Ok so the tech sector had a torrid time in 2022. But it’s important to remember, it was only torrid by its own uniquely successful standards.
It’s because the sector has, for years, been synonymous with growth that this year’s highly publicised job losses caused such shockwaves. Indeed, it’s why they were so highly publicised in the first place.
It doesn’t take a clever AI to figure out what went wrong. Put simply, the sector expanded its workforce too rapidly during Covid, fuelled by soaring demand for tech products and services.
With staff working from home, employers needed new tools to collaborate, while those working from home needed new online shopping experiences to stave off lockdown boredom and to spend all that cash saved from no longer having to commute or be able to socialize or travel.
Once the crisis was over, demand tapered off and the tech sector found itself with a swollen headcount but neither the productivity, nor the revenues, to justify it.
It’s why most of the layoffs that followed have been in IT support services such as recruitment, HR and marketing.
Skilled techies remain in demand, if not by Tier One big brand ‘employers of choice’, then by the myriad Tier Two and SMBs (small and medium sized businesses) who have for years struggled to compete with the big boys for talent.
Though wage inflation has softened, all you highly skilled techies can relax – the labor market is still your oyster. The real question is which of you is most in demand, at least, that is, until ChatGPT makes us all redundant.
According to the Bureau of Labor Statistics employment of data scientists is set to grow 36 percent between now and 2031, much faster than the average for all occupations. It predicts there will be around 13,500 openings for data scientists each year, on average, for over a decade, many of which will be needed to replace those retiring.
As the world digitises, with hackers snapping at its online heels, the need for cybersecurity is only going to grow. No wonder the BLS predicts employment for information security analysts will rise “much faster” than the average for other occupations, up a predicted 35 percent in the years ahead. Indeed, it suggests the USA will see an additional 56,500 jobs created between now and 2031.
The global cloud computing market is estimated to be worth $480.04 billion, rising to a whopping $1,712.44 billion by 2029 – representing a compound growth rate of 19.9 percent a year – and that’s after having already surged during Covid. As the digital transformation gains pace, demand for experienced cloud engineers and architects is heading skyward too.
AI and ML
Market intelligence firm International Data Corporation (IDC) has forecast global spending on artificial intelligence will surpass $300 billion in 2026, a CAGR of 26.5 percent, driven primarily by banking and retail. To put that in perspective, that’s more than four times greater than the CAGR of 6.3 percent for worldwide IT spending over the same period. Where money flows, job offers follow.
Full Stack Developer
Full stack developers, those highly skilled jacks of all trades who can develop both the client facing front-end of a website and the business-end server side, are eternally sought after, simply because they add so much value to an organisation. Little wonder therefore that overall employment of these dual-facing developers is projected to grow 23 percent by 2031, with just under 22,000 openings a year.
Information Security Officer, Bank of America
Bank of America is seeking an Information Security Officer as part of its Business Information Security Officer’s (BISO) organisation. Based in Denver, Colorado, the successful candidate will work closely with its chief information and chief technology officers. To get the job they must display subject matter experience in application security, vulnerability testing, system testing, and/or agile lifecycle management and be qualified in computer science or information technology. See the full job listing for more.
Data Scientist, PayPal
At PayPal, there is a need for a Data Scientist 2 hire, which will be part of the First Line of Defense Model Controls function. You will independently manage the new model governance process for all models spanning across the customer lifecycle used in Global Credit Risk and Global Seller Risk business. To apply, you will need a Bachelor’s or Master’s degree in a quantitative area as well as six or more years’ experience in model development or model validation/model risk management in consumer and/or business financing credit risk or in the digital payments industry. Get the full information here.
CyberSecurity Analyst, Vestwell
Vestwell is looking for an experienced, meticulous and detail-oriented Cybersecurity Analyst to be responsible for monitoring the security systems in the organization. You will secure infrastructure, filtering out suspicious activity, and finding and mitigating security risks before any breaches can occur. You’ll need professional experience in computer science, programming, or a related field, as well as professional experience working in computer systems with some specialization in computer security. Apply for the role here.