The AI Gold Rush: Tech Layoffs and the Skills You Need to Thrive

The tech industry is in flux, with AI wreaking havoc in every facet of the tech sector. While companies like Google, Amazon, and Meta are laying off tens of thousands of employees – a reported 135,000 in 2024 according to Layoffs.fyi – there's still a massive demand for skilled tech workers, just in different areas. Here's a breakdown of what's happening:

The rise of AI

Companies are shifting focus towards Artificial Intelligence (AI), requiring significant financial investment. This has led to cuts in other departments to free up funds. Enterprises spent about $19.4 billion worldwide on genAI technologies in 2023; that amount is expected to double this year, according to research by IDC. The tech sector is one of the fastest evolving of all the job fields, meaning hot new emerging technologies can take over, leaving those unable to adapt with unstable career prospects. 

Are robots taking our jobs?

Experts believe AI will automate routine tasks, impacting entry-level programmers and help desk positions. However, complete job elimination is less likely. A 2023 survey by McKinsey Global Institute suggests that 8% of companies expect their workforces to decrease by more than 20%, but also that 40% expect to reskill more than 20% of their workforce in the next three years. Countless times through history, the doom and gloom of machines taking viable jobs has been a common paranoia, but ultimately as this is sure to happen, new opportunities will arise from those who can utilize, develop, and repair these new technologies. 

Reskilling is the new hiring

The rise of Generative AI (genAI) demands new skill sets. Companies are looking for talent in areas like prompt engineering to manage these tools. McKinsey's report found that 7% of organizations with AI have hired prompt engineers in the past year. In the same way that knowing how to use a computer became a prerequisite for many careers in the past 30 years, AI is the new prerequisite, a new standard of skills and competencies that tech talent needs to incorporate.

Upskilling is crucial

While net hiring is slower, the demand for specific skills remains high. Upskilling in AI, cloud architecture, cybersecurity, and Python programming is key to staying competitive.

Top jobs in demand

Here are some of the hottest tech roles right now:

Cloud Engineer

Data Analyst

AI Developer

Cybersecurity Analyst

IT Director

DevOps Engineer

Conclusion

While AI will undoubtedly change the workforce, it's likely to create new opportunities as well. The key is to stay adaptable and continuously learn new skills, especially those related to AI. The tech industry is undergoing a massive transformation. While some traditional roles might be impacted by AI, new opportunities are emerging. By upskilling and staying ahead of the curve, tech workers can position themselves for success in this ever-evolving landscape.

About HeyDevs

HeyDevs is a revolutionary new platform that empowers developers to take control of their careers, connect with other developers and find job opportunities that align with their goals and interests, without ever needing to apply for a single job! With HeyDevs, companies compete for you, not the other way around.

For developers, HeyDevs offers invaluable resources including our specialized swipe-to-work function, anonymous profile, CV builder, and customizable search criteria, with the ability to connect and chat with prospective employers completely on-site. 

For businesses, HeyDevs offers tools to maximize the recruitment process, saving time and money, with a talent pipeline that streamlines a majority of the hiring process directly on the platform, eliminating the need for recruiters or headhunters so the hiring process can be handled with HeyDevs as the only medium between employer and candidate, all powered by smart matching to ensure the most relevant matches are provided first. HeyDevs is a truly unbiased hiring platform, delivering a diverse pool of talent that hides information such as avatar, age, and gender, focusing solely on experience and skill, paving the way for a more inclusive workplace.