The big tech layoff impacted 168,243 people in 2023 alone, according to Layoffs.fyi. Uncertainty of the future left the tech industry restructuring and downsizing their businesses.
Despite these challenges, 94% of tech employers believe there is an industry-wide skills shortage. There is more demand than there is supply. Employers are struggling to fill positions with suitable candidates for long periods of time. Well, what does this mean for you?
This means there is a unique opportunity for you to secure your next job in tech, with Marks Sattin supporting your career progression and making it an enjoyable experience at every step of the way. Here’s what you need to know to leverage your skills and experience and evolve your career:
The facts about layoffs
Most of the layoffs were in fact not technical jobs but business or administrative jobs. Whilst it may seem that tech jobs are unstable, more and more companies are focusing on the retention of tech talent and offering job security.
Organisations hiring for IT vacancies are struggling to fill positions. Hiring continues to outpace firing and this is what we would like to highlight. On average, the number of people let go was typically between 5 and 6%.
“There are increasingly opportunities for IT jobs outside traditional tech companies, so it’s important to look beyond just the tech provider community to truly grasp the state of the tech talent crunch.” - Mbula Schoen, Senior Director Analyst at Gartner
Industries to look out for
The UK Cleantech space is an exciting area which is set to grow in investment in the coming years. Cleantech outperformed VC investment trends in 2022, highlighting how the industry is set to play a crucial role in shaping the future.
The Global RegTech Market size is expected to reach $22.3 billion by 2027, rising at a market growth of 19.8% compound annual growth rate. Regulations are constantly changing meaning more job opportunities in this space.
Morgan Stanley’s Q3 Chief Information Survey found that 15% of executives in the industry viewed security software as the least likely to reduce spend, and no executives reported that it was likely to see cuts. Infosec has proven to be one of the most resilient categories of enterprise software in the current economic climate.
There are countless opportunities for professionals looking to break into these industries. Here at Marks Sattin, we have a proven track record spanning over 30 years of providing a service that is perfectly tailored to our tech community and their specific needs.
Most in-demand tech jobs in the UK
LinkedIn’s annual Jobs on the Rise list revealed the top 25 job roles which are the most in-demand in the UK. Of these 25 for 2023, 9 were in the technology industry, illustrating the unwavering demand for technology professionals.
According to IT career switch, here are the 6 most in-demand tech jobs in the UK:
- IT technicians
- Software developers
- DevOps
- Cyber security
- Data analytics
- Cloud engineers
Whatever stage you are at in your career, whatever industries you may be interested in, and whatever roles you are searching for - we are committed to providing a high level of service so you can land your dream job.
New opportunities are being created
The government is actively encouraging businesses to come to the UK through the Global Investment Summit.
The Summit will bring 200+ CEOs of multinational companies and investment corporations to showcase the UK as a world-leading investment destination with a focus on innovation, research and development. The aim is to raise billions of pounds of high-value investment to create thousands of jobs across the UK.
Find your next tech role with Marks Sattin
On paper, it might not look like the best time to work in the tech industry. However, the skills shortage means there are still great positions open in the market, so take advantage of this time.
Your next opportunity in the ever-evolving world of technology awaits. Explore our open technology roles now.
