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For more career opportunities from various industries, please access CareerAxis.

 

Should You Be Worried About Tech Layoffs?

By Koo Ping Shung, President & Co-Founder, AI Professionals Association 

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Dear Students,

 

Against the backdrop of recent and multiple news of tech talent layoffs in organisations such as Amazon, Meta and Shopee (SEA Singapore), you might be worried that the ICT sector may not be that ideal as a sector to work in. Justifiably so, and having been in your shoes two decades ago, I can understand this concern.

 

Personally, I am still very optimistic about the tech industry. We have undeniably witnessed the evolution of business models and processes and these days, most if not all businesses need technology to run. Let me give you a simple example. In the older days, during your grandparent’s era, most companies require a physical presence to conduct their businesses. As we move to your parent’s era, besides having a physical presence, a website is a must, to enable the business gains a wider reach. And fast forward to today, if a business does not have a presence on social media, chances are, it would be challenging to even gain market share due to the lack of audience awareness and exposure.

 

Riding on the wave of Industry 4.0 where businesses need to undergo digital transformation, it will and continue to drive the demand for technology for the next decade at least. And with digital processes, more data are captured and waiting to be analysed before being turned into gold nuggets.

 

As an undergraduate or soon-to-be graduate, the concern over the stability or appeal of the tech sector is not unwarranted. However, if you are interested in tech-related roles, there are still many opportunities beyond the organisations that you are familiar with.

 

Before the recent layoffs, most of the big tech firms has been hiring rapidly and in large numbers for fear that talents might end up in competing rival firms. This has hence driven the demand for tech talents astronomically high. Many other industries, such as manufacturing and security to name a few, that also have real imperative need to enhance their competitive advantage through tech competencies, had very limited access to the tech talent pool back then. With this wave of layoffs, it is an opportunity for these industries to secure the tech talents they need. As these businesses embark on and accelerate digital transformation, they will discover more use cases for technology which in turn will drive up the demand for tech talents further. Tech talents will then be sought after not just in the usual big tech firms, but across even more industries in healthier numbers.

 

As an undergraduate, keep an open mind and seek out different industries or companies while in search for tech roles regardless for internships or full-time employment opportunities. Gain more experience and keep that hunger for learning even after you graduate. Tech talents are like wine – the more relevant experience one obtains, the more consistent you are in keeping yourself abreast of the latest developments, you are sure to be valued in the job market!

 

I wish you all the best in your tech career and if you wish to find out more before stepping into the working world, joining and attending events by tech communities will really help too.

 

Finally, if you are looking to pursue a career in the Data Science and Artificial Intelligence field and have asked this question, “Am I up for a job Data Science or Artificial Intelligence?” Check out our Chartered AI Engineer Handbook to find out more about being a Chartered AI Engineer

Mr Koo Ping Shung is a trainer, mentor, and consultant in the field of Data Science and Artificial Intelligence. He had co-founded and is running tech communities here in Singapore.

 

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