Views on tech growth in the current economy
The report observed mixed opinions regarding the future of tech growth.
About 31% of tech professionals are cautiously optimistic about economic conditions in the next year, which has remained consistent year-over-year. However, an almost equal number of tech professionals hold pessimistic views, indicating a division in economic sentiment within the industry. Only 20% of younger professionals aged 18 to 34 are optimistic about the economy, the lowest among those surveyed.
Tech professionals who are more optimistic attribute their positive outlook to:
- A strong belief in technological advancement.
- Confidence in their skills.
- 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,” the Dice report stated.
The more pessimistic tech professionals expressed concerns about economic policy, job market volatility, inflation, and political instability.
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Areas of focus: AI surging, cloud technology declining
The survey also highlighted a focus on AI and machine learning skills, which aligns with tech professionals’ expectations that AI/ML will experience the most rapid growth in the next five years. Currently, 76% of HR professionals reported that their firms offer training or upskilling opportunities in AI or ML skills.
Despite the heavy emphasis on generative AI, fewer tech professionals have adopted the technology into their workflow than anticipated, with only 30% using GenAI at least once a week, as noted by Zeile.
The emphasis on cloud technologies has significantly decreased this year to 46%, according to the report. This decline may be attributed to the maturity of cloud technologies in recent years, leading to a more generalized skillset and fewer professionals investing in upskilling in this area.
Other areas where tech professionals are focusing their training/upskilling efforts in anticipation of future growth include cybersecurity (46%), big data (43%), Internet of Things (22%), and robotics (15%).
What tech professionals want in their next role
Nearly all job seekers (94%) are aiming for full-time positions. Motivations for considering a job change include:
- Higher pay (65%).
- Increased responsibilities (42%).
- Enhanced benefits (36%).
“These factors highlight a workforce that is not only financially driven but also seeking career advancement and stability,” the Dice report mentioned.
Discontent with their overall career, job, and management are the factors propelling tech professionals to switch jobs. This dissatisfaction is further compounded by a higher rate of burnout, which is 3.3 times more common among those planning to change employers, according to the report.
The primary cause of burnout reported by these professionals is a “toxic work environment,” cited by 28% of those likely to switch, followed by unfair pay, mentioned by 21% of tech professionals in this category.
While most tech professionals can find roles in industries outside of tech that utilize their specialized tech skills, working within the tech industry is the preferred choice among surveyed participants. Nearly 70% of tech professionals would prefer to work for a tech company, with 21% specifically preferring big tech companies.
Despite the challenges faced by tech professionals in 2024, Zeile remains optimistic about the future of the tech industry. He stated, “new technologies, such as AI, are already changing the landscape — bringing more new types of jobs and certainly more needed skills to the market than they are taking away.”
He added, “While today’s hiring landscape may seem tumultuous, if there’s one thing history and data consistently show, it’s that hiring trends are cyclical. Signs are pointing to tech hiring picking up compared to last year. Tech professionals and applicants must stay optimistic and continue their focus on building their career for the long term.”
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