I Spent 8 Weeks Researching the 2024 Tech Job Market

Рет қаралды 25,619

Күн бұрын

Get weekly job market updates, company lists, and job search strategies at www.toptechnewsletter.com
Get an in-depth analysis of the current tech job market, considering the trends in hiring, AI, layoffs, and compensation against the backdrop of economic uncertainty and the introduction of AI into the workforce. Drawing from historical context, data analysis, and personal stories, there are 3 lessons and 5 strategies for tech professionals to navigate through challenging times. The content covers the drastic changes in the tech industry over the past two years, including significant layoffs, the impact of rising interest rates on tech stocks, and how AI technology is shaping the future of the sector. Through interviews with senior industry leaders and the story of an engineer who found great success after a layoff, the video aims to provide hope, perspective, and practical advice for tech workers facing a volatile job market.
#techjobs #ai #jobsearch #career
00:00 Tech Job Market Update
00:33 Historical Context: Tech Booms and Busts
01:00 Inspiring Stories of Resilience: Ethan's Journey
01:33 The Tech Boom and Bust Cycle: A Closer Look
02:05 The 2022 Tech Downturn: Causes and Effects
02:29 The Layoff Domino Effect in Tech
03:18 The Future of Tech: AI and Efficiency
03:49 Adapting to the Job Market Changes
04:31 The Shift in Job Dynamics
05:04 The 2024 Outlook: A Glimmer of Hope
05:38 The K-Shaped Recovery and What It Means for You
06:12 Three Major Shifts Affecting Tech Employees
06:16 Shift 1: The Rise of ICs
07:05 Shift 2: Compensation Trends in Tech
08:37 Shift 3: AI and Deep Tech
09:05 Remote Work Trends and Performance Insights
09:40 Five Essential Lessons for Tech Professionals
09:43 Lesson #1
10:18 Lesson #2
10:43 Lesson #3
11:07 Lesson #4
11:33 Lesson #5
12:34 The Future of AI in the Tech Job Market
13:32 What You Should Do Next
Read the article version: www.toptechnewsletter.com/p/t...
Sources:
www.macrotrends.net/1320/nasd...
carta.com/blog/startup-compen...
trueup.io/charts
levels.fyi

Пікірлер: 96

@ColinLate 2 ай бұрын

Read more in the weekly Top Tech Job Search newsletter: www.toptechnewsletter.com

@sandorhadas6950 2 ай бұрын

There is a fault in the year to year comparison logic: the video does not address the growth of the number of IT workers - the available number of people has grown exponentially so static comparison of the number of jobs available does not address the current unemployment issue properly.

@ColinLate 2 ай бұрын

There are more people in the workforce at entry levels, yes. It doesn’t claim that unemployed workers have decreased, only that hiring is picking back up. In the Carta chart you can see the net employed workers inflows and outflow starting to increase too. That shows that total filled jobs are going back up but again not claiming unemployment rate has reversed

@timothygibney159 Ай бұрын

@@ColinLateYep and also most of these young workers will drop out of the IT market as they become unhireable after a year of unemployment. ATS systems filter candidates out after 3 to 6 months

@tysoncodes 27 күн бұрын

One other thing to note is the numbers don’t speak to one other trend that has been more pronounced recently. Many of the new hires are in ex-U.S. markets, areas where labor is cheaper. There has always been outsourcing but it is really trending up now due to costs of hiring the same talent in the American market being so much higher.

@patrickhe6978 Ай бұрын

Man you only 4k subscribers? You are up with stats and real good info! Not like other folks just vent feelings and antidotes. Amazing video!

@ColinLate 25 күн бұрын

Thanks. I try to focus on data and what I see on the ground at least as a basis. Any other topics you think I should cover?

@galacticstarlord1 20 күн бұрын

@@ColinLate you are underrated

@Stumptownc 2 ай бұрын

Another great video - seriously fantastic! Thank you!

@ColinLate 2 ай бұрын

Appreciated! Anything I should cover next?

@opa-age 27 күн бұрын

Out of all the tech job layoff videos flooding youtube this is one of the rare ones that actually has useful insight.

@ColinLate 25 күн бұрын

I’m glad it was useful. Curious what was the difference here and how I can keep adding value

@dougchampion8084 Ай бұрын

Whoa! Amazing video! Where did you come from?? Feel like I’ve seen so many of these videos and this was an order of magnitude better than the rest! Your channel is going to blow up, subbed!

@ColinLate 25 күн бұрын

Glad you liked it! I’ll be doing more soon but meanwhile check out www.toptechnewsletter.com

@FootClob 2 ай бұрын

Here before it explodes

@ColinLate 2 ай бұрын

Thanks 🙏

@janissevalenzuela Ай бұрын

Agree - @colinlate - do you edit your own videos? Who is your editor? These videos are fire 🔥🎉👌🏽

@patrickmeaney8208 Ай бұрын

Really good content Colin! Great research & data. Keep it up, I see you becoming a top voice in Tech.

@ColinLate 25 күн бұрын

I’m glad it’s helpful! Any other topics?

@AQpizza 2 ай бұрын

here before this blows up haha, very informative! thank you

@ColinLate 2 ай бұрын

Appreciated!

@ElenaDementeva-ug7oq Ай бұрын

I'm already watching your videos for the second time. Very impressive!

@ColinLate 25 күн бұрын

Glad you like them! Let me know if there’s anything else you would like to see.

@thecloudtechguy Ай бұрын

Excellent, well thought out video packed with facts.

@ColinLate Ай бұрын

Thanks! 🙏

@swastikrajghosh 2 ай бұрын

Nicely explained. This video is worth more than 300 views, and you are worth more than 3k subs!! Thanks for making this video.

@ColinLate 2 ай бұрын

Thanks for the support!

@MCKejml Күн бұрын

Finally a more optimistic outlook among many hopeless doomers.

@greentea_ 2 ай бұрын

Very insightful! Especially agree on the counterbalancing forces for AI. People like to fear monger but the sector will continue to boom. This is where most of the growth is happening

@ColinLate 2 ай бұрын

Being a cautious optimist is usually the best path.

@MChristina Ай бұрын

I'm taking coding courses right now and I'm already discouraged. I will be graduating in mid-2025 and I don't know what job I'll be able to get or if I'll ever get one in tech. It's frustrating.

@ColinLate 25 күн бұрын

It is but still a good career vs most others. It’s just going to be harder for the next little while for entry levels. Still decent income.

@janissevalenzuela Ай бұрын

Love the editing on your site! Do you edit your own videos? Who is your editor? These videos are fire 🔥🎉👌🏽

@ColinLate 25 күн бұрын

My editor is great! Rana

@spock949 12 күн бұрын

Fantastic video. Thanks

@ColinLate 11 күн бұрын

Glad you liked it!

@janissevalenzuela Ай бұрын

Can you make a video on how you edit and make your KZfaq videos? What softwares do you use? Love how clean your videos are

@ColinLate 25 күн бұрын

An editor does this for me. I edited in the past. It just takes practice and tutorials online for how to do the animations along with templates you can buy or download. I’m not the best to teach this.

@williamkeane255 19 күн бұрын

This video amd eetail in the data is awesome.

@ColinLate 16 күн бұрын

Thanks!🙏

@timb3054 2 ай бұрын

I’m not sure why this video has only 655 views as of this writing. Super solid perspective. I’m wondering about your thoughts on C level and senior exec level roles. Anecdotally, they seem to have increased recently, as AI seems to have displaced more junior / entry level roles.

@ColinLate 2 ай бұрын

The data shows that executive level roles did not decrease as much as manager and director level. I have seen this too. There are fewer layers but a company still needs at least the higher level executives to set the strategy and run the team. But overall things are still not accelerating back and the recent inflation numbers suggest they won’t very soon. It will be a slow recovery until there is more stability in the markets. Perhaps after the election. Startups will hire leaders because they have to but big companies will vary in how much they do

@ColinLate 2 ай бұрын

And thank you 🙏

@ColinLate 2 ай бұрын

What's your biggest challenge in today's job market? Not enough roles, Too much competition, Not getting interviews, or Not passing interviews?

@adrianstefan1814 2 ай бұрын

Great video. I subsribed. It seems impossible to get a job in this period, especially because of tons of candidates. I mean, what can we do when a job posted 3 days ago has 100+ candidates? Even if you are a great professional, there are good chances your CV will get ignored, which is really disappointing :(. Based on the info from your video and from what I also read across the internet, in 2025, things will get much better.

@PoeticPoppa Ай бұрын

So...if you have a job where they don't beat you every day, don't quit in 2024. Got it.

@ColinLate Ай бұрын

Hopefully better than that! Ha

@ColinLate Ай бұрын

Hopefully not so bad!

@SomeOne-do3lm 22 күн бұрын

Got laid off from me 55k job. Only managed to get a 25k job.... It's ridiculous out there.

@beryalex1798 15 күн бұрын

@@SomeOne-do3lmmay be u need to learn new stack and update ur resume

@SomeOne-do3lm 15 күн бұрын

@@beryalex1798 new stack? And I've been updating my resume. I even tailor it to the job description

@louiejohnseno1810 Ай бұрын

keep us posted in the upcoming months 😛

@ColinLate Ай бұрын

Will do. Though job growth is flat into the summer and layoffs continue with Tesla, there is still more hiring in FAANG and AI

@Letmespeakmymind 16 күн бұрын

The wayt you started the video holy shit. So based

@ColinLate 13 күн бұрын

😎

@alexfilo7929 Ай бұрын

Awesome

@ColinLate 25 күн бұрын

Thanks! I hope it was useful

@poojavithal9515 Ай бұрын

What should I prefer BE cse or BE cse with specialization in AI and ML

@ColinLate 25 күн бұрын

If you can specialize it would be better yes. Even though you need masters or phd for some roles you’ll still have an advantage for many roles requiring some AI and they earn more on average

@joeskwara5823 2 ай бұрын

First timer here. I applaud you. Great job I was wondering if you were to start a recruiting firm now knowing the market is tough now but you want to be dominating a particular niche when it changes what niche would that be?

@ColinLate 2 ай бұрын

Thank you. There are many successful strategies for recruiting firms. You could try high earners like AI or executive roles. Executives recruiting will definitely not be going anywhere and will remain a high touch business, but it is sensitive to job market highs and lows like any recruiting. AI will have peaks and valleys. The question is more about where you have some unfair advantage or can create one. A network of candidates and ability to help close the best fast for companies willing and able to pay. Did you have any ideas where you’d start?

@joeskwara5823 2 ай бұрын

@@ColinLate thank you very much. Yes I have a background that will serve me well in the BFSI vertical with knowledge in data and AI. Was thinking mid level management VP and Director more so than Sr Execs as these folks need to manage teams and can’t be outsourced but their teams can be or major parts of them. My background is selling professional services, data and research and advisory to these markets so I have deep domain.

@Kenbomp 20 күн бұрын

Actually qa roles will probably increase to clean up to he ai work.

@ColinLate 19 күн бұрын

You’re not wrong. Model quality roles are increasing but a very different type of role and skill. They can adapt for sure.

@petersuvara Ай бұрын

With the entire world predicted to be in GDP growth this year, how is there a prediction for a recession?

@ColinLate Ай бұрын

I don’t predict recessions. This was from March and recession prediction measures ranged from 30-70% (treasury spread, consumer debt, part time vs full time employment rates). Jobs growth was dubious and GDP growth slowed and is reliant on heavily debt driven consumer spending. Broad US job market is definitely struggling on the ground despite top level indicators as part time employment rates were accelerating towards 2008 levels. Again, no one predicts these consistently

@WWAVES1 3 күн бұрын

As another commenter touched on; why not discuss the current influx of unemployed workers looking for jobs as well? The entry level positions are flooded with applicants, making it very hard to break in. Even at a at mid level, the amount of available positions to applicants is severely disproportionate. Tech is a lot more than just programmers and senior positions. I never really hear people talk about the other roles much.

@ColinLate 2 күн бұрын

100% way more laid off and graduated people flooded the market than new jobs have opened in the rebound

@snailmail1962 14 күн бұрын

Yep, that gives me perspective somebody with a engineering degree cool

@ColinLate 13 күн бұрын

glad it was helpful!

@divyv20 2 ай бұрын

Hey Colin , really nice video ! I was wondering if I could help you with Best Quality Editing in your videos which visually appeal to audience and would increase average view duration and will also make a highly engaging Thumbnail which will overall help your videos to reach to a wider audience ? Pls let me know what do you think ?

@ColinLate Ай бұрын

I’ve got editors but thanks

@MormotTheHog 23 күн бұрын

Hey 18 M here how will the US tech market be in a few years lets say 2028 is the time i'll graduate? will it improve? i know it wont be better than covid era

@ColinLate 23 күн бұрын

So much will be different. I imagine some roles will improve and others will not. Hard to tell but you have so much time to adapt between then and now. Learning software and AI is not a bad idea at all.

@Roscoestudio Ай бұрын

Cool video, art director tip. Get rid on that guitar behind your head. 😅

@jayocaine2946 Ай бұрын

Oh yes of course the great roscoestudio with all your views 😅

@ColinLate 25 күн бұрын

Appreciate the support @jayocaine2946! let’s try to assume good intentions in this community though. The guitar that looks like a Mohawk? I can try slightly different angles but I find it tough to compose the shot better with my desk setup without moving the guitar on the wall completely. I’ll try subtle changes until I decide it’s worthwhile to move things more. The white background isn’t the best for my head either but it’s the way it is for now.

@Roscoestudio 25 күн бұрын

Not hating. Just saying replace it for the channels good/ it’s definitely not adding anything to the shot. Nothing negative but I used to be a set decorator for commercials it’s all I could see 🎸 🎉

@Icedanon 2 ай бұрын

Ai is going to make companies need less workers and you think that means tech growth? You think the demand for software is going to keep up with ais ability to instantly spit it out? I really don't understand how people in the tech field are some of the most oblivious to what ai actually means for our future.

@ColinLate 2 ай бұрын

AI will increase the use cases for software and that will be purchased. That gives lots of leverage to companies. Even more than software has so far. The more money companies get from it, the more they will invest in new R&D with requires people. The question is whether the net impact of that growth minus the efficiency is positive or negative growth. My bet is positive.

@ColinLate 2 ай бұрын

I am genuinely curious what you think it means though

@Icedanon 2 ай бұрын

@ColinLate if there was an unlimited need for growth in accomplishing a goal, that may be true. But there's not. Either way I think it can be summed up by saying we are moving toward a post labor economy. It's going to be up to these major companies and law makers to make sure that's a good thing for society. But I'm truely worried greed and ai may crush the common man.

@opa-age 27 күн бұрын

Generative AI is a scam

@scottstempmail9045 Ай бұрын

Is he an AI?

@ColinLate 25 күн бұрын

I hope not!

@tomawey2141 Ай бұрын

Time to sign up with the military boys 😂

@ColinLate Ай бұрын

😂

@funicon3689 Ай бұрын

are you not watching the news? this is the worst time to join the military

@metastract 5 күн бұрын

The one that's ultimately going to be replaced by robots?! 😂 I'd expand your skillsets.

@Agent77X Ай бұрын

If you are an experienced A.I software developer or engineer, you name your price - $800K to $3 million a year!😊

@ColinLate 25 күн бұрын

Depends. The median is actually 250k-300k. If you are senior and going to top companies, then 800k to a few million is possible but it’s not as common as people would have you believe. Check AIPayGrad.es and you’ll see it’s 326k median total compensation in the US with most between 300-500k