Hey, I just posted a question related to me considering to quit my job here:
TLDR: I am seriously considering quitting my job due to the commute, I live in SF, have 1+ years of experience and am looking to work in the city/remote. I have 6+ months of savings and am a U.S. citizen. Effectively, I'd say there's a 95% chance I'll quit my job in Jan 2024.
Considering this, I'm evaluating the current tech job market.
Generally, my impressions are that while the overall economy is doing quite well, the tech market is in a bit of a lull w/ potential layoffs in 2024-2025. We had the major overhiring of 2021-2022, then the layoffs in early 2023 and now are in a period of stasis relative to the bull market of the past 10 years+. I believe this is also due to the end of zero interest loans making capital expensive. This then leads to profits being more emphasized, then cost-cutting in large corporations (employees being a major cost, so layoffs occuring) and then difficulty for startups to raise money.
Additionally, I recently read The Pragmatic Engineer's take on .
"Unfortunately, I suspect Spotify is early in having a realization which other tech companies will also have, next year. With the zero interest rate period (ZIRP) over, it’s expensive to borrow cash. Spotify making a loss meant it was effectively borrowing money in order to operate. Turning a profit is more urgent than when capital was cheap. But how do you turn a profit if you cannot significantly increase revenue? You cut costs, and the biggest costs for most tech companies are employees, sadly.
As a result, Spotify could well become profitable, assuming it generates similar revenue in future. And this is exactly the plan; to keep doing the same as before, but with fewer people.
In this way, Spotify’s cuts make business sense in the context of business growth slowing, persistent loss-making, and a hiring spree in 2021-2022 which didn’t boost revenue. These cuts may be surprising for many at Spotify, but probably not for the leadership team. The only question is how many other companies are in the same position as Spotify, but with leaderships yet to draw the same conclusion from the economic conditions.
This is probably a good reminder that the tech jobs market remains volatile. If you have a stable job, it could be a good time to put aside some earnings for a nest egg, stay engaged with your network, and to position yourself to work in areas seen as profit centers, not cost centers."
What are your impressions of the tech market right now?
Any recommendations of how to navigate the market or resources to utilize?
Anything advice years-of-experience specific (Junior engineers vs. senior engineers vs tech leads vs. etc)?