Being Relevant in a Tough Market

Being Relevant in a Tough Market

The IT sector is a significant contributor to the economy, and just like any other industry, it is affected by global economic downturns. This downturn was attributed to a variety of factors, including the disruption caused by the Covid-19 pandemic, Russia’s invasion of Ukraine, and rising inflation leading to increased interest rates, which all caused investor concerns.

By October 2023, several major tech companies, including Facebook, Apple, Amazon, Netflix, Google, and Tesla, had lost over $3 trillion in combined market value. Google and Microsoft each lost around $700 billion, and Facebook, now Meta, lost $600 billion. The situation worsened further, with Amazon becoming the first public company, not just a tech business, to lose a trillion dollars in market value. Bloomberg reported on November 12 that Amazon’s market value had dropped from $1.88 trillion to $879 billion, while Microsoft’s market value also decreased to $889 billion.

Tech's Biggest Layoffs

In a global economy characterized by instant communication, an abundance of information and cutting-edge technology, staying competitive is both imperative and incredibly difficult. And with disruption happening all around us, technology is perhaps the most competitive industry of all. So, how do you keep up when things are constantly changing? Below are few strategies the industry leaders have shared. Here’s what they had to say.

  1. Update Your Skills:
  2. Embrace Change:
  3. Expand Your Network:
  4. Stay Abreast of Industry Trends:
  5. Adapt to New Technologies:
  6. Develop Soft Skills:
  7. Cross-Disciplinary Knowledge:
    • Explore how IT intersects with other industries like healthcare, finance, and manufacturing. Holistic knowledge makes you valuable in organizations seeking comprehensive solutions.
  8. Embrace Cloud Computing:
  9. Cybersecurity Awareness:
  10. Passion Projects for Problem-Solving:
  11. Seek Mentorship and Coaching:

Remember, staying relevant demands agility and a proactive mindset. If you’re looking to update your skills, explore job opportunities, and connect with IT talent, consider checking out resources like the Custom Group of Companies.

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