forbes article, “Top 5-In Demand Tech Skills for Jobs in 2023”, which lists skill sets in data science analysis, cybersecurity, UX design and knowledge of AI as areas for job growth and showing increased demand by employers.
So, what does this mean for those professionals with a tech background looking at the job market for 2024? It points in the direction of skilled workers with the tech background heading towards lucrative freelancing or moving to contract consulting, promising more opportunities for work. As noted in an article in Forbes from February 2023, “Amid Tech Layoffs, Gig workers May be More Resilient Than Their Salaried Counterparts”, full time employment may no longer be the endgame. A traditional job is looking less financially secure, while working independently may indeed offer them greater stability, if not benefits, in the long run. Companies across almost all industries report a scarcity of tech talent. As one can see, the current drumbeat of doom-and-gloom for the job market is not as dire as made out to be. Approach the job search as a marathon versus a sprint, and no doubt you will reach the finish line.
The TALENT SHIFT® team is seeing needs ramp up for clients across all technology verticals. If you are a freelance professional looking to explore new project opportunities at top companies, connect with a TALENT SHIFT® team member. For additional interesting articles on navigating the evolving labor market, learning about new job trends, or learning how to manage your career path, click here.
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