It's Not the End of Big Tech

CareerNovember 23, 2022 16:00

Slowdown in the tech industry

In the past few months of 2022, numerous big tech companies have been drastically trimming their workforces due to a decline in profits. Beyond merely slowing or freezing hiring to save costs, big tech companies have had to resort to carrying out retrenchment exercises. Are these layoffs warning bells which herald the end of the tech industry’s heydays?

If you are a tech professional, you may be wondering whether big tech is facing a major downturn. Is there no more job security in the tech space? Despite the fact that several big tech companies have conducted high-profile layoffs, it is not all doom and gloom for the tech industry (as some in the media would like to portray).

While big tech is adopting a more cautious approach to recruitment, it does not mean that big tech is on the verge of a collapse. It could possibly be a period of consolidation for big tech companies. By streamlining their services, these companies will be able to enhance their business operations and become more efficient.

Furthermore, the tech industry as a whole is still expanding, albeit at a slower rate than before. This trend is reflected in the recent deceleration of salary growth: while software engineers’ salaries in Singapore rose on average by 22% last year, they either stagnated or experienced single-digit percentage growth this year.

Though it is understandable for you to be worried about job cuts in the tech industry, rest assured that the industry is growing nonetheless. According to research commissioned by AWS, cybersecurity and cloud-related roles will be the top two most in-demand tech roles by 2025.

The outlook for the tech industry remains optimistic. There is still a high aggregate demand for tech talent in Singapore. Not only are fintech startups looking to hire tech professionals, but also non-tech companies which are in the midst of their digital transformation such as banks.

Opportunities abound—and with the right skills and mindset, you will be able to harness these opportunities. In order to thrive in today’s market, it is crucial for you as a tech professional to stay relevant.

How to stay relevant as a tech professional

The tech industry is dynamic in nature and constantly evolving. Platforms, frameworks, and domains tend to become obsolete after several years. As such, you have to keep abreast of the current industry trends. Always be on the lookout for the latest technological advancements to stay relevant in the tech industry.

Going forward, tech talent are expected to have a broad spectrum of skills. It is not sufficient for you to only know frontend or backend development; you may be required to be proficient at full-stack development. On top of that, you can gain a competitive advantage by acquiring some data analysis, cybersecurity and cloud computing skills.

Therefore, upskilling and reskilling is of the utmost importance. Attend part-time classes and weekend bootcamps so that you can broaden your skillsets. By obtaining relevant IT certifications, you can show your current and future employers that you are highly agile and knowledgeable in your field. Besides improving your technical abilities, you should hone soft skills such as communication and collaboration with your colleagues.

Also, actively network with other tech professionals from other companies by participating in IT conferences and online user communities. This is an effective way to learn valuable programming techniques and seek advice from your peers. If you want to find out your marketability as a candidate, don’t hesitate to speak to our Career Advisers today!

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Read more:

What to Do if You’re Unexpectedly Laid Off
How to Write a Winning Cover Letter

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