Despite 2024 being a hard time for some tech experts, marked by layoffs and fewer employment opportunities, a new document from Dice indicates that the condition could be worse.
In a study of 520 U.S. employees,. S. technical experts, 80 % maintain a positive outlook for the software industry in the next five years. The more immediate photo acknowledged that “layoffs have been particularly significant this time,” with 60 % more technical experts losing work in 2024 than in 2023.
Additionally, the review found “a significant increases in the percentage of full-time employees within the technology sector. ” In last year’s survey, nearly half of respondents ( 48 % ) were employed full-time. This year, that number has dropped to 38 %, which points to a disturbing trend of reduced job security, according to the document.
The proportion of respondents who are unemployed but actively seeking work has risen sharply, from 34 % in 2023 to 40 % in 2024.
Despite the upheaval, the survey’s more unexpected results are that, “compared to last year, a considerably larger number of technical experts now employed full-time are constantly looking for new roles and are more likely to change companies in the upcoming season, ” Dice CEO Art Zeile told TechRepublic. Despite their decreased confidence in finding a favorable position in the tech sector, this is happening. ”
opinions on the current economy’s growth in technology
On the outlook for tech growth, there are mixed feelings, according to the report.
Nearly one-third of tech professionals ( 31 % ) remain cautiously optimistic about economic conditions over the next year, unchanged year-over-year. However, nearly equal percentage of tech professionals have pessimistic viewpoints, which suggests a discrepancy in the industry’s outlook on the economy. Just 20 % of younger professionals between the ages of 18 and 34 have an optimistic view of the economy, the lowest among those surveyed.
Tech professionals who have a more optimistic outlook attributed their positive outlook to:
- A strong belief in technological progress.
- Confidence in their capabilities.
- The presence of favorable economic indicators.
It is not surprising to see that this optimism is frequently tempered by apprehension about potential problems, such as political and economic shifts, according to the Dice report.
The more pessimistic tech professionals expressed concerns about economic policy, job market volatility, inflation, and political instability.
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Areas of focus: AI surging, cloud technology declining
Additionally, the survey found that there is a focus on AI and machine learning abilities, which “aligns with tech professionals ‘ expectations that AI/ML will be the field with the fastest-growing potential over the next five years. 76 % of HR professionals have already stated that their organizations offer the chance to be trained or upskilled in AI or ML skills.
Even with the heavy emphasis on generative AI, Zeile noted that only 30 % of tech professionals use GenAI at least once per week.
According to the report, the focus on cloud technologies has “decreased significantly this year, ” falling to 46 %. This may be because cloud technologies have advanced more quickly, making the skillset more generalized, and making it harder for professionals to invest in upskilling in this field.
Cybersecurity ( 46 % ), big data ( 43 % ), the Internet of Things ( 22 % ), and robotics ( 15 % ) are other areas in which tech professionals are training and upgrading their skills in anticipation of future growth.
What do tech professionals hope their next position will entail?
Nearly all job seeker respondents ( 94 % ) are targeting full-time positions. Among the suggestions made when considering a job change is:
- Higher compensation ( 65 % ).
- Greater responsibility ( 42 % ).
- Improved benefits ( 36 % ).
These characteristics highlight a workforce that is looking for career advancement and stability in addition to being financially motivated, according to the Dice report.
Tech professionals ‘ dissatisfaction with their overall careers, jobs, and management are the drivers of their job transitions. A higher rate of burnout, which is 3, is also added to this dissatisfaction. 3 times more common among those planning to switch employers, according to the report.
A “toxic work environment, ” which 28 % of those likely to switch, is the main cause of burnout cited by these professionals, followed by unfair pay, which 21 % of the tech professionals in this group mentioned.
The majority of tech professionals can find positions in fields other than technology that still utilize their highly developed technical skills. However, working within tech is the clear preference among surveyed participants. Nearly seven in 10 tech professionals would most like to work for a tech company, and 21 % prefer to work for big tech companies specifically.
While the majority of 2024 has been defined by tech layoffs and the decline of some certain roles, Zeile noted that “certain tech subsegments are… facing an acute shortage of workers with very specific abilities. ” He cited the 2024 ISC2 Cybersecurity Workforce Study, which found there are 4. 8 million tech professionals needed to fill open cybersecurity positions worldwide.
Zeile continues to see a bright future for tech professionals, stating that “new technologies, like AI, are already changing the landscape, bringing more new types of jobs and undoubtedly more needed skills to the market than they are taking them away. ”
He added, “ While today’s hiring landscape may seem tumultuous, if there’s one thing history and data consistently show, it ’s that hiring trends are cyclical. Signs indicate that tech hiring is rising compared to last year. Tech professionals and applications must continue to be optimistic and focused on advancing their careers over the long term. ”
