Despite the already challenging circumstances in 2024 for many tech professionals, marked by widespread layoffs and limited job opportunities, a recent report from Cubic suggests the situation may actually be deteriorating further.
According to a recent survey, an impressive 80% of respondents anticipate a positive trajectory for the technology sector over the next five-year period, suggesting a strong sense of optimism and confidence in its future prospects. The additional instant image confirmed that “layoffs have been strikingly severe this year,” with a stark 60% increase in tech professionals losing their jobs in 2024 compared to the previous year.
Notably, the latest industry report reveals a significant decline in the percentage of full-time employees within the tech sector, marking a stark contrast to last year’s findings. In the previous survey, a substantial 48% of respondents held full-time positions. This year, the percentage of workers experiencing job uncertainty has plummeted to 38%, prompting concerns about waning job security, as per the latest report.
The percentage of job seekers, comprising individuals actively looking for employment despite being unemployed, has surged significantly from 34% in 2023 to 40% in 2024.
Despite turbulent times, a startling report reveals that “compared to last year, an increasingly larger proportion of tech professionals currently working full-time are proactively seeking new opportunities and more likely to switch employers in the coming year,” according to Cube CEO Art Zeile in a conversation with TechRepublic. Regardless of their waning confidence, women are still thriving in the tech industry.
The accelerating pace of technological advancements has sparked intense debate about its implications within the existing economic framework.
The report presented a nuanced assessment of the path ahead for technological advancements.
Approximately 31% of tech industry professionals remain cautiously optimistic regarding their financial prospects for the coming year, with no change in sentiment from the previous year’s survey findings. Notwithstanding the fact that nearly half of tech professionals share optimistic outlooks, there is, however, a striking disparity in financial sentiments within the industry, with a substantial proportion harboring pessimistic views. Only about one in five youthful professionals aged 18 to 34 express a positive outlook on the economy, reflecting a pessimistic sentiment among this demographic.
Tech professionals who maintain an extra optimistic view attribute their constructive outlook to consistently setting achievable goals, celebrating small wins, and having a growth mindset that enables them to learn from failures. By focusing on the positive aspects of their work and acknowledging the progress they’ve made, these individuals cultivate a resilient attitude that helps them navigate the challenges of the tech industry.
- The profound impact of technological advancements on our understanding of the world.
- Confidence of their capabilities.
- The existence of propitious financial metrics.
“In an election year, it’s hardly surprising that optimism about the future is often tempered by a keen awareness of potential challenges, including financial and political shifts that could impact what the next year holds,” the Cube report noted.
Tech professionals with a pessimistic outlook voiced concerns regarding inadequate financial security, unpredictable job markets, rising inflation rates, and the uncertainty of political circumstances.
AI momentum propels forward, while cloud proficiency wanes.
The survey also found a strong emphasis on AI and machine learning skills, which aligns with tech professionals’ expectations that these areas would experience the most rapid growth over the next five years. Notably, 76% of HR professionals reported that their companies already offer opportunities to educate or upskill in AI or ML capabilities.
According to Zeile, however, a surprisingly small proportion – just 30% – of tech professionals seem to have incorporated this expertise into their daily work routine, using GenAI at least once a week.
According to the report, interest in cloud applied sciences has notably decreased this year, dropping to 46%. As cloud technologies matured recently, the required skillset has become increasingly generalised, leading to fewer professionals needing to invest in upskilling within this domain.
Tech professionals have invested time in upskilling and reskilling, focusing on areas such as cybersecurity (46%), big data analytics (43%), Internet of Things (IoT) or Web of Things (22%), and robotics (15%) to stay ahead of the curve.
Tech-savvy professionals require a constant stream of innovative tools and methodologies to stay abreast of industry developments.
Ninety-four percent of job seekers are currently targeting full-time employment opportunities. Reasons prompting individuals to consider transitioning into a new role include:
- Larger compensation (65%).
- Higher accountability (42%).
- Improved advantages (36%).
The report by The Cube highlights that these employees are driven by more than just financial gain; they also seek career advancement and stability.
Tech professionals’ dissatisfaction with their profession, job, and administration drives them to seek changes. According to a recent report, this discontent is further exacerbated by a phenomenon that is 3.3 times more prevalent among those intending to switch employers, suggesting a significant correlation between job dissatisfaction and employer turnover.
A toxic work environment, cited by 28% of these individuals, is the primary cause of burnout, followed closely by perceived unfair compensation, mentioned by 21% of respondents in this cohort.
Many technology professionals are able to identify opportunities in sectors beyond the tech industry that effectively utilize their unique technical skills and expertise. Despite initial reservations, a strong preference exists among respondents to work within the tech industry. Approximately seven out of every ten tech industry professionals express a strong desire to be employed by a technology company, with roughly one-fifth opting to work specifically for major tech corporations.
While widespread tech layoffs and a decline in sure roles have characterised much of 2024, Zeile noted that certain tech subindustries, such as cybersecurity, are experiencing an acute shortage of employees with highly specific skills. He pointed out that a recent study found there are approximately 4.8 million tech professionals needed globally to fill open cybersecurity positions.
While some may express concern about the impact of emerging technologies on job markets, Zeile remains bullish on the future for tech professionals, stating that “the advent of AI and other applied sciences is already reshaping the landscape – creating more new varieties of jobs and in-demand skills than it’s displacing.”
While today’s hiring landscape may appear chaotic, one constant lesson from history is that hiring trends are inherently cyclical. Signs are emerging that tech hiring is accelerating compared to last year, suggesting a promising trend. Tech professionals and purpose-driven individuals must maintain an optimistic outlook, focusing relentlessly on building a strong foundation for long-term career success.
