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As Silicon Valley Retrenches, a Tech Talent Shift Accelerates

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“Nearly every company goes through this — they need tech talent,” said Lori Beer, global chief information officer at JPMorgan.

If the economy enters a recession, employment in tech occupations will suffer as well. There are already signs of softness: Job postings may signal hiring intentions, and online postings in November for tech jobs slipped below 288,000, the primary month this yr that it was under 300,000, in keeping with a CompTIA evaluation of information from Lightcast, a labor analytics firm.

Some labor market analysts are anticipating a decline in employment in tech jobs, especially if the economy further weakens. But history suggests any downturn could be short-lived. There have been ups and downs, but job growth in tech occupations has nearly doubled since 2000, when 3.33 million Americans were employed in tech occupations, in keeping with the Bureau of Labor Statistics.

Within the aftermath of the dot-com bust, there have been a few months in 2003 when the unemployment rate for tech jobs nudged above the national level. But for a lot of the past 20 years, the share of unemployed tech employees has been about half the national unemployment rate. In November, the unemployment rate for tech employees was 2 percent compared with the national average of three.7 percent.

JPMorgan’s top executives have warned of economic turbulence, deal-making has slowed, and investment banking income is sharply down this yr across Wall Street.

Yet despite the uncertain economy, Ms. Beer said, the bank is constant to take a position selectively in tech skills, hiring individuals with expertise in cloud computing, machine learning and artificial intelligence, data science, and cybersecurity.

JPMorgan has over 55,000 tech employees, up from about 50,000 before the pandemic.

Recruiting has been easier, Ms. Beer said, due to the retrenchment in Silicon Valley. More candidates can be found, she said, and there are fewer competing offers for job candidates. And attrition has fallen by about half.

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