Insights into the Tech Industry: Are you ready for when the job market picks up?

2023 was a strange year for all industries across the world and tech was no exemption. As a global leader in immersive tech training, having taught over 20,000 students globally, we wanted to shed some perspective on what has happened in the tech space the last few years. 

So what happened last year?

Due to economic uncertainties, many companies feared a potential recession and braced themselves for lower profits. Shareholders own most companies, and there’s always pressure to maintain a return on investment. If revenue is likely to decrease, there’s a responsibility to keep costs down, which means redundancies and company sacrifices. 

It was also a time when performance reviews happened more regularly, people were cautious about what they said and did. Individuals who sacrificed more and gave back were praised, but for others, it was a challenging situation.  

For anyone looking to enter the tech market, navigating this scene would likely feel daunting. Some might even give up quickly after several unsuccessful interviews. But if you’re motivated and serious about getting into tech, how do you do it?

What’s happening in Australia? 

Let’s  zoom in on the tech job market in Australia. Do note that this post is based on our knowledge, insights and discussions with industry experts.

Every market has its dips, and historically, what goes down must come up – so a comeback is bound to happen! We see the market improving, and we’re hoping and believing things will bounce back strongly toward the second part of this year. 

Because there’s a lower supply of jobs, it is even more crucial for you to distinguish yourself and be ready to show that this profession is truly something you want to do, as part of the job application process. This would involve a formidable self-analysis, which is something the admissions team at Le Wagon will be happy to help you with. 

First, if you’re keen to enter the tech industry, a quality education that challenges and supports you is key. This will ensure that you become confident about your skills and enjoy what you’re learning! 

What’s important to note is that tech is not only about your tech skills. Your soft skills are equally essential to becoming a valuable asset to any company. So, if you work on developing your technical and soft skills, you are well future-proofed for any market fluctuation. 

Understanding the Tech Market in Australia

There have been many changes in the tech scene over the last ten years. For Australia, the main challenge has been the need for more mid-level and senior talent offerings in the market. 

 Companies overcame this by:

• Employing International talent 
• Encouraging a new wave in tech training to upskill local talent

With lockdowns came huge investments in tech, and lots of risks were taken as tech evolved so much. The market was hiring lots of tech talent in 2021 and 2022. Then came 2023, and we had some redundancies. The most impacted were juniors. Many companies that could not compete for more senior tech talent in 2021-/2022 now had access to experienced talent. So, hiring mid-level to senior techies was the main priority for most companies in 2023. There were opportunities for juniors, but one had to approach the job market with outside-the-box thinking as companies become more risk-averse.

The good news is that as the more experienced tech talent are now mostly back working, the focus is on juniors. And it’s just a matter of time before the tech market bounces back strongly!

The smartest question to ask yourself: How can I stay relevant?

It’s a layered topic, that’s for sure. But we observe that the job market and employee requirements are changing, and therefore, you have to be comfortable changing with it and staying relevant in your tech skills.

We’ve noticed that many people are taking this step to upskill, not necessarily to transition into tech or upskilling in their current jobs, but to be ahead of the curve and ready for when the eventual changes arise to avoid being left behind!

However, developing your team collaboration skills and learning to become a fantastic team member is very important – which often translates into self-development!

How does Le Wagon support this self development?

At Le Wagon, in addition to tech skills, we work on developing social and collaboration skills. From day 1 of the course, students participate in peer learning through pair programming with a new buddy daily. Then, we practise building unique portfolio projects in teams of 3 to 4. This way, working as part of a tech team will feel much more natural once you enter the industry.

And know that, in this industry, it’s not about being the best and having the best grades (which is the mentality we acquire from most schooling), it’s about how well you adapt to working within the team.

You stay relevant during these times by becoming a solution seeker, an excellent problem-solver, and an impactful team member. It’s why most of our students graduate as entirely different people from when they first started. Seeing that growth is something that we are proud of and thrive off!

Last question: Will you be ready for when the job market ???????? picks up again?

Last food for thought: the most successful people are always ahead of the curve and anticipate what will come. They don’t wait for better times; they take action early so that they can adapt to whatever uncertainty comes their way. It’s a growth mindset where one actively confronts one’s fears! And if you’re a fan of surfing, to ride the waves, you first need to be prepared to catch them.