What The Future Looks Like For Fresh Graduates In The Tech Industry

After massive growth in the tech industry in 2020, tech companies are downsizing and cutting their workforces in half . According to Fortune, more than 120,000 technical service workers will lose their jobs in 2022 due to mass layoffs. Tech companies are bemoaning the macroeconomic downturn, and the tech industry's lag is forcing them to make tough decisions.

During the Covid-19 lockdown, all businesses had to go online as the internet was still the only place where traffic flowed freely. As a result, the technology industry operating as a new property has seen tremendous revenue and operational growth, with revenue up 90% in terms of value and inventory.

While the tech industry has enjoyed unprecedented success, other companies have suffered major downturns or outright collapses, such as: B. hospitality industry. These struggling companies have had to merge and collaborate with the tech industry. This led to a sudden boom in the tech industry, and companies began expanding their workforces to meet demand.

Unfortunately, the downside is that tech companies are drowning in a pool of lost revenue. As the New York Times headline, "When Your Boss Is Crying But You're Getting Fired," employers are scrambling to contain the situation and are being forced to cut costs, including laying off talent.

See also: 5 things I wish I knew before I got my first tech job

Fresh graduates are in a tough spot

While the world worries about ex-employees at god knows what jobs , I worry more about the fate of new graduates. those who are now in the market in the wake of ex-meta engineers and ex-meta engineers. to compete Amazon women. Product manager. In general, the graduate job market has never been so favorable. Hiring managers are "promised" to prioritize candidates with more practical experience over freshmen .

The United States boasted that it had more jobs than human resources and was opening its doors to foreign talent. The growing demand for tech talent has made it easier for fresh graduates to break into the tech industry. However, continued layoffs suggest we have more tech talent than available jobs. I can't help but imagine the fate of new tech talent entering the field. New graduates will face more competition than ever, competing with talent from around the world and freezing their hiring at their dream companies. 2023 could be a tough year for those fresh out of college, graduating and jumping through hoops in the tech industry.

The probability that new talents will get good positions in the technology sector is very high. Therefore, this article examines what 2023 might look like for college graduates looking to enter the tech industry. Here are some of the biggest challenges facing the tech industry today and how they affect new graduates:

reductions

This year saw a record number of layoffs in the tech industry. For example, Meta has laid off about 13% of its total workforce, or about 11,000 of its employees. Twitter, one of the largest technology companies, has laid off half of its workforce, about 3,700 workers. On top of the downsizing trend, Amazon will cut 10,000 jobs along with Best Buy, Ford Motors, HBO Max, Peloton, Shopify, Re/Max, Walmart and Wayfair. .

Moreover, experts predict that this will not be the end of layoffs at tech companies. It is estimated that we could see 30,000 to 40,000 more layoffs in the first quarter of 2023. So, about 40,000 experienced workers will attack a bloated industry and compete with these newbies, who will have an even harder time standing a chance in a closed recruitment industry.

Related to: 6 entry-level tech jobs that pay more than $90,000 a year

Homework

Due to the pandemic, telecommuting is becoming a culture in all companies, and the percentage of companies adopting telecommuting policies is growing exponentially every year. One of the advantages of telecommuting is the ability to work with people from different parts of the world. This means that local work, normally limited to people living in the United States, will be open to the global community.

However, having a job in the United States does not automatically mean that the job is limited to living in the United States. The number of new graduates will increase in the difficult labor market. In other words, new graduates aren't just competing against ex-Twitter employees; You'll be competing with equally brilliant new graduates who are less qualified but also cheaper to work for.

Hiring freeze and absenteeism

Mark Zuckerberg's message to Meta employees stated that Meta will freeze hiring until December. So have Twitter, Google, Amazon, and others. The dreams of fresh graduates hoping to partner with these tech giants now seem ambitious.

While many predict an increase in the number of startups, if we spread the output of each startup over about 110 people, which is actually a lot, it would take 100 startups to get a ton of meta releases. How much more so when we add people from Amazon, Twitter and other tech giants, as well as the skilled unemployed. Worryingly, the unemployment rate is 3.7% in November 2022, and new graduates have yet to make progress this cycle.

Related: 10 Best US Cities for Tech Jobs

bad economy

The global economy is not in the best shape since the start of the Russian-Ukrainian war. Many of America's allies in Russia and its allies suspended operations to show their support for Ukraine, costing them dearly. Since the start of Russian aggression against Ukraine, Economist Intelligence Unit forecasts show a sharp drop in GDP growth forecasts for the year to 0.4%. Not to mention the huge changes in cash flow in the tech industry from year to year. While recent graduates have no business in the U.S. economy, the outlook for the turnaround of these tech giants is not perfect, and startups may not have enough money in a booming economy. .

The business world is not as pleasant as it used to be. Startups need to be more serious than their older peers to make waves. Fresh graduates who want to start startups have to work harder to beat the competition. We will see a "survival mode" show before these startups take their first breath in the business growth cycle. A fair where start-ups have to be careful and diligent to create an incentive to attract the attention of major investors, first customers and more qualified employees, and then compete at a high level.

Potential learning opportunities

While the odds of getting an engineering degree are high, that doesn't mean all doors are closed. Here are some tips to consider:

1. Take advantage of remote work to explore job opportunities outside the United States; Europe, Asia and other continents are now investing heavily in the technology.

2. Note: Some large tech companies are still reluctant to hire engineers for their projects. Apple says it will hire a mixed reality engineer for its Metaverse project. TikTok also plans to add another 1,000 employees to its team.

3. Refine your skills and stand out. history shows that even during hiring freezes, companies continue to hire exceptional talent. They close the door of mass work. Your meta dream is still coming true, but it's pretty weak now.

4. Think about practice. Internships are the easiest way to break into top companies, even during a hiring freeze.

5. Look at the startups. startups continue to raise funds from venture capitalists and develop all kinds of software. You can get a job at a startup by joining a job community, following the right people on Twitter, participating on LinkedIn, and more.