It is widely known now the effect of the pandemic has skyrocketed the unemployment numbers. During the Covid-19 pandemic, a staggering 15% of people in the U.S. were unemployed, but it's not all doom and gloom. Some industries are cushioned better than others during an economic crisis. The tech industry is less affected as the travel, tourism, retail, and service sectors are hit hard.
Some tech companies are fast to adapt to recession life. We now know that tech/information technology is more resistant to recessions. According to the Bureau of Labor Statistics, tech-related jobs are expected to grow during the next decade.
Investing in a career that will carry on offering opportunities in the coming years is a crucial part of securing your future career growth.
Tech companies aren't just Meta (Facebook), Apple, Microsoft, Google and Amazon. Nowadays, every company is a tech company. To be successful in the digital age, a company needs a full-stack developer to code their platforms or a UX and UI designer to create the information architecture. Also, there is a significant need for data analysts to identify the relationships between business decisions and outcomes.
There is a significant shortage of data professionals.
There is a widespread demand for talent to increase data-driven decision-making, yet the positions are hard to fill. AI technologies are generating more and more data. Still, the data doesn't mean much if organizations can't use it effectively.
The number of jobs posted by tech companies, in 2020, for the second time in four years, for analysis skills—including machine learning (ML), data science, data engineering, and visualization—surpassed traditional crafts such as engineering, customer support, marketing and PR, and administration.
Salaries for Tech-positions are Climbing fast for In-demand Roles.
Widespread hunger for talent and inflation led the average tech salary to rise 6.9% from 2020-2021, reaching $104,566—the highest salary recorded. Professionals who saw the most significant jump were web developers (21.3%), database administrators (12.4%) and technical support engineers (12.4%).
According to Levels, the entry-level software engineers at Google earn $132,000, while Microsoft pays $111,000. In some companies, new hires even out earn veteran workers.
How can you up skill, avoid becoming stagnant and become more valuable to your employer?
Even though you are fully satisfied with your position or looking for a new one, investing in your career growth makes sense.
Analyze the stock of your company's core business, and figure out how likely it is to change in the future. Is it a recession-proof industry? What skills will you need to stay competitive and not be replaced?
Suppose your job involves dealing with customer needs. In that case, it makes sense to learn how UX and/or UI design can allow you to better anticipate customer behavior.
If you work in outreach/sales, digital marketing and data analytics will allow you to better understand how to connect with your customers. They will also help you understand the impact of different offerings on your business.
Finally, in just about every role, learning to code and being able to create the digital infrastructure to support an online business makes sense.
1. Software Engineer
According to the U.S. Bureau of Labor Statistics, jobs in the area of software development are projected to grow 21 per cent by 2028. Though a recession would likely slow this growth, it won't stifle it.
While some companies will struggle, others will be pivoting and require software engineers to build their digital products and services.
As an economic downturn hits home, people change their spending habits. It is very likely to see that rather than travel to shopping malls and restaurants, people will look for cheaper products online and order food for delivery. Software engineers must build smartphone apps, stand-out websites, and e-commerce platforms that perform well during a recession and attracts more clients.
Algrow Academy provides an online software engineering boot camp if this career interests you. Here at Algrow Academy at the most affordable price teaches you career-ready skills in the field. The course has been put together by experts who understand what hiring managers are looking for. We'll mentor you through the program and help you land a well-paid developer position at a top tech firm.
2. Artificial Intelligence and Data Engineer
As internet speeds increase and smartphone ownership continues to grow, people spend more time online than ever. When individuals browse the web, shop online, or use social media, they leave a trail of data behind them. Companies can use this data to make informed business decisions and boost sales.
A 2019 report from Gartner states that enterprise applications for AI and data engineers have grown an incredible 270 per cent in just four years. This has created a demand that outweighs the current supply of qualified AI/ML professionals.
Data storage, infrastructure, and cloud services aren't expected to be affected significantly during an economic slowdown. More data is collected during a recession as people stay home to save money. Talented data engineers are responsible for collecting, storing, and managing the vast amount of information we share online. You'll need to build robust data systems, use machine learning and AI, and understand data-wrangling techniques to make it in this field.
Sign up for our data engineering bootcamp, and we'll teach you the skills you need to fast-track your extensive data career.
Boost Your Job Security by Leveling-Up Your Skills
If you're in a different field, you can transition into a recession-proof tech job. Or if you're already employed in one of the fields mentioned above. In that case, increasing your earning potential and adding to your skill set is worthwhile. You can increase your value by investing in yourself with us at Algrow Academy. We will help you stand out from the crowd in a competitive job market.