Throughout 2024, tech professionals have witnessed a turbulent market, with recurring tech layoffs in the headlines and decreasing roles in the overall job market. However, there’s reason to see positive movement in the tech sector: according to Dice’s latest Sentiment Report, 80 percent of tech pros express a positive outlook for the tech sector in the next 5 years.
(Here’s a quick methodology breakdown for all of you survey aficionados out there: the Q2 2024 Technology Professionals Sentiment Survey was conducted online via email June 5 – 27, 2024. The survey generated 520 qualified responses from fully employed technology professionals residing in the U.S.)
While the entire Report is well worth your read, here are some quick takeaways about how tech pros are feeling about their industry right now.
Tech Professionals' Morale Has Taken a Hit
Both the current economic landscape and the shifting state of the tech job market have doubtlessly impacted the morale of tech professionals. Layoffs have been particularly severe this year, at least according to the headlines. Consistent with this, our survey results showed a marked increase in the number of tech professionals reporting job losses (16 percent) compared to last year (10 percent).
Those most affected by job loss this year were tech professionals who worked for a tech company (19 percent), compared to 11 percent of tech workers in other industries. Among those affected, an overwhelming 82 percent began searching for new employment immediately after being laid off. This urgency underscores the heightened uncertainty and anxiety within the tech workforce.
Additionally, a closer examination reveals a notable decrease in the proportion of full-time employees within the tech sector. In last year’s survey, nearly half (48 percent) of our respondents were employed full-time. This year that figure has dropped to 38 percent, pointing to a troubling trend of reduced job stability.
The proportion of our respondents who are unemployed but actively seeking work has risen sharply, from 34 percent in 2023 to 40 percent in 2024. Unemployed tech professionals may have more time to respond to a survey and their responses come from a different outlook than the group of employed tech professionals might hold. To minimize response bias like this, we exclude the responses of unemployed tech professionals from the primary analysis in this report.
However, we found the growing share of unemployed respondents compared to last year interesting; these increasing numbers highlight the challenge many tech professionals face in the 2024 tech job market.
Mixed Sentiments on the Future of Tech Growth
Despite the turbulence faced in 2024, 31 percent of tech professionals remain cautiously optimistic about the economic conditions over the next year, unchanged year-over-year.
However, it is also notable that an almost equal percentage of tech professionals harbor pessimistic views, indicating a split in economic sentiment across the industry. Younger tech professionals, those aged 18 to 34, are the least likely to hold an optimistic view of the economy, at only 20 percent.
According to our open-ended responses, optimists among tech professionals attribute their positive outlook to a strong belief in technological progress, confidence in their personal capabilities, and the presence of favorable economic indicators. In an election year, it is not surprising to see that this optimism is often tempered by an awareness of potential challenges, including economic and political shifts that could influence what the next year brings.
On the other hand, pessimists express concerns centered on economic policy, job market volatility, inflation, and political instability. A prevailing sense of dissatisfaction with the current economic climate and uncertainty about the future drives this perspective.
Despite these mixed sentiments, the long-term outlook for the tech profession remains overwhelmingly positive. A significant majority (8 in 10 tech professionals) expect the tech industry to continue its growth trajectory over the next five years. This sustained confidence in the sector’s potential is a positive sign amidst the current uneasiness.
For many more insights into how tech pros are feeling and thinking, check out Dice’s Sentiment Report.
