Tech jobs until recently were viewed as the most secure jobs.
However, the recent spate of mass layoffs have tarnished that image, with prospective recruits thinking twice about their career at the IT industry’s leading companies.
The situation today
Until now, big name tech companies have been offering six-figure starting salaries straight out of college.
But that scenario has taken a turn for the worse with massive layoffs and a shrinking pipeline of talent.
Microsoft, which hired 58,000 people in the two years following the start of the pandemic, said last month that it was cutting 10,000 positions.
Along with Microsoft, Alphabet, Salesforce, and Meta have collectively laid off 41,000 so far.
In India, companies laying off en masse cited overhiring, funding challenges, and cost pressures.
Jobs safe from layoffs
There are some jobs where hiring has not been frozen.
Bloomberg reports that roles such as IT managers, information security analysts, web developers, and database administrators have the highest job security in 2023 in the technology sector.
Mint reports that those in legal and strategy roles have remained untouched so far.
Client-facing teams, staff with strong digital skill sets are also safe.
However there is a catch.
People whose jobs are secure can expect a cut in bonus and variable pay.
Jobs at risk
Roles facing redundancy threats are customer support, basic coding, and maintenance teams.
Firms are also letting go staff from sales, DevOps, support staff, and admin.
Also at a major risk of layoffs are Engineers and support teams.
Indian IT firms such as Tata Consultancy Services Ltd, Infosys Ltd, Wipro Ltd, and HCL Tech have already announced that they will honour all campus hires, but recruits will face stringent screening tests.
High demand skills
The demand for skill sets in AI and machine learning is high at the moment.
Startups may take in younger staff in marketing and sales while banks and insurance, facing high attrition, can absorb staff for marketing, operation, or asset management roles.
Put simply, improving one’s skills is critical to protect their job in today’s time.
