Today's Labor Market Is Very Unstable — What Are the Prospects for Workers in the IT Industry, and What Awaits Them in the Future?

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Nikky’s story:
Hi! I'm freaking out about the job market these days. I've been reading about all these layoffs and job cuts happening everywhere. What if I can't find a job after I graduate? It feels like I'll just be throwing away my time and money.

TripleTen Team:

Hi! We understand your apprehension, but don't worry — there's still plenty to do in the market. Let's take a closer look at what exactly is going on in the job market today, when layoffs occur, and how not to get discouraged when looking for work.

How technology really affects the labor market

Mostly, the mass dismissal of IT employees is not because of the crisis in the labor market but because of the constant development of technology and the obsolescence of specialist skills.

Despite the recent tech layoffs, an IT career path is still a reliable way to ensure you’re employable. According to US News, professions in the industry are some of the most secure, and software developer jobs are expected to grow by 26%. In fact, they ranked software developer as their best job for 2023.

McKinsey expects technology spending to grow more than 50% from 2015 to 2030, and it could create as many as 50 million jobs worldwide. The same study suggests that even with automation, employees will not necessarily lose their jobs. New functions open up different opportunities for those individuals. For example, take the advent of ATMs: ATMs appeared, but there are no fewer bank employees; they just work differently.

A more concrete example is the software engineering profession. The U.S. Bureau of Labor Statistics (BLS), part of the Department of Commerce, says the overall employment of software engineers, quality assurance analysts, and testers is projected to grow 25% between 2021 and 2031, much faster than the average for all occupations. The BLS said that many of those job openings are expected to be driven by the need to replace workers who change careers or leave the labor market.

According to a study by professional services network Deloitte, 800,000 jobs were lost, but almost 3,500,000 new ones were created. On average, for every job created, they pay about $12,500 more per year.

Now the popularity of IT professions becomes clear. Companies are looking for qualified people who have the right skills to fill roles. Your constant effort and continuous improvement will land you a position at nearly any company.

How TripleTen helps you get a job in tech

According to statistics from last year, 87% of our graduates found a job within six months after graduating from the program. Of those, 56% found a new job before graduation, and 26% found a job within one to three months after completion. And only 13% of our students had experience in information technology. The average salary of our graduates is $75,750 per year. We have such impressive results thanks to the work of our Career Team who offers a Career Prep Course and Career Acceleration program.

Career Prep Course

You don't have to wait until graduation. Start Career Prep while still studying your bootcamp. This is where students learn the basics. You will learn about technical interviews, how to build a personal brand in technology, how to become a networking ninja, and more. To help prepare you for finding a tech job in today's market, you will learn and practice these skills in our Career Prep:

• Prepare your resume
• Write a cover letter
• Put together a portfolio
• Create a networking map
• Develop a job strategy

Career Acceleration

After graduation, you'll be paired with a career coach who will walk you through test interviews, teach you about Funnel, and help you accomplish other important things you need to do to get a job.

Students don't always make it to this stage, as many already find jobs before graduation. Nevertheless, a personal mentor walks you through all the steps individually on your way to achieving a job offer.

The labor market is quite complicated, and it is impossible to say unequivocally that if a company or several of them fire a great deal of people at once, they are not needed in the IT field. It is important to monitor trends, constantly improve your skills, and prepare carefully for interviews. Career Prep with TripleTen is devoted to helping with this stage in your path.

Keep your chin up when searching for a job

It's understandable to feel concerned about finding a job, especially given the current job market and recent layoffs. However, it's important to remember that there are still opportunities available and ways to enhance your chances of securing employment. Here are some suggestions that even a newcomer to programming can follow to be more confident about finding a job after attending TripleTen:

• Upgrade your skills and portfolio. Constantly improve your skills, don't stop at what you've achieved, and build up your body of knowledge. Receive certificates and make a portfolio. With them, you have more chances to move up the career ladder.
• Networking. Create your own website and professional profiles, for example, on LinkedIn. Increase your exposure while highlighting your skills so that more companies can find and learn about you on the internet.
• Tailor applications. Craft your resume and cover letter for each job. Don't use the same templates for every response. That way, you show the employer that you have really researched the company and are interested in working for them.
• Consider remote and freelance work. Today, these types of work are very popular, and for many professionals, they are even more convenient than the traditional full-time mode, as they allow you flexibility without overloading yourself.
• Stay persistent and positive. Finding work and landing a position is often a full-time job in itself. The more effort you put in, the better results you'll get in return. Only with a positive mindset can you get the job of your dreams.
• Expand your search. You may look for all jobs at IT companies, even if the position doesn't work directly with technology.
  

Even in today's uncertain world, nothing is impossible, and finding a dream job is absolutely real. All you need to do is follow the recommendations of experts and don't give up. We're sure you'll succeed!