Despite these challenges, the tech industry is not contracting but rather expanding into various sectors like healthcare, finance, and retail. Tech job growth is expected to rise from 6 million to 7.1 million by 2034. Software developers currently experience a 2.2% unemployment rate, which is half the national average. However, there is a growing demand for AI skills, with 87% of hiring leaders valuing AI experience and nearly 25% of job postings requiring it, according to a survey cited by the Wall Street Journal.
Key takeaways:
- The tech industry's entry-level hiring has significantly decreased, with a 50% drop in new grad hires by the 15 largest tech companies since 2019.
- Graduates previously made up 15% of Big Tech hires, but this has fallen to 7% post-pandemic.
- Tech roles are expanding across various industries, and tech jobs are expected to grow from 6 million to 7.1 million by 2034.
- AI skills are increasingly in demand, with 87% of hiring leaders valuing AI experience and nearly a quarter of job postings requiring it.