Tech Layoff 2023 - My Thoughts

I am writing this on the back of announcements of tech worker layoffs, such as Salesforce, Amazon, Meta, Shopee (SEA Singapore) and my reader may worry that the technology sector might not be an ideal place to build a career, especially after all the hype selling done by boot camps and degree programmes. Having been in your shoes two decades ago, I can understand your worry.

Here are my thoughts on it. Personally, I am still very optimistic about the tech industry. "How so?", you might ask. Well these days, all businesses need technology to run. Let me give you an example. In the older days, before the Internet, chances are businesses need to have a physical presence before they can set up shop. With technology improving and Internet, besides having a physical presence, a website is a must to enable the business to have a wider reach. Now? If a business does not have a presence in social media, chances are they will not reach an ever-wider audience, not forgetting having a smartphone app to go along with it.

Riding on the wave of Industry 4.0, where businesses need to undergo digital transformation, it will continue to drive the demand for technology for the next decade at least. With digital processes, more data are captured, waiting to be analysed and turned into gold nuggets for decision making and to make more profits!

Before these tech layoffs, most of the big tech firms has been hiring rapidly for fear of tech talents landing into their rivals. This has driven the demand astronomically high while other industries where technology enhance their competitive advantage rather, such as manufacturing and security have very limited access to the tech talents. With this wave of layoffs, it is an opportunity for these industries to gather the tech talents they need. As these businesses start climbing up the learning curve, they will discover more use cases for technology as such driving up the demand for tech talents further, a healthier demand as compared to previous.

If you are going to graduate soon, here is what I suggest. Keep an open mind in trying out different industry or companies but still stick to technology. Gain more experience, keep that learning hunger even after you graduate. Tech workers are like wine, the more relevant experience one gets, with consistent update on the latest, one will get more valued!

I wish you all the best in your tech career!

What are your thoughts? :)

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