Is this the best or worst time to be a technology and cybersecurity job seeker?
The answer depends on who you talk to and/or what media reports you follow.
First, consider the following headlines and stories for the first half of 2024:
source: — The tech job market remains in flux as layoffs continue and experienced workers struggle to find employment.
“After being laid off in September, Jenny Richards didn’t expect it would take her more than six months to find her next job. She had worked in product management roles at Seattle tech companies, including Expedia, Tableau, Microsoft and Accenture. Her most recent job was at a startup developing recruiting software, so she knew the complexities of tech recruiting.
“But I applied for hundreds of jobs, including through internal referrals, and none of them worked out. I was on the verge of losing my unemployment benefits. I finally made it to the final interview, but was then dropped without any explanation.”
“‘I couldn’t find a job,'” Richards said. “Nobody called me. Nothing.”
CNN — The college job market is a warning sign for the U.S. labor market.
“When Brynn Savage got the email notifying him that he hadn’t been offered the job, it was almost laughable.
“It’s like they’re all using the same AI algorithm saying, ‘Write this person a rejection letter,'” says Savage, who graduated with a degree in environmental science from Kenyon College, a small liberal arts school 50 miles from Columbus, Ohio. “The typical line is, ‘We know you really want to change the world, but we chose a more qualified candidate.’ They always add in an environmental joke,” she says.
Technopedia — Tech industry layoff predictions for 2024: When will the job cuts end?
- “Layoffs at tech companies continue: Tesla, Amazon, Microsoft, Meta, Apple, Cisco, SAP and Sony have all implemented significant job cuts.
- More than 270 companies in the technology sector cut more than 70,000 jobs in the first quarter of 2024, according to the Layoff Tracker.
- The layoffs reflect a broader trend in the tech job market, as companies increasingly rely on AI and automation for efficiency and innovation, often resulting in a smaller human workforce.
- Mass layoffs in the tech industry have spawned a new trend of “layoff diaries,” in which employees record videos of their layoff experiences and share them online.
Federal News Network — The cybersecurity job market is drying up, according to a survey.
“Tom Temin – I keep hearing the statistic that there are a million cybersecurity jobs open in the country, but your report says there are 330, maybe 331,000 open jobs – does this mean that the remaining two-thirds of jobs have been filled and the situation is improving?
“Deidre Diamond – That’s one way of looking at it. I hope it is. You know, the million-plus job openings that we’ve heard about is a bit of a myth to us. So there’s one piece of data that we’re not all so sure about. So what we do know is that advertising for cyber jobs in U.S. corporations, state and local governments, and government contractors is declining. I mean, this data represents 30 major job boards and the websites of Fortune 500 companies. So I don’t think the situation is getting better. I’ve been here for 10 years now, and every day I get more and more worried because burnout has been our biggest threat for years now. And now with this change in the economy, where capitalism has reduced the need for cyber professionals in organizations, burnout is even more on the rise.”
CNBC — “NEET” and “newly unemployed” — Why some young people are not working:
“Although the unemployment rate has remained below 4 percent for 30 months, near record highs, not everyone who wants a job can get one. And not everyone wants a job anyway.”
“The term ‘NEET’ refers to people who are not in employment, education or training, and many of them have dropped out of the labour force due to discouragement in their economic situation.
“Meanwhile, a recent Korn Ferry report found that many younger candidates who are well-qualified but struggling to find work make up a segment of the so-called ‘newly unemployed.'”
Not so early…
But before you get too depressed, consider these job market headlines that tell a very different story:
The Washington Post — Demand for improved cybersecurity drives booming job market:
“According to the FBI’s Internet Crime Complaint Center (also known as IC3), the number of cyber attacks has nearly doubled over the past five years, averaging 758,000 per year. These are the cases we know about. When the FBI penetrated the Hive ransomware network in 2023, it found that only one in five victims filed a complaint with law enforcement. The growing threat has created a booming job market for cybersecurity professionals. The Department of Labor predicts steady growth, and according to a widely distributed report by Cybersecurity Ventures, open positions in the industry have more than tripled worldwide since 2013. The pace is slowing, and although the U.S. technology industry saw job cuts last year, there are many open positions in the United States.
“Demand is particularly high in the capital city as government agencies and private companies compete for talented people.”
CNBC — Gone are the days of remote work. CEOs say cross-border talent is the future of the tech industry.
“It’s no longer a question of whether to work remotely or not. Experts say it’s cross-border hiring in tech roles that’s taking the conversation.”
“Remote work is like a gateway to crossing borders,” says Jeremy Johnson, CEO of Andela, an AI-enabled tech talent marketplace whose clients include Goldman Sachs, Github and Coursera. “Once you realize that you don’t need everyone to be in the same office five days a week to build an engaging culture, feel connected to a mission, and solve complex problems, you start to think that there are amazing people all over the world.”
CSPAN — Emily Peck talks about the U.S. job market and economy
Deciphering Confusing Messages
My take on what’s going on right now is that we’re seeing a mixed picture across the country in terms of technology and cyber-related roles.
On the one hand, the market for AI expertise is currently booming, with many people retraining, taking classes, and rewriting their resumes to include GenAI and AI skills. Also, there is a continuing demand for specific cybersecurity skills, especially in hot areas like Washington DC, which has a large federal workforce along with contractors supporting the defense and intelligence communities.
At the same time, however, we are hearing from many talented cyber and technology professionals in a variety of fields, from programmers to data specialists, that they are finding it difficult to land roles they view as “long-term career advancement” across the country. While these professionals are finding short-term positions and project work, many continue to struggle to find a career match in technology roles.
While many technology companies are arguably continuing to hire very carefully, if not in hiring freezes, while their stock prices are soaring, we are not seeing the same level of caution when it comes to state and local tech and cyber jobs.
I advise my colleagues to consider government jobs, and I know professionals and leaders who are considering a move to the public sector, despite the huge difference in salary (and stock options).
Before I go any further, I want to point you to some resources that are already available on this topic. Roman’s thoughts on cybersecurityLast year I shared details about how to land a cybersecurity job, and I also wrote about corporate tech layoffs and how the public sector can benefit and attract top talent in this article, Private Sector Pain Can Be Government Gain.
Final thoughts
We find ourselves at a strange crossroads, with some saying the U.S. economy is slowing while others say the tech job market continues to boom.
It is also difficult to assess how issues such as an increasing number of remote workers and hiring in the era of COVID-19 are affecting current job market conditions.
Are companies now adjusting staffing levels after years of overhiring? Many believe the answer is yes. We are seeing a clear slowdown in the role of technology and risk management in the private sector.
But only time will tell whether this is a temporary lull in employment for technology and cyber workers, or the beginning of a more dramatic shift in the job market as the “AI era” arrives.
*This blog was originally published by our sister publication, Government Technology, Industry Insider, State of California.
