According to data from the world’s largest job board, Indeed, demand for IT jobs is rapidly declining. Backend development, testing, technical analysis — all of this is being automated faster than education systems can adapt. Since the end of 2022, global tech corporations have laid off more than 635,000 employees. Behind this figure are engineers, designers, analysts, UX specialists — people who, until recently, were considered the elite of the digital world.
This is not because of “AI.” This is because the river of dirt cheap debt dried up and corporations ran out of gambling money to blow in pursuit of the next big thing. I’ve spent a lot of my career working for non-tech companies who have this idea that they have a massive treasure trove of data which they are sure can be monotized. So, they set out creating solutions in search of problems. Every project I’ve worked on in the last 5 years has failed for this exact reason. Rising interest rates brought most of the gambling screeching to a halt.
This is not because of “AI.” This is because the river of dirt cheap debt dried up and corporations ran out of gambling money to blow in pursuit of the next big thing. I’ve spent a lot of my career working for non-tech companies who have this idea that they have a massive treasure trove of data which they are sure can be monotized. So, they set out creating solutions in search of problems. Every project I’ve worked on in the last 5 years has failed for this exact reason. Rising interest rates brought most of the gambling screeching to a halt.