How Software Engineers Can Prepare Themselves For The Recession/Layoffs?
The job market is highly dependent on the industry and location. For example, if you are in Silicon Valley with an ample amount of skilled talent available around, chances are your job is not recession-proof. Other than that, if you are employed in a sector that is progressing such as AI/AR, cyber security, blockchain, etc. then you are more recession-proof than others. On the other hand, Crypto, Social Media, and P2P apps/collaboration products are taking a hit, and companies in these sectors are laying off engineers rapidly.
But there is no harm in taking extra measures to secure your future.
Here are 3 Ways You Can Recession Proof Your Software Engineering Career:
1. Don’t Switch Job Without Proper Reasons and Plans
If you are currently employed with a steady employer, decent package, and fairly workable KRAs then you must tighten your grip there. Because even if you have an offer in your hand, in this economy you can not trust anyone, many companies have been rescinding offers and suddenly turning their back even after several rounds of excellent interviews. So you must build a network of good sources and trusted folks in the industry. You can start with your current manager. Your manager is the one who can make or break your case in any situation.
2. Hone New Skills and Make Yourself a Brand
You are a quality software engineer but now you need to be more. Pick up some resources online or indulge in other areas at work to master at least the basics of non-engineering roles. Project management, planning a backlog and scrum mastery can go long way with your career. Something to think about…
Skills like cloud computing, blockchain, Web 3.0, DevOps, etc. never go old in any economy because companies will keep on shifting to the latest environments and tech stack for scalability and cost saving. In particular, DevOps professionals are responsible for the automation of software deployments and limiting disruptions in current infrastructure, aka helps in saving costs—useful especially in a recession.
Also, for instance, if you do not know cloud skills or have not yet worked with cloud-native applications, you should give it a try. You can start with understanding the basics and then gradually move towards advanced concepts and practical implementation. There are various standard online resources like w3wiki available out there that can surely help you to master any new skill or technology.
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This course is meant for everyone whether you’re a graduate or fresher, a working professional, or from Non-IT background. Here, you’ll begin with the basics and move on to advanced concepts of programming languages, concepts about OOPs, DSA from basic to advanced, OOAD Concepts, and other important CS subjects like OS, CN, DBMS, etc, along with building quality projects to ace the interview, aptitude & reasoning, and resume building strategies!
3. You Also Must Diversify Income Sources via Freelancing
Do you have a portfolio website, LinkedIn profile, or GitHub profile? If not then make one to get ahead of other engineers in the market. Fiverr, Upwork, and Freelancer are a few of the sites you can scout freelancing or contractual work from.
Are Software Engineers Recession Proof?
‘Software Engineer‘ – it has been a very stable career for a very long time. The demand for software engineers in the last few years has grown exponentially, most probably because of some prominent factors like lucrative salary packages, career growth opportunities, better work environments, learning exposure, remote working, etc. But the pandemic has caused an economic reckoning and the current unprecedented times have set upon the careers of everyone, leading to rising layoffs, hiring freezes, and rescinding offers.
Under these circumstances and with every expert and news now foreseeing a global recession, are software engineers recession-proof?
Yes, various questions related to this scenario are roaming in the tech world, like –
- Are developer jobs recession-proof?
- Will the demand for software engineers decrease?
- Will software engineer salaries decline?
- Are software engineers being laid off
and many others!