Technology workers no longer have their pick of employment offers or perks as tech jobs are waning, The Wall Street Journal reported Sept. 19.
Software developer job postings have dropped more than 30% since February 2020, according to Indeed.com data cited in the story. About 137,000 tech workers have been laid off in 2024, per Layoffs.fyi. IT unemployment is at an all-time high. Wages are up just 0.95% over last year, according to data company Pequity.
"I've been doing this for a while. I kind of know the boom-bust cycle," said Chris Volz, a 47-year-old Oakland, Calif., tech worker who got laid off in August 2023 before landing a job in the spring, according to the newspaper. "This time felt very, very different."
Technology has been replacing the need for humans, even in their own industry, the Journal reported. Meanwhile, remote work has opened up the opportunity to hire tech employees located anywhere in the world.
Organizations have been focusing on tech workers with artificial intelligence strategy expertise, soft skills and collaboration abilities, according to the story. Some tech employees have been completing AI and coding camps. Engineers with large-language model experience, however, are landing big salaries.