Morale among tech professionals is waning in the face of high-tech industry layoffs as 60% more tech pros lost their jobs in 2024 compared to 2023, according to a new report from high-tech career marketplace Dice.
“Both the current economic landscape and the shifting state of the tech job market have doubtlessly impacted the morale of tech professionals. Consistent with this, our survey results showed a marked increase in the number of tech professionals reporting job losses (16%) compared to last year (10%),” the Tech Sentiment Report from Dice reads.
Dice also found that there are 18% more unemployed tech professionals actively job searching in 2024 compared to 2023. Those most affected by job losses were tech pros working at tech companies (19%) compared to those tech workers (11%) in other industries. Among those that experienced a job loss, 82% started looking for new employment immediately following being laid off, which is an urgency, Dice says, that “underscores the heightened uncertainty and anxiety in the tech workforce.”
Another notable finding in the survey shows that 38% of respondents reported being employed full time while last year nearly half (48%) indicated the same. This type of employment status information is another indicator of an uncertain job market, Dice says.
- Employed full-time: 38%
- Employed part-time: 6%
- Independent contractor, freelancer or self-employed: 12%
- Have a side gig or extra job: 4%
- Not employed, looking for work: 40%
- Not employed, not looking for work: 1%
“These increasing numbers highlight the challenge many tech professionals face in the 2024 tech job market,” the report reads.
The Q2 2024 Technology Professionals Sentiment Survey was conducted online via email in June 2024 and generated 520 responses from fully employed technology professionals residing in the U.S. Despite some of the negative numbers, the Dice report also found some pockets of optimism. In fact, more than 30% of tech professionals continue to “remain cautiously” optimistic and said they believe tech professions will improve over the next year. Skepticism remains, but eight in 10 tech pros reported that they expect the “tech industry to continue its growth trajectory over the next five years,” according to Dice.
When asked which areas they expect to see the most growth in the next five years, respondents overwhelmingly pointed to artificial intelligence and machine learning.
- Artificial intelligence/machine learning: 81%
- Cybersecurity: 54%
- Cloud: 42%
- Big data: 36%
- Robotics: 29%
- Autonomous vehicle: 26%
- Internet of Things: 22%
- Augmented reality: 22%
- Wearables: 18%
- Cryptocurrency: 13%
- Voice/chat: 12%
- Digital twins: 7%
- Other: 3%
In response to the expected growth in these tech areas, IT professionals are looking to train and upskill themselves in many of them.
- Artificial intelligence/machine learning: 61%
- Cloud: 46%
- Cybersecurity: 43%
- Big data: 33%
- Internet of Things: 22%
- Robotics: 15$
- Autonomous vehicles: 12%
- Augmented reality: 10%
- Cryptocurrency: 10%
- Other: 10%
- Voice/chat: 10%
- Wearables: 8%
- Digital twins: 5%
Separately, Dice surveyed in June 2024 390 human resources professionals to gauge their take on the high-tech job market, and 70% of HR pros said they believed that tech hiring will increase for the remainder of 2024. Nearly the same amount (68%) of HR pros also said compared to last year tech professional hiring at their organization has increased, according to Dice.
“This expectation suggests that, while the tech sector is facing uncomfortable shifts, these is confidence among the HR professionals tasked with filling open roles that the demand for tech talent will rebound soon,” the Dice report concludes. “The tech industry is still seen as a growth sector, with AI/ML being the most sought-after skill and expected to experience significant growth in the next five years.”
Source:: Network World