The Paradox with the Tech Layoffs in the IT Industry
I am a bit for at least a week now, nothing serious it's just the common flu but still i find it hard to focus on my PC or phone let alone create a post. Today after some medicines i feel a bit better so i will quickly right a post before i turn worse and move back to my bed to sleep.
As i have mentioned in a previous post and as you may have known already many tech-related companies fired a lot of people during 2022. The main reasons are the pandemic which led almost everyone to do everything on the internet and thus more tech jobs had to open. Now that most of the harsh laws about staying at the home are a thing of the past people as you can imagine don't use the internet that much.
The second reason is that due to the war and constant crisis we face, people spend their money more conservatively and at the same time all the bills are up, thus decreasing the profits of some companies, except if you have an oil company then you just got way richer.
Now when you read about tech layoffs that don't necessarily mean that IT guys losing their job. In fact, many people that "interact" with the IT sector were included as well like HR, Business Analysts, and Project Managers among others. Now let me talk to you about the Paradox that i state in my title as well but i will only speak about Europe where i have a pretty good picture of the IT Market.
The Paradox is that while so many people lost their jobs still the market in Europe is in desperate need of IT talents. Also to add to that, the vast majority of those that are interviewed are asking for too much money meaning they don't care whether they will secure a job fast or not. At the same time, the opposite applies to every business-related position.
Not only there are tons of CVs for business-related positions but their financial expectations are compatible with the Market. Before you start saying that these IT guys deserve every penny you need to think from the market's perspective and use some logic. On the one hand, mostly everyone deserves more than he/she gets paid in my opinion but also as i mentioned there is a huge demand in the markets for IT personnel.
Even with these big layoffs, the IT industry in terms of demand or salary ranges at least in Europe hasn't changed at all. On the other hand in some way you need to keep the salary-range balance in a company. You can't pay someone in the IT industry 3-4 times more than someone in any other sector with the same years of experience. Eventually, in any company people will learn about the huge differences in the salary ranges and it will bring chaos.
Finally, i strongly believe that in a couple of years the salaries in the IT Industry will get lower and lower, there still will be a demand but you will need expertise as well. More and more teens these days decide to obtain a bachelor's in computer science and heck even people with a bachelor's in Mathematics and Physics tend to search for a career path in IT due to the better salaries and high demand.
What are your thoughts?
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