Post update, October 2023: Another few months have passed, and we’ve been tracking the tech job market closely. In July, we updated our original post (see below) with news that tech industry layoffs were slowing down after an unfortunate peak in January. It’s time for another update now, because layoffs have slowed even more, leading publications like TechCrunch to state that “tech layoffs are all but a thing of the past” and encouraging Business Insider to use the headline, “the tech job recession is over.”
To be clear, we’re not definitively saying that tech industry layoffs are completely done, but we’re confident about the job market as layoffs continue to slow significantly and hiring moves in a more positive direction. According to TechCrunch, “after reaching a local maximum in January, the number of people laid off had declined by more than 90% by September. What’s more, some tech companies are hiring again to refill some of the roles that they had eliminated mere months ago.”
While that change from January to the present moment might seem abrupt, it’s been happening month-over-month, which you can see on Layoffs.fyi, a popular tech job and layoff tracker. Another tracker, TrueUp, also shows that the industry’s health has been improving since the January layoff spike.
Through it all, demand for software engineers has remained strong, with the Bureau of Labor Statistics projecting software development jobs to grow 26% annually through 2031. This has much to do with the fact that software engineers aren’t only needed at tech companies but are also being hired in banking, retail, healthcare, and beyond as companies increase their digital presence and require technical skill sets and innovation.
Below, check out our previous updates on the need for software engineers across industries, including news of where some of our coding bootcamp graduates are working now.
Post update, July 2023: Back in February, we wrote the following blog post about how even amidst Big Tech layoffs, software engineers were being hired across industries. As The New York Times wrote at that time, too, “…a majority of tech jobs are at companies outside the tech sector in industries like banking, retail, health care, and manufacturing whose operations are increasingly becoming digital…They continue to invest in tech skills. They need tech talent.”
This remains true today – and on top of that, the overall health of the hiring market (tech and beyond) continues to improve month-over-month. In May, Crunchbase reported a slowdown in overall tech layoffs.
“Not only are fewer people leaving their tech jobs, fewer tech companies are actually making the move to cut employees,” according to the article.
Additionally, in June, a new LinkedIn Workforce Report showed that hiring trends across industries are on the upswing after a downturn at the start of 2023.
According to the LinkedIn data, the strongest industries month-over-month through the end of May 2023 were Hospitals & Healthcare (10.2%), Manufacturing (9.3%), and Construction (9.2%). Right after those is the Tech, Information & Media industry, which “rebounded by 8.0% over the last month, which may indicate this industry has approached its bottom for hiring declines.”
This is great news for the tech industry, of course – but even better for software engineers is the fact that there’s an abundance of opportunities both within and outside the traditional tech industry. Many of our coding bootcamp graduates are working as software engineers in healthcare, manufacturing, and other industries that are experiencing hiring increases. The LinkedIn report also shows increases in education, real estate, utilities, government, entertainment, and other industries.
Read our article below for more information on where our graduates are working and how opportunities for those with coding skills are far and wide, with open roles across industries.
Original post, written by Maddie Salata
As current or aspiring software engineers, it’s easy to find news of Big Tech layoffs and potential economic uncertainty worrisome. But despite the headlines, it’s still a great time to pursue a career in software engineering. In fact, demand for tech talent — and specifically, software engineers — continues to grow.
Below, we’ll take a look at some facts and figures about the software engineering hiring market as it stands today, diving into why it’s actually an ideal time to jump into this exciting career.
Companies are hiring software engineers across most sectors
When you look beyond the well-known Big Tech companies, you’ll see that there’s a clear need for software engineers across many different industries — and those industries are full of challenging and impactful opportunities. This article from The New York Times explains: “Today, a majority of tech jobs are at companies outside the tech sector in industries like banking, retail, health care, and manufacturing whose operations are increasingly becoming digital…They continue to invest in tech skills. They need tech talent.”
This certainly aligns with where we see our coding bootcamp graduates get hired. While some go into Big Tech, many others work across a variety of industries. For example, just in the past couple of months, 86 companies have hired 120 of our graduates across 24 industries including IT consulting, healthcare, finance, retail, education, and more.
Grace Lindelian, a graduate of our intermediate program, landed her first tech outside of the traditional tech industry. She’s currently a software engineer at HOVER, which offers 3D modeling and measurement services to homeowners, contractors, and insurance companies.
“I learn something new from my team every day, and that’s one of my favorite aspects of being a part of this industry,” she said.
Jessica Dyer and Amanda Kiehm are two beginner program graduates who now work in renewable energy. Ben Cunningham is an army Veteran and software engineer who currently works at CACI International, a company that develops technology to optimize U.S. government operations. And the list goes on.
It’s clear that tech workers — certainly including our graduates — have in-demand skill sets that companies of all types are looking for when hiring software engineers.
Employment for technology professionals is growing
According to the most recent Dice Tech Job Report, while 85,000 workers in the tech sector have reportedly been laid off, more than 375,000 tech jobs remain unfilled. Demand to fill a variety of engineering and developer roles across the U.S. continues to grow as companies focus more and more on digital transformation. As they evolve, software engineers are needed to help perform business operations and solve important problems.
According to the report, “job postings for software development engineer (+139.5%) and back-end engineers (+121.5%) have more than doubled compared to 2021.” Tech job growth is clear, with no signs of slowing down anytime soon.
Those impacted by layoffs are getting new jobs quickly
An important detail to note about the recent Big Tech layoffs is that many of the roles eliminated were not tech jobs. As mentioned in this article by Wall Street Journal, layoffs largely impacted employees in administration, HR, analysis, marketing, operations, and content creation. Few were software developer roles.
Additionally, according to the article, 79% of tech company workers who were recently hired after a layoff or termination landed their new job within three months of starting their search. This is further indication that the appetite for tech talent is strong, especially for small to midsize companies that are hiring software engineers.
“Tech firms making cuts are outnumbered by those that are hiring,” the article adds. “Job openings across the economy — at 10.3 million — are down from record highs, but far exceed the number of unemployed Americans.”
Coding is a 21st-century job skill
As businesses continue to evolve to keep up with new technologies, they’ll rely on software engineers and developers with an in-demand set of technical skills and capabilities.
“Programming is becoming increasingly embedded in business and daily life,” U.S. News explains. “The COVID-19 pandemic provided a wake-up call for more traditional companies that hadn’t yet digitized… [Now] software development skills will be in demand in many professions.”
Those software development skills are what may help a candidate stand out among the rest in the job market. These are 21st-century skills that are critical for the success of organizations and industries nationwide.
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Our coding bootcamps aim to ensure that every student graduates job-ready with the skills and support they need to jumpstart their new careers. This includes adjusting to the needs of the market, and we recently updated our curriculum so it includes learning how to effectively use the AI-powered tool, GitHub Copilot.
Learn more about our bootcamps and how to begin the application process today.
