After the Great Resignation, the shadow of layoffs has come to haunt Silicon Valley where the tech giants reside. Last month, Facebook parent company Meta, announced it is pausing hiring and further restructuring amid an uncertain economic climate. According to the recent findings by CW Jobs, 85% of IT professionals expect their companies to be impacted by the cost of doing business and expect cutbacks in the year ahead – hiring freezes (21%) and pay freezes (20%).
The next 12 months will be critical for tech employers to attract and hire the skills and talent they need to navigate the market challenges ahead, the report said. “We are seeing pure technology companies initiate layoffs, hiring freezes and slow their tech hiring more than the corporate support tech jobs, such as retail and healthcare,” Neil Costa, founder and CEO of HireClix told Spiceworks. “The more traditional industries are still trying to keep up with the rapid pace of technology change and still need tech talent,” he added.
According to Hirect, a free, chat-based hiring app, more than 50 rounds of layoffs have impacted over 14,000 highly skilled employees from the U.S.-based tech startups. With more layoffs undoubtedly on the horizon, do tech workers need a reality check? To understand this aspect, we asked experts three mission-critical questions: Which industries are clamping down tech hiring? Which factors are causing companies to cut back on tech hirings? What steps companies need to take to future-proof the tech job market? Here’s what techies need to understand.
According to a survey by Blind, an anonymous professional networking site, only 9% of techies feel confident in their job security. However, tech hiring experts believe that despite the economic uncertainty and companies trying to save costs, tech workers are still high in demand. 64% of tech leaders say they’re struggling to hire skilled workers for open roles, the survey found.
So, the question is, which industries are proving to be recession-proof?
“From cloud providers to cryptocurrency, we’ve seen a slowdown in tech hirings across a number of industries. However, two industries that are proving to be ‘recession-proof’ are cybersecurity and data protection,” explained Danny Allan, chief technology officer at Veeam, a data protection company.
In February 2022, Adzuna – a job search engine saw 3,339 ‘metaverse’ job ads in the U.S., up +379% from just 697 four months ago.
“Hiring metaverse experts is the latest recruitment trend to show exponential growth. The last few months have seen a surge in job openings related to the metaverse with demand catalyzed by Zuckerberg’s Facebook rebranding and refocusing exercise.” – James Neave, head of data science at Adzuna
According to Adzuna’s report, two more areas have also seen rapid growth in job postings. The number of job vacancies mentioning the keyword ‘crypto’ has risen sharply, accounting for 5,302 advertised vacancies in February 2022, up from 2,662 in October, and +409% higher compared to 1,042 a year ago. Similarly, there were 64,659 ‘cybersecurity’ jobs in February 2022, up from 48,183 in October, more than doubling (+137%) from 27,267 a year ago, the report said.
“Metaverse experts are the new hot ticket with related roles ranging from developers to data scientists, writers, and creatives. This follows booming interest in crypto and cybersecurity roles throughout 2021 and we continue to see the tech sector growing and strengthening during this time,” Neave stated.
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