I've seen a lot of commentary on the current job market for software developers. The general tone is bleak. People are having trouble finding work.
I don't have any personal experience with the current job market, but I do have a few things to say about the articles I've read...
- Many articles attribute the slowdown in developer hiring to the growth of AI tools. I think that's garbage you can safely ignore. AI might be able to help you do your job, but it isn't replacing jobs.
- The real slowdown in the tech industry is almost certainly attributable to interest rates. Since 2009, the federal funds rate in the U.S. has stayed close to zero, which means money was cheap & venture capitalists were eager to make bets. With higher rates, financing is more difficult & the tech industry is contracting in response as debt becomes more expensive.
- Hot & cold periods are normal for nearly any industry. The tech industry has been hot for so long, though, that this cold period is shocking! Still, if you can practice patience you can bet that affairs will re-calibrate to the new conditions & eventually parts of the industry will get back to hiring.
- Another confounding factor is the tech industry's heavy-handed layoffs. Over 250,000 tech employees lost their jobs in 2023. Notably, developers are a minority of that number (operational teams usually get cut more than engineering), but it still means that competition for the limited roles on the market is higher.
- In the meantime, expect to see developer jobs from companies that we don't typically think about. For example, automotive companies have hired thousands of developers as cars become more technologically complex (& increasingly electric).
These high-level observations may provide little comfort to developers currently in the midst of a job search. Finding a new job was always a harrowing experience, even in the best of times. Now, it takes more patience, longer lead times, and perhaps more rejection than in the past.
All I can say as consolation is - it's not you; it's the system.
Economics & corporatism are forcing more developers into a smaller number of open roles. The nature of the game is like any system under load with constrained resources - failed attempts & longer response times.
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P.S. - Lillie & I plan to talk about the job market & finding a job on the new season of the Meaning in Code podcast, premiering January 30th. In the meantime, you can check out season 1 on YouTube, or seach for "Meaning in Code" wherever you get your podcasts.