What lies ahead for tech workers whose jobs have vanished?
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A new analysis by LinkedIn's Economic Graph team tracked many thousands of displaced workers from tech and media companies over the first four months of 2023 as they set out to find new jobs.
The key insight: Five fresh career paths stand out, and only one of them involves finding another job in tech.
Overall, 37.3% of displaced workers from the tech, media and information sector are landing in the same field, down from a rate of more than 40% a few years ago. Many of those end up heading to smaller companies — a choice that can include launching their own startups.
Meanwhile, nearly two-thirds of displaced tech workers are venturing into a wide cross-section of new industries. The most common includes professional services (19.6%), which is dominated by consulting and accounting firms (19.6%) — followed by financial services (8.3%), manufacturing (8.0%) and hospitals and healthcare (3.7%).
New career opportunities aren’t all that’s in store for displaced workers. They’re also landing in new cities, including well-known job hubs with a tech flavor. The fastest growing metros hiring displaced tech workers include Washington D.C.-Baltimore, Chicago, Austin, Salt Lake City, Miami-Fort Lauderdale and Phoenix.
What do you think about displaced tech workers' new career paths? And do you think location factors into what roles are available? Weigh in below. And read more about this story here: https://lnkd.in/gfiAFbtt.
?? : George Anders and Mariah Flores
?? : Pingyu He
Executive and Leadership Coach @ Oceanwave Coaching | Helping Fellow Engineering Leaders Transform Their Vision Into Reality | USENIX Board President | Author | Enthusiastic Globetrotter
I think one of the interesting things to highlight about this is that, for many of these people, it's not a career shift at all, it's just an industry shift for their existing career. Software engineers remain software engineers, and IT professionals remain IT professionals but the needs for writing/managing software and systems is ubiquitous in every industry now, so they have incredible job mobility between fintech, healthtech, manufacturing, legal tech, etc. One of the other interesting things is that the shift is towards industries that offer necessary, tangible benefits/goods instead of digital vaporware or things people don't actually need by spend money on because they're trendy. These kinds of businesses will always have a place, though the ebb and flow of what's necessary will change with time. People will always need healthcare, education, transportation, furniture, money management, etc. These are good places to be in times of instability.