Technology Job Market Trends

Based on my frequent conversations with recruitment agencies, candidates, and my exposure to numerous resumes and offers from software houses, it is evident that significant shifts are occurring in the tech job market. This goes beyond the last year lay-offs by large corporations, which, when compared to the industry's true scale, are relatively minor. I have observed several noteworthy patterns that I would like to share.

Firstly, there is a notable increase in the number of highly skilled candidates who are struggling to find suitable employment. This is a trend I have not witnessed in the past 10-12 years. However, upon closer examination of their skill sets, it becomes apparent that their expertise lies primarily in areas such as Solidity, ERC20, ERC… etc, indicating a greater demand for blockchain-related skills than previously anticipated. Consequently, these candidates are willing to accept significant pay cuts and are applying for positions they are overqualified for. Unfortunately, this presents a challenge for them.

Simultaneously, there is an overwhelming proliferation of development fulfilment companies. The market is flooded with salespeople promoting their supposedly reliable development solutions. This surge is unprecedented and exceeds previous levels of activity in this sector. Although these companies have been active in the past, the current scale of their presence is striking.

Another area facing the impact of these market changes is recruitment agencies. Colleagues in my network have expressed that "business is not very good this year." Upon further inquiry, it becomes apparent that clients have fewer open positions, and the hiring process has become sluggish.

In light of these observations, I draw the conclusion that this is an opportune time to build an engineering team. Shifting from outsourcing to in-house operations can yield numerous benefits, including improved quality, enhanced flexibility, and cost-effectiveness. Presently, exceptional candidates are actively seeking opportunities and are open to terms that would not have been considered in the past five years. If you require expert advice on approaching this transition, I humbly offer my assistance ;)