The tech world has been rocked by mass layoffs as giants like Meta,Twitter and Amazon bleed jobs amid economic uncertainty. The number of IT layoffs in 2022 alone accounts for more than half of all terminations since Covid-19, according to layoffs.fyi, a tracking website.
This makes for a tight labor market that is “flooded with unemployed professionals and qualified candidates.”
Other than intense competition, job seekers also face the challenge of acquiring “adaptive skills” to meet the needs of a rapidly changing tech industry, said Pooja Chhabria, LinkedIn’s career expert. “Companies are constantly in disruption mode, so today’s requirements for a job could change tomorrow. Employers are therefore keen to recruit agile tech talent — they not only fulfill a specific need of today but have skills that are future-proof to respond to the needs of the future,” she added.
Below are three top ways to navigate the current tech market.
- Invest in skill development
Skills are now “the new currency” at work and companies are adopting a skills-first hiring approach. In the last year, 40% of hirers on LinkedIn explicitly used skills data to find talent, which is up 20% year-on-year. What is more telling is that these hirers are 60% more likely to find a successful hire due to this change in approach.
Oftentimes to pivot into the job or industry you want, you don’t need to completely overhaul your skills and may already have the similar skills needed to switch up your career. Whether you are looking to update your skills or possibly make a career pivot, do not neglect your transferable skills, she added. Oftentimes to pivot into the job or industry you want, you don’t need to completely overhaul your skills and may already have the similar skills needed to switch up your career.
“Setting up job alerts can also help pinpoint learning opportunities,” said Vicki Salemi, a career expert from Monster.com. LinkedIn data shows you’re four times more likely to be hired for a position if you apply in the first 10 minutes, so set up job alerts to notify you as soon as a job that fits your criteria is posted, and apply as soon as possible.
“If there’s a new certification, for instance, in tech that you don’t have but looks like you should and it’s a growing trend, then explore pursuing it.”
- Time is of the essence
The good news is that there are still tech opportunities available in “countless industries,” said Salemi.According to a Morgan Stanley research note this month, major job cuts in non-tech industries are also unlikely, as “the [U.S.] economy at large remains short-staffed.”
The note also added that there are currently more than 3.5 million open roles in Asia-Pacific in sectors not limited to tech, such as professional services, retail, health care and financial services.“ Understanding what skills you need to land a job in those industries is an important first step,” she said. Job seekers will have less competition when they apply considering the majority of people pause their search until January. Don’t wait.
Being part of a community and seeking help by talking to others in a similar situation might also be helpful.Start by reaching out to your network. It can be the first step to opening the door to connections and conversations with your current contacts, who might be able to offer advice, support, or make introductions that can help you get hired.
Be sure to engage and check in on your professional community on a regular basis to pave the way for mentorship opportunities, career advice and potential job opportunities.Be sure to engage and check in on your professional community on a regular basis to pave the way for mentorship opportunities, career advice and potential job opportunities … Be specific about the type of role you want, your experience level, and the value you bring to a team.
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