Software Engineering Industry (IT) Bubble Burst
I have been hearing about this frequently, and I am sure that it has been bothering a lot of Engineering folks, especially those working in the IT sectors. This news is indeed haunting to so many people, who are completely relying on their pay checks to pay off their monthly bills. Resulting, it had led me to research more about this terminology and the situation going on right now (I am also a Software Engineer, so obviously, I will have to look into it 😅).
Now first thing first, I agree that a lot of big tech companies are going in a loss in the Stock Market, some of them are going beyond 80%, which is insane. Also, hearing about companies like Meta freezing their hirings for sometime.
I am aware that Software Engineering industry has or had been a very successful sector in the past few years, and it made people believe that they can succeed in life coming into this path as well. IT indeed attracted a lot of engineers and non-engineers in the past few years. It has built a trust in people, but having this news hitting the world is indeed mind boggling.
In the meantime, looking into the brighter side of the aspects as well. Amazon doubling their hirings, Microsoft is doubling their engineers’ salary. These are positive news and exciting as well, isn’t it? So what is happening, what do we do in this so called tough times. I have few answers for you. So let’s take a quick break first, if you have read this far, and then we shall finish the rest of the content.
Assuming that you are done with your break 😎, and are ready to read the good news. So here we go 😀
At this point, you shall be asking, “Should we be worrying about this situation or not?” I say, that is a fair question, and to answer that, I have few pointers:
- If you think you’re a potential developer or a software engineer, then I would say, you should not be worried about this situation. There will never be any scarcity of opportunities in this sector, as majority of things like business, start ups, or any XYZ ideas which needs to grow, needs to be Online. And for that need, engineers like you will always be required in the first place.
- This situation or I must say this terminology is applicable to those companies, who are completely relying on their VCs’ (Venture Capitalists) money to run their company, or survive in this market, without having made a competitive revenue for their growth, hence, loss, hence, cost cutting in the form of employees’ layoffs and what not.
If by any chance, in this unfortunate condition, you fell into that bucket, where you have been laid off from one of those companies, then be abreast of the following things:
- There are literally N number of opportunities out there, and if you think you’re ready, then you will be able to bounce back in no time my friend. But I can assure you one thing, regret will never come into your mind being a Software Engineer, if you think you’re skilled.
- Take a look at the current market, it’s demand(s), and up-skill accordingly. Again, there are N number of materials online, available at your convenience, for Free! Thanks to all those content creators, who are taking out their valuable time to mentor, guide and teach people like us to grow and excel in their careers 🙏🏻🙏🏻.
Last but not the least, a bonus advice, learn something about Investing as well, it will help you when you need it the most. I believe it is always a good idea to have a back up ready ❤️
And for those people who’re facing some rough times:
Have patience my friend, your time will come. But don’t let this situation stop you from doing something or anything. It is a process, and you will soon succeed!
All the best!
Let us connect on LinkedIn, if you would like to see more of my short contents about Software Engineering, Start ups, Learnings, Algorithms, Development. See you there 😊
