Anyone tracking technology business news has seen stories about layoffs at big technology companies. And if you have been considering making a tech career move – whether entering the field or changing positions within the field – those articles may discourage you from launching a job hunt.
But recent studies by CompTIA and other analysts confirm that the U.S. employment market for tech workers remains strong, especially for candidates with cybersecurity skills. Despite workforce reductions at “Big Tech” organizations, there are more reasons to move forward with your job hunting plans than take a step back from them. Here are three of the most compelling.
Related Blog: Look at Facts Beyond Headlines When Considering Tech Career Moves
Reason #1: Trends Show Tech Employment Is Growing and Shifting, Not Shrinking
Trends shaping the U.S. tech workforce create more opportunity for job seekers than labor cuts at several prominent technology businesses are taking away. That’s because the pains of layoffs are typically felt at individual companies and within specific industries.
For example, a big software firm may eliminate positions in response to intense competitive pressures that dent short-term revenues. Or a big computer maker may shed workers due to temporary supply chain challenges that stall assembly lines. Neither case reflects the potential in the broader market for technology skills. In fact, recent news on that front is largely positive.
CompTIA’s July 2023 Tech Jobs Report shows tech sector companies increased headcount by 5,348 in June. Among the six top level tech occupation categories, three show positive gains through the first half of 2023 – IT and custom software services and systems design; PC, semiconductor and components manufacturing; and cloud infrastructure, data processing and hosting.
And while the unemployment rate for tech occupations edged up to 2.3%, this percentage remains more than a full point below the national unemployment rate of 3.6%.
How CompTIA Defines Tech Employment
CompTIA’s State of the Tech Workforce report builds a single figure for “net tech employment” from two statistical components, including:
- The number of technology pros working in technical positions. Think technical support specialist, network engineer, software developer, data scientist and related roles. Many of these employees work for technology companies (41%), but many others work for organizations across every industry sector in the United States economy (59%).
- The population of workers employed by technology companies. These professionals – encompassing sales, marketing, finance, HR, operations and management, play an important role in supporting the development and delivery of technology products and services used throughout the economy.
The July 2023 Tech Jobs report also reveals tech employment is expected to grow within certain specialties, multiple regions and diverse types of business:
- IT services and custom software development (+2,200) led June job postings, with gains also reported in PC, semiconductor and components manufacturing (+2,100) and cloud infrastructure, data processing and hosting (+1,600).
- Washington D.C., New York City, Dallas, Los Angeles and Chicago put up the highest volumes of tech job postings, while D.C., Los Angeles, Phoenix, Dallas and Orlando saw the largest month-over-month increases in tech job postings.
- Employers in professional, scientific and technical (65,222), administrative and support (26,507) and manufacturing (23,597) were among the most active in June.
Other studies indicate that today’s tech workers move within the technology field rather than transition to a different type of career. And one increasingly likely destination for these technology employees is remote or hybrid work positions. CompTIA’s July report registered employers posting nearly 44,000 remote or hybrid positions across the country, with jobs in software development, IT project management and data analysis atop the list.
A recent ZipRecruiter survey provides more evidence that the market for tech jobs is healthier than headlines about layoffs suggest. Pollsters found nearly eight in 10 employees recently hired after a tech-company layoff or termination landed new jobs within three months of starting a search. About four in 10 previously laid off tech workers found jobs less than a month after they began searching.
“Many tech workers are finding reemployment remarkably quickly,” ZipRecruiter’s chief economist, Julia Pollak, told the Wall Street Journal. “They’re still the most sought-after workers with the most in-demand skills.”
Reason #2: Tech Companies Want Workers With Technical Skills, Growth Potential
In addition to seeing headlines about layoffs, anyone who follows tech business news surely has read about the technology skills gap, too.
Based on IT spending forecasts, research firm Gartner expects demand for tech talent of all kinds to continue outstripping supply through 2026. Another recent Gartner study discovered that nearly three-quarters of CIOs were more concerned with retaining tech workers than letting them go. In fact, per the 2023 State of the CIO Report by CIO.com “bread-and-butter” competencies like technology integration/implementation, IT cloud architecture and risk/security management continue in highest demand.
Yet, sharp technical skills are only the tip of the employment possibilities in the tech sector. Due to talent supply issues, organizations not only lack workers with fundamental tech skills, but employees with the business acumen for growing into management positions.
“Tech leaders simply don't have the people they need to build effective teams,” James Stanger, chief technology evangelist, CompTIA, wrote in his commentary about creating digital champions. That’s why, when seeking tech talent, organizations across the spectrum of industries seek candidates with growth potential. As one HR executive told CIO.com, “Now, it’s about managing people for who they can be tomorrow, not for who they are today.”
Mark Sasson, managing partner at the executive recruiting firm PinPoint Search Group, agrees that technical skills are critical for tech job hunters but signs of management potential can be differentiators during interviews. He says stressing that you are a continuous learner shows promise on both levels – especially in cybersecurity. A track record of pursuing and earning certifications like CompTIA Cybersecurity Analyst (CySA+) demonstrates the initiative to adapt and advance skills crucial to IT and business operations.
“Because IT security threats are always evolving, businesses will always need new ideas, inventions and innovations in cybersecurity,” says Sasson. “If you want the added responsibility of managing a team, showing your ability to lead yourself is an excellent way to advance into IT management and, possibly someday, to the executive level of a business.”
Reason #3: Investment in Tech is Growing, Especially in Cybersecurity
Management consulting firm McKinsey & Company reports that damage from cyberattacks will amount to about $10.5 trillion annually by 2025, which will represent a 300% increase in 10 years.
“As the digital economy grows, digital crime grows with it. Soaring numbers of online and mobile interactions are creating millions of attack opportunities. Many lead to data breaches that threaten both people and businesses,” McKinsey analysts wrote in a recent column about digital risk and resilience. This is the reason cybersecurity products and services have become a $2-trillion opportunity for tech investors – and an exceptional career opportunity for experienced and aspiring technologists.
Sasson’s firm tracks the quarterly flow of investment in cybersecurity vendors by reviewing and compiling data from technology publications and industry authorities such as CompTIA, IDC and Gartner.
“While the cybersecurity field hasn’t been immune to macroeconomic events like layoffs,” he explains. “In our Cyber Security Vendor Funding Report, we’re still seeing billions of dollars invested in the industry each quarter.”
As a sign of the cybersecurity community’s vitality in the face of challenging economic times, he referred to April’s RSA Conference in San Francisco. More than 40,000 security professionals attended the event from all organizations of all kinds across industries.
“Technology truly is a fundamental part of every business, if not an increasingly important part of all our lives,” says Sasson. “In turn, cybersecurity is an essential element in operating technology. People are investing in cybersecurity because we all need it. It’s an absolute requirement today.”
Which means many employers may be eager to invest in your tech skills, technology career and development as a business manager.
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