Are You Worried About the Economy? Here’s What You Told Us!

Over the past few months, startups and tech giants have unleashed hiring freezes and layoffs. CEOs at companies like Google are talking about the economy’s potential for recession and the need to become more cost-efficient and “entrepreneurial.”

That chatter has technologists understandably worried about the economy. But how worried? To find out, we launched an online poll earlier this month; the following is based on 1,125 responses:

(One caveat: Because we launched this poll via social media channels such as LinkedIn, not all respondents are necessarily technologists.)

What’s the big takeaway here? Folks are worried about the economy—perhaps not surprising, considering the constant drumbeat of dour news. However, recent data presents a much more optimistic picture of the economy, and tech employment in particular.

The tech unemployment rate hit 1.7 percent in July, down from 1.8 percent in June. Tech industry employment has increased by 143,700 jobs in 2022, good for a year-over-year increase of 55 percent. “The tech jobs market has repeatedly outperformed in the face of real and perceived economic weakness,” Tim Herbert, chief research officer at CompTIA, wrote in a statement accompanying the latest hiring data. “The data confirms that for every layoff announcement there are other employers stepping in to take advantage of tech talent hiring opportunities.”

If you’re curious about which tech skills are in highest demand, check out Dice’s H1 Tech Job Report. You’ll note that some of the skills are extremely technical (such as SQLPython, Java) while others rely more on abstract thinking and “soft skills” (Agile, troubleshooting, software development). Whatever career pathways you choose, it’s key to balance out your technical skills with “soft skills” such as empathy and communication, which can make you an effective and well-rounded team member.

2 Responses to “Are You Worried About the Economy? Here’s What You Told Us!”

  1. Lawrence Weinzimer

    The most obtuse phrase ever coined is ‘…the new normal…’ We’re in for uncharted territory. Be prepared as well as you know how. Nobody will disagree from a phrase I acquired from NYU Graduate School way back: The only constant is change.

  2. Lawrence Weinzimer

    The most obtuse phrase ever is ‘…the new normal…’ We’re in for uncharted territory. Be prepared as well as you know how. Nobody will disagree from a phrase I acquired from NYU Graduate School way back: The only constant is change.