Is Tech Hiring Picking Back Up?

Encouraging data shows that (some) tech companies are looking for new engineering talent.

February 15, 2024

This article is based upon a post originally from Henley Weng. Henley is not a lead advisor but is a friend of 7investing. He is also the cofounder of Revealera, an alternative data provider for job listings. His post was republished with his permission.

Tech layoffs may be in the news. But based on the data, engineering jobs in public tech companies like big tech and SaaS) are definitely on the upswing.

While they aren’t near 2021 or early 2022 levels, the number of new engineering jobs in the last 28 days is 43% higher in year over year comparisons.

Among big tech, Microsoft (Nasdaq: MSFT) and META Platforms (Nasdaq: META) are both picking up the hiring pace for engineers, with new engineering jobs in the past 28 days up 263% and 273% year over year (respectively).

Among SaaS companies, CrowdStrike (Nasdaq: CRWD) and Atlassian (Nasdaq: TEAM) lead the hiring with new engineering jobs: up 264% and 748% year over year (respectively).

The same recovery is happening in unicorn startups (private companies with over a $1 billion valuation), although it is definitely not as fast.

The number of new engineering job openings in the past 28 days among unicorns is up just 14% year over year.

Should engineers looking for jobs feel confident of finding one soon?

Yes. But it doesn’t mean every new job is going to be in the US or big cities.

Several of the roles are are being offshored, and that might not be encouraging for people located in the US.

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