PUTTING TECH LAYOFFS IN PERSPECTIVE
Layoffs at Big Tech firms have raised concerns about the economy and strength of the job market. But data from Robert Half and the U.S. Bureau of Labor Statistics show businesses nationwide are hiring and competition for skilled talent remains intense.
SKILLED TECH TALENT REMAINS IN DEMAND
Even factoring in over 80K layoffs from November 2022 through January 2023, more jobs were added than lost in the technology industry during that time frame:
17K jobs added November 2022 through January 2023.
Also, tech and IT employment grew across all industries in those months:
235K jobs added November 2022 through January 2023.
58%: Executives in a Robert Half survey who said IT and technology roles are the least likely to face layoffs in Q1 2023.
Unemployment for technology professionals has dropped well below the national average:
| National unemployment 3.4% January 2023 |
| Tech unemployment 2.0% November 2022 |
| Tech unemployment 1.8% December 2022 |
| Tech unemployment 1.5% January 2023 |
Many tech and IT managers are ramping up their hiring plans:
64% are hiring in Q1-2 2023
56% were hiring in Q3-4 2022
72% of tech and IT hiring managers plan to increase their use of contract talent.
VACANCY
HIRING CHALLENGES PERSIST
91% of tech and IT hiring managers said it’s challenging to find skilled talent right now.
TECH SKILLS COMPANIES NEED MOST:
| Cybersecurity and data privacy: 66% |
| Web and mobile development design: 70% |
| Software and applications development: 74% |
| Cloud (e.g., computing, security and architecture): 76% |
THE TAKEAWAY
Overall, hiring is outpacing layoffs, and with more IT managers looking to add staff in the coming months — in tech and non-tech companies alike — hiring will continue to be challenging.
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Sources: U.S. Bureau of Labor Statistics reports published December 2022-February 2023; Robert Half surveys of more than 1,400 executives and more than 400 tech and IT hiring managers at companies in the U.S.
© 2023 Robert Half. Robert Half is an Equal Opportunity Employer M/F/D/V.
