If 2023 was scary with over 200,000 tech lay-offs worldwide, 2024 is no less distraught with 56,000 job cuts till the end of March.
Rising inflation, geopolitical tensions and clients cutting back on spends have crimped earnings even for the big tech firms, forcing them to swallow bitter pills and sack their employees
By Priyadarshi Nanu Pany
The tidings are bad for the global tech industry. The industry is battling a stubborn downturn and tech companies are downsizing to optimize costs. The widespread adoption of Artificial Intelligence (AI) also has a role in fuelling lay-offs. If 2023 was scary with over 200,000 tech lay-offs worldwide, 2024 is no less distraught with 56,000 job cuts till the end of March. Rising inflation, geopolitical tensions and clients cutting back on spends have crimped earnings even for the big tech firms, forcing them to swallow bitter pills and sack their employees.
The question now pops up- how can the tech folks keep themselves resilient in successive seasons of lay-offs? Is it not a good time to be in tech or pursue a career in tech? Despite the barrage of pink slips, the scene is not all gloom and doom for the tech ecosystem. The global tech industry is still growing. According to the estimates of MGI Research, global tech spending would rise from $8.51 trillion in 2022 to $11.47 trillion in 2026, meaning a CAGR of 7.75 per cent.
Tech talent is still in demand, and experts opine this demand will sustain. Tech professionals should figure out ways that can future-proof their careers. Someone who disrupts rather than being disrupted can sail through the toughest tempests. Technologies are evolving faster than the blinks of our eyes, and in this backdrop, the flair to quickly learn and upskill will keep oneself relevant. What’s more, digital collaboration, an understanding of deep tech, cognitive adaptability and an experience in ideating and deploying solutions can make the tech workers immune to job market shocks.
The tech folks should think beyond their job description and grasp the big picture. They got to understand what the customers are looking for and on top of it, come up with innovative solutions.
The next area of focus is leveraging networks. Your network is your net worth. A whopping 60 per cent of jobs are snagged through networking. Whether you’re a fresh-faced newbie, weathering a job loss, on the hunt for your next big gig, or simply content in your current role, one thing remains true: your network is your lifeline. Beyond just job leads, your professional network is a treasure trove of community, inspiration, and invaluable insights. The bottomline is looking beyond your safe, green pastures. Techies should not be averse to lap up roles in non-tech domains like retail and manufacturing when the tech job market is saturated.
The next big bet is moving up on the upskilling curve. For tech professionals, there are an array of skilling options ranging from data analytics to blockchain and cloud computing. But Generative AI looks to be the most prized skill today. According to a Deloitte report, over 650,000 employees are gearing up for the AI revolution through Generative AI training between 2023 and 2024. TCS has trained more than half of its workpool in Generative AI. Cognizant has pledged an investment of $1 billion on Generative AI projects. Companies are on the hunt for data wizards and machine learning maestros. Critical thinking, strategic prowess, problem-solving chops, and a keen eye for AI’s transformative potential in your industry can give a definite edge to tech resources. It’s about not just keeping up, but blazing a trail.
In the race to AI supremacy, one truth reigns supreme: marrying technology with human ingenuity is the ultimate game-changer. While AI turbocharges efficiencies, it’s the human touch that navigates the ethical minefield and sparks innovation. Sure, AI crunches numbers like a champion, but it’s our knack for foresight and ethics that sets us apart.
In the fast-paced world of tech, it’s not just about snagging the latest tech skills—it’s about mastering the art of collaboration and adaptability. The ability to seamlessly work with teams spread across the globe can be a game-changer in navigating the ever-shifting landscape of job dynamics. Networking isn’t just a buzzword—it’s a superpower. Building connections across the organization can open doors you never knew existed and pave the way for career growth.
And let’s not forget about embracing challenges. They’re not roadblocks; they’re opportunities in disguise. Stepping out of your comfort zone isn’t just brave—it’s the secret sauce for personal and professional development, helping you thrive in any situation that comes your way.
In turbulent times, survival hinges on smart resource allocation and savvy revenue projections. Companies can take a leaf from the playbook of mobile app developer Appinventiv— they have mastered the art of dodging layoffs by foreseeing economic downturns and making strategic pivots to safeguard their team and business.
The key isn’t just about hiring big; it’s about holding onto your top talent for a long haul.
(The author is founder and CEO of CSM Tech)
