Prior to recently, positions in the technology industry were highly sought after, particularly at large corporations like Meta, Alphabet, and Amazon. Six-figure salaries, a plethora of corporate benefits, and quick career advancement were all on offer to staff members. But the pandemic has hindered the development of tech companies significantly, and at the moment, this is not the most stable sector of the economy.
The British economy started to deteriorate in the spring of 2022, and the industry’s growth was severely slowed down by growing interest rates and inflation. According to the BBC, technology companies globally let go of 11,000 workers in November of that same year, and over 23,000 workers in January of 2024.
The way that job seekers view their jobs has also evolved. Indeed’s research indicates that, in 2024, just three technology jobs—down from eleven the previous year—made it into the top 25 best jobs. Changes in company policies played a major role in this: whereas they used to provide flexible work schedules, a plethora of benefits, and a range of office amenities (such as a meditation room and kitchen), an increasing number of managers are now reducing bonuses and restricting the opportunity for remote work.
A lot of experts acknowledge that they are dissatisfied with their line of work and intend to change it; currently, only a few fields are appealing, such as those involving the advancement of artificial intelligence (AI).