There are still a surprising number of open jobs
When you lose 100,000 jobs in a month, as happened in tech in January, it’s easy to think the bottom is falling in the tech jobs market. The torrent of layoffs at big companies has been swift and brutal, with Microsoft, Alphabet, Amazon and Salesforce, among others, laying off thousands each.
But as with everything else in this economic downturn, nothing is as it seems, or certainly not as clear as it was in 2008 or after the bursting of the dotcom bubble in 2000 when the economy crashed. collapsed, and it was a long, difficult journey. return to stability.
The rationale for these layoffs is to reduce operating costs and increase profits, perhaps reducing payrolls that swelled at the height of the pandemic. It’s wild business, but a close look at the employment data suggests it may not be as bad as it first appears.
Conventional wisdom suggests that these job cuts must eventually catch up with us, but so far, tech workers — especially those with hard skills like engineering, data science, AI, and cybersecurity – continue to be in demand as supply lags behind the number of open jobs.
People laid off by Big Tech may just not go to other tech companies.