Invest
Survey reveals heightened job security concerns among IT workers in 2024
A recent survey conducted by Authority Hacker has revealed that 89.66% of IT workers in the United States have increased concerns about job loss in 2024.
Survey reveals heightened job security concerns among IT workers in 2024
A recent survey conducted by Authority Hacker has revealed that 89.66% of IT workers in the United States have increased concerns about job loss in 2024.
The survey was prompted by the recent wave of layoffs across industries, particularly in the tech sector, and the uncertainty surrounding the global economy.
According to Layoffs.fyi, there have been more than 296,000 tech layoffs since 2023, with 33,000 occurring in the first five weeks of 2024. Large companies such as Google, Amazon, Microsoft, and Spotify have made headlines for reducing their workforce by up to 25%. While excessive hiring during the pandemic has been cited as one of the reasons for the layoffs, the rapid advancements in AI technology have also contributed to the trend.
The survey found that 54.58% of full-time US workers across all industries have increased concerns about job loss. However, the levels of job insecurity are significantly higher in tech-related industries, with Information Services and Data (89.66%) and Software (74.42%) being the most concerned sectors.
The survey also revealed that executives, particularly C-level executives (85%) and Directors (78.38%), express the highest levels of concern about job loss. Workers in larger companies (500-1000 employees) also feel particularly vulnerable (74.33%), in contrast to self-employed workers (42.47%) and those in smaller companies (below 25 employees, 45.38%).
AI's impact on job security is a major concern for many respondents, with 54.58% anticipating that it will affect their job security within the next five years. Sectors that rely heavily on computer use, such as Software (67.44%), Finance (67.57%), and Human Resources (64.29%), express high levels of concern, while people in sectors that involve more human-to-human interaction, such as education (43.04%) and real estate (44.68%), are least concerned.
The survey also found that 29.17% of full-time tech workers don't have enough savings to support them until they find a new job if faced with job loss. With an estimated 3 million U.S. residents working in tech, this constitutes almost a million people.
While the proliferation of AI is set to disrupt many jobs, it is also expected to create new opportunities. Experts suggest that workers who learn to use AI now may have an easier time taking advantage of these new positions. Upskilling in AI, honing soft skills, building strong relationships with colleagues, and cultivating unique expertise are some of the ways workers can safeguard against unemployment in the face of AI advancement.
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