There is so much news about the tech job market. How should you keep up with all of it?
No worries; TripleTen’s got you covered. We looked into the latest stats and reports and found some interesting trends that may help you orient yourself in the job market. In a new video, our Career Coach Christina Guida shares insights on the latest job market reports.
She also gives an update on the overall market status and provides valuable tips on what to pay attention to when searching for a job in tech. By watching the video, you will discover which industries are growing, under stress, and layoff tendencies.
In case you do not have time to watch, here are the key takeaways from the video.
Insight 1: The job market is on an incline
According to the Wall Street Journal, the tech job market is looking bright. 339,000 new jobs were added by U.S. employers last month alone. March and April’s totals were revised to a net gain of 93,000 jobs, according to the U.S. Department of Labor. This means that hiring has accelerated, and it’s a good time to be job hunting!
Insight 2: Layoff regression is behind
So far this year, employers across the tech sector had to lay off a total of 194,659 workers, already outpacing the rough estimate of 165,000 people for all of 2022. According to the data tracker, many layoffs happened in sales, marketing, and administration.
At the same time, U.S. employers added 253,000 vacancies in April and 300,000 tech positions across all sectors in May. This is good news for people in search of a tech job, because this figure is a six-month high, according to the IT trade group CompTIA.
Insight 3: Take a closer look at the positions outside of the tech sector
Statistics show that those who were laid off earlier this year have already found new jobs. About 40% of them have joined startups or other small tech firms. Often developers and tech professionals that used to work for Google, Meta, and other Fortune 500 companies, preferred small IT startups to IT departments of non-technical businesses. The competition for such vacancies is getting higher.
So if you're searching for a job, it’s really important to take a look at the positions posted outside of the tech sector. Try looking into companies that hire for technical roles, but aren't in the tech industry per se.
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