What the Future Looks Like for Fresh Graduates in the Tech Industry

What the Future Looks Like for Fresh Graduates in the Tech Industry

The dreams of fresh graduates hoping to work with tech giants like Amazon, Google, Hp, Microsoft and others may now seem over-ambitious.

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After the remarkable growth in the entire tech industry in 2020, tech companies are now axing down their workforce and going as far as halving their staff. According to Fortune , more than 120,000 tech employees lost their jobs in 2022 to mass job cuts. Tech companies are lamenting the macroeconomic downturn, and back-pedal in the tech industry pushes them to the wall to make these harsh decisions.

During the Covid-19 lockdown, all businesses had to move online since the internet was the only space that still permitted the free flow of traffic. As a result, the tech industry, serving as the new landlord, experienced tremendous growth in revenue and operation, with revenue going as far as a 90% increase in worth and stock.

While the tech industry was enjoying unprecedented success, other enterprises were faced with terrible downturns or total collapse, as it was with the hospitality industry . These struggling companies were forced to align and work with the tech industry. This led to an unpredicted tremendous boom in the tech industry, and companies started increasing their workforce to keep up with the demand.

Unfortunately, the drawback is drowning tech companies in a pool of loss in revenue. As a New York Times story headline goes, “When Your Boss Is Crying, but You’re the One Being Laid Off,” employers are finding it difficult to control the situation and have to resort to cutting down their expenses, including letting go of their talents. The difficult situation for fresh graduates

While the world is concerned about former employees who are now between jobs until God knows, I am more concerned about the fate of fresh college graduates — those who will now have to compete in the marketplace with ex-Meta engineers and former Amazon product leads in the aftermath. Generally, the job market has never been very friendly to new college graduates. Hiring managers have “vowed” to prioritize candidates with more practical experience over neophytes .

The United States used to pride itself on having more jobs than the available human resources and even opening doors for foreign talents. This uprise in demand for tech talents made it easy for fresh graduates to step their legs into the tech industries. However, the constant layoffs now suggest we have more tech talent than the available jobs. I can’t help but imagine the fate of new tech talent joining the industry. New graduates will have to deal with greater competition than ever, contention with remote talents from different parts of the world and a hiring freeze from their dream companies. 2023 may be a challenging year for straight out of college, graduating and hopping through a hoop in the tech industry.

The odds of fresh talents securing good roles in the tech industry are a lot to beat. Hence, this article reviews what 2023 might look like for college graduates looking to enter the tech industry. Here are some of the main challenges the tech industry is currently facing and how they affect fresh graduates: Layoffs

There has been a record number of layoffs in the tech industry this year. For example, Meta laid off about 13% of its entire workforce, which amounted to approximately 11,000 of its workforce. Twitter, one of the biggest tech companies, laid off half of its staff — about 3,700 employees. While these are the headliners in the layoff market trend, Amazon is en route to also axe 10,000 employees, and Best Buy , Ford Motors , HBO Max , Peloton , Shopify , Re/Max , Walmart , and Wayfair are all on the trail as well.

In addition, experts predict this is not the end of layoffs for tech companies. Estimates show that by the first quarter of 2023, we may record 30,000 to 40,000 additional layoffs. Therefore, about 40,000 experienced workers will be storming the swelled industry, competing with these greenhorns, making it even more complex for them to stand a chance in a closed hiring industry. Remote work

Since the pandemic, remote work is quickly becoming a culture in different organizations, and the percentage of companies adopting remote work policies is growing exponentially yearly. One of the beauties of remote work is allowing people to work from different parts of the world. This means that onsite work that would normally be limited to people residing in the United […]

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