Are we in the golden age or the dark ages for tech and information security job hunters? The response varies depending on the source consulted and the media outlet followed.
Let’s begin by examining these news headlines and articles from the initial part of 2024:
Geekwire.com — Tech work market remains unsettled as terminations persist and seasoned professionals encounter difficulties in securing roles:
“Following her job termination in September, Jenny Richards faced an unexpected and prolonged job search. With a background in product management across Seattle-based tech firms such as Expedia, Tableau, Microsoft, and Accenture, along with a recent role in a startup developing recruitment tools, she possessed deep insights into tech recruitment.
“Despite applying to numerous positions, many with internal recommendations, no opportunities materialized. Approaching the point of losing unemployment benefits, she eventually made it to the final stages of an interview — only to be left hanging without any explanation.
“’I was unable to secure employment,’ lamented Richards. ‘Calls wouldn’t come through. Nothing.’”
CNN — The job arena for college graduates sends a cautionary note to the US economic landscape:
“It’s almost comical for Bryn Savidge to keep receiving job rejection emails.
“’It feels as though they’re all employing a standardized AI algorithm to draft these rejection notices,’ remarked Savidge, a Kenyon College graduate majoring in environmental science. She frequently encounters messages along the lines of ‘We acknowledge your desire to enact change globally, but we opted for more qualified candidates,’ accompanied by environment-related comments.”
Techopedia — Projections for Tech Layoffs in 2024: When Will the Staff Reductions Conclude?:
- “Staff layoffs persist in tech enterprises: Notable corporations such as Tesla, Amazon, Microsoft, Meta, Apple, Cisco, SAP, and Sony have all executed significant layoffs.
- Over 270 tech firms have let go of over 70,000 employees in the first quarter of 2024, as reported by the layoffs tracker.
- The prevalence of layoffs reflects a broader trend in the technology job market, where firms increasingly rely on AI and automation for productivity and innovation, often resulting in downsizing of human labor.
- Extensive layoffs within the tech sector have given rise to ‘Layoff Diaries,’ a burgeoning trend where axed employees document and share their layoff encounters online.”
Federal News Network — According to one assessment, the cybersecurity job domain is facing scarcity:
“Tom Temin – We often hear the oft-quoted figure that there’s a million cybersecurity roles unfilled in the country, yet your study points to around 330,000 to 331,000 listings. Could it be that the remaining two-thirds of a million have been occupied, indicating an improvement?
“Deidre Diamond – That’s one perspective. It’s almost wishful thinking that the million-plus vacant cybersecurity roles we’re accustomed to hearing about are indeed available. There’s a discrepancy in the data that leaves us uncertain. The known aspect is the declining visibility of cybersecurity posts among corporate entities in the U.S., spanning from private sector firms to governmental bodies and their contractors. This data encompasses insights from 30 leading job platforms and the websites of Fortune 500 corporations. Hence, I don’t foresee any positive shifts. With a decade of experience in this field, my anxiety escalates by the day. Burnout has been a persistent issue for years now. The ongoing financial changes are diminishing the demand for cybersecurity experts in various organizations, exacerbating the burnout dilemma.”
CNBC — ‘NEETS’ and ‘new unemployables’ — the reasons behind a decline in the employment rate among some young individuals:
“Despite the unemployment rate hovering for 30 months at or beneath 4% — an almost record-breaking low — not everyone seeking jobs has secured one. Moreover, a segment of individuals isn’t even actively pursuing employment at all.
“A group colloquially labeled as ‘NEETs’ (not in employment, education, or training) is disengaging from the job market primarily due to discouragement from their economic circumstances.
“On the flip side, there are well-qualified yet struggling younger job-seekers, forming a cohort labeled ‘new unemployables,’ as per a recent publication by Korn Ferry.”
HOLD ON A MOMENT …
Nevertheless, before succumbing to despondency, review these contrasting job market headlines painting a more optimistic picture:
Washington Post — Escalating necessity for enhanced cybersecurity propelling a thriving job market:
“The frequency of cyber assaults has nearly doubled over the past half-decade — with an average of 758,000 incidents annually, as reported by the FBI’s Internet Criminal Complaint Center (IC3). These figures only account for documented cases. Following the FBI’s dismantling of the Hive ransomware network in 2023, it was revealed that merely one out of five victims had formally reported the crimes. The escalating threat levels have fueled a thriving market for cybersecurity professionals. The Labor Department envisages sustained growth, while a prevalent report by Cybersecurity Ventures indicates a threefold global surge in job vacancies since 2013. Although the growth rate has petered out — coinciding with a decrease in U.S. tech-sector employment last year — plentiful openings remain across the United States.
“The demand is particularly high in the nation’s capital, as governmental bodies and private enterprises vie for skilled personnel.”
“The debate is no longer about working remotely or not. Analysts suggest that the focus is now on international recruitment for technology positions.
“’Remote is akin to the entry point for global connections,’ mentioned Jeremy Johnson, CEO of AI-powered tech talent platform Andela, which serves clients like Goldman Sachs, Github, and Coursera. ‘Once the realization dawns that physical presence in a shared workspace is not essential five days a week to build a strong culture, feel a sense of mission alignment, and tackle complex challenges, the next step is appreciating the abundance of talented individuals across the globe.’”
CSPAN — Insights from Emily Peck on the U.S. Job Landscape and Economic Conditions
UNDERSTANDING THE DIVERSE COMMUNICATIONS
My perspective on the current scenario is that there is a varied outlook nationwide regarding technological and cyber positions.
On one front, the demand for AI expertise is currently soaring high, leading to many individuals upskilling, enrolling in courses, and enhancing their resumes with GenAI and AI proficiencies. Furthermore, there is a sustained requirement for specific cybersecurity capabilities, particularly in prominent locations like Washington, D.C., which boasts a significant federal workforce along with contractors supporting defense and intelligence sectors.
However, simultaneously, numerous skilled cyber and tech professionals across various fields, from coders to data specialists, are encountering challenges in securing roles they deem as “long-term career paths” nationwide. While they are managing to find short-term positions and project assignments, many are struggling to find a suitable tech role for their career development.
Undoubtedly, several tech organizations, although witnessing a surge in stock market valuation, are being highly discerning in their hiring processes, some even imposing recruitment freezes. Conversely, a similar level of caution is not evident in state and local technology and cyber vacancies.
I am recommending some colleagues to explore opportunities in government positions, and I am aware of experts and leaders contemplating a transition to the public sector despite significant disparities in salaries (and stock options).
Before delving deeper into this discussion, I want to direct your attention to some existing resources on this subject provided by Lohrmann on Cybersecurity. In a previous instance, details on the pathway to a cybersecurity occupation were outlined. Additionally, I highlighted in an article how government entities can reap benefits and attract talent post corporate tech layoffs.
CLOSING REMARKS
We are currently at a juncture of contradictions, with some indicating a slowdown in the U.S. economy, while others assert that the tech job market is still thriving.
Evaluating the impact of factors like the expanding remote workforce and pandemic-induced hiring practices on the current job market status presents challenges.
Are we witnessing workforce adjustments amidst a period where companies excessively hired over several years? Many seem to think so. Unquestionably, a decline in technology and risk management roles within the private industry is noticeable.
Only time will ascertain whether we are in a transient phase of subdued tech and cyber employment or if this signifies the beginning of a substantial transformation in the job market during the burgeoning “era of AI.”
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