Tech career in 2023: What to Expect, What to Do

As we reflect on the previous year, 2022 was challenging for the tech industry, with mass layoffs being one of the defining trends. Industry leaders such as Twitter, Meta, and Snapchat cut thousands of employees, many other companies followed suit. With this backdrop, it’s natural to wonder what 2023 holds for the tech industry. Will it be as tumultuous as the previous year, and how should tech professionals prepare for the upcoming challenges? 

To address these questions, we gathered top experts from the USA and Europe, representing different tech fields, to share their insights on how to stay afloat in 2023. As we see large companies such as Google, with 12,000 layoffs, Microsoft, with 11,000 layoffs, and Tesla, with 6,000 layoffs, downsizing, it’s essential to stay informed about the changes and challenges facing the industry. Our highly experienced panelists are well-equipped to help us navigate the ever-changing landscape of tech careers.  

With the uncertainty of the last several years, we are seeing layoffs and budget cuts across the board. However, it may not be all doom and gloom for tech careers.

Founders and business owners will remain relevant in the current economic climate if they can pivot and adapt.   

Along with this mindset shift comes a shift in business models as well. SaaS models offer better financial stability, suggests Adelin Stoica, Technology Lead at Microsoft. It’s easier to sell your service and ensures honesty and high-quality products. Companies are paying more attention to their existing customers; adopting new technologies during an economic downturn should be driven by customer demand and relevance. In order to ‘Do more with less’, it’s important to simplify products and consolidate processes while also balancing innovation with resources and time. Investing in new tech is necessary, but first ask: How does it impact the end user? Can this service reduce stress, save resources, or provide growth? 

Futureal Group’s IT Director, Attila Rácz, stressed the importance of focusing on technologies that can deliver tangible benefits, such as ERP and CRM solutions, while being cognizant of budget cuts. You may want to consider cutting budgets on legacy technology first, such as large printing infrastructures and desk phones. Moving local infrastructure to data centers or cloud can also help reduce overhead.  

All of our knowledgeable panelists highlighted the need to prioritize cybersecurity and data privacy, particularly as more companies rely on remote work and digital technologies. Many also suggested investing in sustainable energy for data centers to help reduce emissions.   

According to ESG’s research, cybersecurity will drive tech business spending the most in 2023, followed by AI, ML, and cloud. However, the ongoing global talent shortage in cybersecurity has slowed down the industry’s efforts to strengthen cybersecurity, emphasizing the need to address the skills gap. With the tight labor market expected to continue throughout the coming year, what are employers looking for, and what should tech specialists be doing to stay relevant?  

Employers are currently setting the pace in the job market for technical careers. So, it’s hard to reply with a specific number to the question ‘how many jobs are available in technology?’. But the panelists are sure that the labor market has morphed from an employer-driven market to a more balanced one where employers won’t compromise on requirements and will take their time in making decisions. Compensation may stop rising and could even drop, predicts VP Delivery Manager at Innovecs, Vladyslav Kopanko. Studies show that it is more expensive to hire than retain employees, as such, we are seeing companies focus on retention. Many are also adjusting their strategies to optimize processes and attract the best talent. 

For tech talents aspiring to start a tech career, improving soft skills such as problem-solving, creativity, and communication skills is important. While hard skills and experience are still important, Lesya Arnold, Founder of the A-Players Group, now looks for tech pros with qualities such as intelligence, curiosity, high integrity, high-quality standards, a strong sense of ownership, and a mindset of entrepreneurship. She adds that AI will shape hiring in 2023, and companies will prioritize flexibility in what you can do and how fast you adapt and learn skills. We’ll see more project-based hires this year rather than full-time employees. 

In the fast-paced world of tech, cross-functional skills are becoming increasingly important. While being a specialist in a particular area can be valuable, it’s no longer enough; tech professionals must also have a solid understanding of supportive roles and be able to work collaboratively across departments. In fact, being a generalist with a broad range of skills can be a significant advantage in this competitive industry. 

President of Talent Stream, Mike Black, suggests that applicants reach out to hiring managers directly to increase their chances. For those starting in the tech industry, he advises getting hands-on experience, even if it means taking a lower salary or working for free. Candidates should focus on jobs that offer a lot of responsibility and the opportunity to build up a portfolio. For those later in their technical career, it may be beneficial to consider jobs that offer valuable experience over a higher salary, as this will be more impressive to future employers. 

While inflated salaries, posh perks, and lavish bonuses might be a thing of the past for tech careers, overall, our panelists are incredibly optimistic about the future of tech. The COVID-19 pandemic highlighted the critical role that tech plays in businesses.

The industry requires a diverse range of skills, from development to security to project management. Individuals with a passion for technology and a willingness to learn and adapt will continue to thrive in this dynamic field. As we move forward, it will be crucial for tech professionals to maintain a strategic vision while remaining agile and adaptable in the face of new challenges. With the right mindset and skill set, anyone can build a successful career in the ever-evolving world of tech.