Technology Snapshot

Employment Trends in Technology

In 2023, the industry witnessed a notable trend of layoffs across numerous big tech companies. The demand for tech roles experienced a decline throughout the year, prompting a strategic focus within the industry on cost reduction. As we transition into 2024 several tech companies are again signaling planned layoffs. Attributing the layoffs to robust employment growth in the preceding years, many of them are now directing their efforts toward enhancing efficiency and streamlining processes.

Taking a closer look at the individual subsectors, the employment scenario has shown improvement for engineering services and software developers. Following a notable decrease of 4,800 software developers in September 2023, the employment situation has rebounded with the addition of 2,100 jobs in November and a further 4,400 jobs in December. Consulting, while still leading in job additions, recorded a significant decrease compared to Q3, adding 4,800 jobs in December. Scientific research contributed an additional 2,200 jobs, and engineering saw an increase of 300 jobs. Despite these gains, overall employment experienced a slowdown towards the end of the year.