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As artificial intelligence (AI) continues to be developed at a relentless pace, many tech workers accustomed to high salaries and strong demand for their skills are facing a new reality: adapt by learning AI development skills or brace for tougher job prospects and reduced pay.
According to a report published by The Wall Street Journal, despite a strong background in information technology (IT), many tech professionals are struggling to find new roles that match their salary expectations due to a disconnect between their current skills and the job market’s demands.
IT roles in telecommunications and entry-level positions also reported to be seeing a decline — in contrast to the rising demand for expertise in cybersecurity, AI, and data science. The shift is attributed in part to companies’ efforts to streamline operations and reduce costs amid post-pandemic economic pressures including higher inflation and interest rates.
In 2023, the tech industry experienced a wave of layoffs, with the total number of workers losing their jobs amounting to over 260,000, according to Layoffs.fyi — a website tracking the tech layoffs since the COVID-19 pandemic. In 2024, that number persists steadily with around 50,000 employees being laid off across 209 tech companies.
The layoffs reflect the growing importance of AI in shaping employment prospects in the tech sector. According to The Wall Street Journal, the overall IT job market in the U.S. is expected to contract further — shedding between an additional 20,000 to 30,000 jobs in 2024.
As a result of the industry’s shift and focus on AI, salaries for software developers have also recorded a downturn — with Indeed reporting a month-to-month decrease for the first time since its pay data began in 2019. Job postings for coding positions have fallen by 67% from March 2022 to February 2023.
However, there’s a silver lining for those willing to embrace the AI revolution. Skills in generative AI, including large language models like ChatGPT, are in high demand, with the potential to command lucrative salaries.
The recent data suggests that lucrative opportunities within the tech industry belong to those who can integrate AI into their skill set. As the industry continues to pivot towards developing automation and AI-assisted programs.
