- More than 1 in 2 developers are thinking about switching jobs for a higher salary.
- The highest priority for 42% of recruiters is to retain talent better.
- More than half of the developers don’t have a degree in computer science.
Tech layoffs made the headlines at the backend of 2022 and continue in full force as we move forward in 2023. Fueled by the uncertain macroeconomic conditions following the continuing supply chain issues, rising inflation, and the war in Ukraine, investor confidence is at an all-time low.
The uptick in e-commerce spending throughout the pandemic also led many tech companies to go on a hiring spree. The decrease in spending following the rising cost of living, combined with uncertain macroeconomic conditions resulted in many tech giants squeezing their budgets.
A total of 544 tech companies have laid off 157,688 of their staff so far this year.
Nevertheless, Moneyzine.com reveals that confidence among developers is as high as ever. The figures show that recruiters and professionals alike are adapting to the changing market conditions and are largely aligned in their expectations. Here, we list the top five advantages of being a developer in 2023.
#1 – There’s a Good Level of Alignment Between Developers and Recruiters
The top three skills developers wish to learn include web development, AI/machine learning, and game development. The top three skills recruiters want to hire for include web development, DevOps, and database software development. Other than game development, there aren’t significant gaps in rates of the popularity of the most sought-after skills.
Most Sought After Skills
| Recruiters interested | Developers interested | |
|---|---|---|
| Web Development | 58% | 35% |
| AI/Machine Learning | 24% | 35% |
| Game Development | 13% | 29% |
| DevOps | 36% | 23% |
| Database Software Development | 27% | 18% |
#2 – Developers are Confident in Job Security
Despite the majority of Big Tech companies shrinking their workforce rapidly, developers are feeling confident. Almost 1 in every 3 says they feel even more secure in their jobs compared to last year, while 41% remarked that they’ve not felt a significant change.
One possible factor for their confidence could be because they believe it would be relatively easy to land a new job. The gigantic demand for developers continues regardless of the testing macroeconomic conditions. The Bureau of Labor Statistics estimates a 22% increase in developer openings between 2020 and 2030. To put it in perspective, the average growth rate stands at 8% for other industries.
In fact, over half of those surveyed (51%) are thinking about job hopping in pursuit of a higher salary. 42% of recruiters also remark that there has been an increase in tech employee resignations in their company within the last year.
#3 – Recruiters Value Talent Retention Above All
As the Great Resignation continues to loom among developers, companies are investing heavily in talent retention. 42% of companies hiring for tech positions reported that limiting turnover is their highest priority. Retaining talent remained the second-highest priority for three years running until this year.
This priority aligns with the growing dissatisfaction among developers, with 1 in every 2 considering switching jobs, and shows that they are taking action to improve their retention rates.
#4 – There’s Room For Unconventional Talent
The rising demand for developing roles continues to be met with so many professionals – primarily because being a developer has become a very accessible occupation. As a domino effect, the number of free resources, online courses, and boot camps has also grown exponentially.
Today, almost three in every five developers don’t have a degree in computer science. On top of that, a whopping 80% of recruiters don’t demand one. Of those who come from non-academic backgrounds, almost one-third are completely self-taught (using online and offline resources), 6.98% followed a short training course like a boot camp, and 3.88% completed an online course.
The most sought-after skill by recruiters, web development, also doesn’t necessarily require a degree in a related field.
#5 – The Role Provides High Flexibility
The gig economy is booming across the board: in just one year, the number of freelancers in the US rose by 39%, and accounts for 15% of the total workforce in Europe.
We see that both developers and recruiters have also been increasingly relying on the gig economy. The majority of freelancer developers have been only doing so for less than three years. And the number of companies seeking freelancers to plug skill gaps in tech departments rose from 42% in 2022 to 63% in 2023. This could be a ripple effect of mass tech layoffs – as tech giants lay off staff, they are likely to lean on freelancers for support to fill in the lost talent.
Figures show that developers are quick to adapt to changing market conditions, and there’s a growing demand that they can meet. Freelancing brings its own set of advantages – freelance developers have the luxury of choosing their own projects, working independently, and having the kind of flexibility that a 9-5 job simply cannot provide.
The figures show that the layoffs are not representative of the situation of the overall job market for developers. It’s encouraging to see that the layoffs that are covered extensively in the media have little impact on the outlook of the profession.Jonathan Merry, CEO of Moneyzine.com
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