After the big recession, tech workers fear losing their jobs

WITH tech companies cutting back on hiring and some job cutsthe mindset of many technical workers has changed from confidence to anxiety.

A June survey by professional social network Blind of 6,911 professionals working at technology companies found that virtually everyone is worried about their job security.

Only 9% said they were more confident in their job security than a year ago, while 66% said they were not actively looking for another job, notes Rick Chen of the Blind Group in a blog post.

More careful companies

As concerns grew about the economic outlook, businesses have become more prudent in their spending. This situation could be a signal that “Big resignation” is coming to an end. The Great Resignation began at the beginning of 2021: during this period, employees could leave their jobs with the certainty of getting better-paying jobs in a tight labor market.

90% of professionals who were worried about an impending recession also said they had less confidence in their job security. However, for the 60% who didn’t care, their confidence in job security had not changed over the past year, according to Blind.

In the tech sector, Facebook and Google’s respective hiring freezes speak for confidence. Spotify also announced this in June would reduce recruitment by 25% this year.. Bloomberg news that Oracle this week began laying off American workers from its “customer experience” division.

In 2022, more than 80,000 people were laid off

Blind’s Layoff Tracker valued that 500 startups and tech companies laid off more than 80,000 people in 2022, with the number of companies growing in both quarters. The decline in private company valuations is due to venture capitalists reducing their investments, perhaps in response to public markets such as the US S&P 500 and Nasdaq 100 indexes. which were captured by falling markets in June.

UK recruitment company CW Jobs recently reported that 85% of IT decision makers plan to adapt to changing costs, including hiring freezes (21%) and salary freezes (20%).

Despite mounting layoffs and cost-cutting, a June CNBC poll found that 64% of technology managers believes that it is increasingly difficult to place positions requiring skilled workers.

AND survey conducted by Interviewing.io in July examines how Facebook and Google approach these hiring freezes. As of May, Facebook stopped hiring engineers below a certain level, but continues to hire machine learning engineers and enterprise engineers. The Google freeze lasted for two weeks, starting on July 20. Although the company is conducting interviews, candidates are unlikely to receive formal offers until the freeze is lifted.

2.2 million job offers in 2022

These recent concerns need to be placed in the wider context of the tech industry in particular.

CompTIA’s analysis of data from the U.S. Bureau of Labor Statistics found that the number of technical job openings topped more than 600,000 in May and nearly 2.2 million from 2022 to now.

Combined with the current technical skills shortage and high demand for developers and other industry workers, the long-term outlook remains strong even when times are tough.

source: ZDNet.com

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