Layoffs in Tech

In 2021 and 2022 companies hired developers in masses. Low interest rates and a boom mentality lead to an extraordinary number of projects being started even if not profitable.

In hindsight it was very similar to the dotcom boom.

Now as interest rates raise, all those funny projects get canceled therefor people getting laid off.

As a freelancer I have trouble now closing any contract.

However I also realized that it’s not every sector that is doomed. Only web seems dead right now. I changed my business model aiming for embedded and industry software, especially C++.

I think the golden age of tech is over. Software Engineers are a dime a dozen now. And except a few specialist roles, SWEs should stop expecting high salaries. Part of the fault is coding bootcamps and flooding of market with programmers.

Is not just tech but I think tech leads other industries.

If you read corporate news they have been predicting a recession in western countries in 2024. The latest actual figures though seem to show growth so who knows if it’ll continue……

Tech is like the oil industry. When new source/technology for extracting value has been discovered there is a huge boom, lavish salaries and benefits.

And then source get depleted/technology becomes commodity, people lose their jobs and everything gets outsourced in search of efficiency.

Fellow coders learn from the oil workers. Don't treat your today's salary as your normal salary. Keep a huge cushion for re-training during long periods of no opportunity.

We're expensive!

Don't lose hope; I've done this fulltime for 35 years and tech always comes back

Cost optimization and stakeholder pleasing. I also think they are counting on AI to replace some of the roles, but that's a different discussion.

bootcamps